FMR LLC (Fidelity) recently increased their stake in HK-listed Best Pacific International Holdings Limited (Best Pacific). According to a filing submitted to the Hong Kong Stock Exchange on July 31st, 2017, Fidelity bought 3,424,000 shares on the exchange at an average price of HKD 4.5747 per share on July 26th (total consideration was ~US$2.0m). Following the purchase, Fidelity’s stake in Best Pacific increased from 7.68% to 8.01% of the company’s shares outstanding.

Best Pacific is one of the world’s leading lingerie materials manufacturers. They provide one-stop solutions through a comprehensive product line of both lingerie materials (with a focus on elastic fabric, elastic webbing and lace) and sportswear materials. The company’s customer base includes Victoria’s Secret, Calvin Klein, Maidenform and Wacoal. Best Pacific was established in 2003 and listed on the Hong Kong Stock Exchange in 2014.

Fidelity is a diversified financial services corporation headquartered in Boston, Massachusetts. The firm had US$2.1tn in assets under management as of June 30th, 2016. Their global arm, Fidelity International, invests US$$303bn (as of the same date above) globally on behalf of clients in 25 countries across Asia-Pacific, Europe, the Middle East, and South America.