(Yicai  Global) Aug. 21 -- The share price of Xtep International Holdings  dropped today despite the Chinese sporting goods maker's rising  first-half earnings. 

Xtep's  [HK:1368] stock price declined by 3.8 percent to HKD5.50 (US 70 cents)  this afternoon. The shares were up by more than 4 percent before the  firm announced its earnings at noon and after that, momentarily fell by as much as 7 percent. 

Xtep  increased its net profit by 23 percent to CNY463 million (USD65.6  million) from the previous year, the Fujian province-based company said  in its earnings report. Its revenue rose by 23 percent to CNY3.4 billion  (USD481.8 million). Earnings per share were CNY0.20 (US 3 cents) and  the firm aims to pay HK0.125 per share in dividends.

Early this month, the company signed on Chinese-American NBA star Jeremy Lin as its brand ambassador.

Editor: Emmi Laine