Aug 27 (Reuters) - Chinese sportswear maker Anta Sports

on Tuesday said it will spend up to HK$10 billion

($1.28 billion) to buy back up to 10% of its shares in a bid to

protect shareholders' interests.

The share repurchase will take place in the next 18 months,

the firm, which owns Wilson tennis racket maker Amer Sports ( AS )

, said.

The company's current stock price is below its actual

value and the implementation of the buyback plan aims to promote

the interests of shareholders, Anta said in a filing to the Hong

Kong exchange.

Anta shares rose as much as 1.2% to HK$72.3 during the

day, and closed 0.3% higher.

($1 = 7.8008 Hong Kong dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonia

Cheema and Varun H K)