Above the entrance of Qiaodan's corporate headquarters in Xiamen, a red logo displays a familiar athlete silhouette, its name a literal Chinese rendering of Jordan. Founded 26 years ago, Qiaodan spent years in legal dispute with Michael Jordan over branding, ultimately found to infringe only an element of Jordan's prior name rights. The sportswear company now operates roughly 6,000 stores across China, selling Air Jordan-style trainers for Rmb339 ($50).

In 2020, Qiaodan acquired the Chinese rights to Umbro from Nike for $62.5mn, expanding into overseas markets like Vietnam. Long an irritant to Nike, Qiaodan joins other Fujian-based challengers including Anta Sports, which generated over $11bn in revenue and acquired a 29 per cent stake in Puma. Nike's sales in China have declined for eight consecutive quarters, slumping 17 per cent in the three months to June due to fierce competition from domestic brands.

Qiaodan's revenues reached Rmb5.8bn ($850mn) in 2021, with annual Tmall sales of Rmb500mn and over 11 million followers. The company has expanded manufacturing to three provinces and maintains basketball heritage through NBA sponsorships, including Keldon Johnson of the San Antonio Spurs. Its controversial origins, while initially successful during Jordan's limited availability in lower-tier Chinese cities, may now hinder its IPO ambitions as Chinese consumers increasingly value authenticity and local brand connections.