Chinese sportswear brand Anta Sports Products Ltd. has set a record after selling 40 million pairs of sneakers in China in 2015, beating its American counterpart Nike Inc. and marking a significant boom in the local market.

"In China, Anta's products for basketball, running, and comprehensive training categories now take the No 1 market share in terms of revenues among local brands," Zheng Jie, Anta's executive director, said.

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According to China Daily, Anta's financial report posted over 10 billion yuan ($15.4 billion) profit in 2015, up 24.7 percent year-on-year. The company said it is the first Chinese brand to ever achieve this feat, surpassing other local manufacturers like 361 Degrees, Li Ning Co Ltd., and Peak Sports Products Co. Ltd.

The Fujian-based firm ambitiously aims to become the leading sports brand in China, targeting annual sales of 100 billion yuan ($15.44 billion). Nike and Adidas AG are the only brands that have reached this threshold in China so far. The two premium brands still have the advantage in many of China's major cities.

Anta classifies itself as an affordable brand with its prices standing at about half of Nike's and Adidas'. Anta sells a pair of NBA basketball shoes for only 399 ($61) to 499 yuan ($77).

Adding to its latest success, Anta will also officially sponsor athletes on the coming Rio de Janeiro Olympic Games this August. Ten Chinese national teams, including boxing, canoeing, judo, gymnastics, rowing, taekwondo, trampoline, water polo, weightlifting, and wrestling, will bear its name and logo. The company will provide uniforms and equipment for the teams.

TagsAnta Sports, Nike, Sneakers, NBA sneakers, 361 Degrees, Li Ning Co., Peak Sports, Adidas