(Bloomberg) -- Shares of Chinese sportswear makers climbed as investors bet that a Beijing marathon might signal an easing of pandemic restrictions that have hurt consumer demand.

The Beike Beijing Marathon will be held November 6, with only qualified local residents allowed to participate, according to state media reports. With slots for 30,000 runners, it will be one of the largest public events in the capital since the Winter Olympics in February.

The nation’s leading sportswear firms Li Ning Co Ltd., Anta Sports Products Ltd. and Xtep International Holdings Ltd. jumped more than 9% each, set for their best day in months. The trio are all still down more than 20% this year on challenges from lockdowns to weakening economic growth.

Chinese Sportswear Stocks Climb as Winter Olympics Boost Outlook

The marathon is “the type of positive signal that we are looking for,” Morgan Stanley analysts including Dustin Wei and Carol Xia wrote in a note Tuesday. They see the risk-reward balance for Li Ning and Anta as favorable, as “downside could be limited in the short term while upside could be substantial should there be signals of changes in Covid policy.”

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