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Li Ning halts share trade
By Ye Zhen |
January 25, 2013, Friday
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Print Edition
Print Edition
CHINESE sportswear maker Li Ning Co suspended trading of its Hong Kong-listed shares yesterday pending an announcement regarding the company, according to a filing to the Hong Kong Stock Exchange.
Trading in Viva China Holdings Ltd, a sports talent firm controlled by Li Ning's founder, was also halted, the company said in the filing, without giving details.
The sportswear retailer, founded by former Olympic gymnast Li Ning, sold a 25 percent stake in October to Viva China for HK$1.36 billion (US$175 million).
Shares of Li Ning dropped 5.34 percent to HK$6.21 on Wednesday amid concerns over the company's rising inventory.
In December Li Ning warned of a "substantial" full-year loss as the firm planned to spend up to 1.8 billion yuan (US$290 million) to buy back inventory from distributors and improve its sales network.
Trading in Viva China Holdings Ltd, a sports talent firm controlled by Li Ning's founder, was also halted, the company said in the filing, without giving details.
The sportswear retailer, founded by former Olympic gymnast Li Ning, sold a 25 percent stake in October to Viva China for HK$1.36 billion (US$175 million).
Shares of Li Ning dropped 5.34 percent to HK$6.21 on Wednesday amid concerns over the company's rising inventory.
In December Li Ning warned of a "substantial" full-year loss as the firm planned to spend up to 1.8 billion yuan (US$290 million) to buy back inventory from distributors and improve its sales network.
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