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Olympic star Li Ning sells 25% stake
By Ding Yining |
October 18, 2012, Thursday
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Print Edition
Print Edition
SHARES of sportswear group Li Ning Co fell the most in nearly four months in Hong Kong trading yesterday after its founder said he will sell a 25 percent stake to Viva China, a sports talent management firm that he partially controls.
The decision by Li Ning, who is also the firm's chairman and a former Olympic gymnast, has fanned concerns about his commitment to the company.
The stock fell as much as 6.2 percent in trading yesterday before closing 4.76 percent lower at HK$4.60 (59 US cents).
Viva China, 56 percent controlled by Li's family, will pay US$175 million to buy the 25 percent stake in Li Ning Co from Victory Mind Assets Ltd and Dragon City Management Ltd, both private investment holding companies owned by Li and family members.
The sale of 266.4 million shares will not affect the company's business strategy and operations, Li Ning Co said in a Hong Kong stock exchange filing yesterday. The deal has received regulatory approval.
China International Capital Corp said in a note yesterday that the deal will not fundamentally improve Li Ning Co's business operations.
Viva China is involved in sports talent management and has property investments.
The decision by Li Ning, who is also the firm's chairman and a former Olympic gymnast, has fanned concerns about his commitment to the company.
The stock fell as much as 6.2 percent in trading yesterday before closing 4.76 percent lower at HK$4.60 (59 US cents).
Viva China, 56 percent controlled by Li's family, will pay US$175 million to buy the 25 percent stake in Li Ning Co from Victory Mind Assets Ltd and Dragon City Management Ltd, both private investment holding companies owned by Li and family members.
The sale of 266.4 million shares will not affect the company's business strategy and operations, Li Ning Co said in a Hong Kong stock exchange filing yesterday. The deal has received regulatory approval.
China International Capital Corp said in a note yesterday that the deal will not fundamentally improve Li Ning Co's business operations.
Viva China is involved in sports talent management and has property investments.
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