CHINA: Li Ning to sell 25% stake to Viva
The founder of Chinese sportswear retailer Li Ning plans to sell a 25% stake in the company to talent management group Viva China Holdings as he attempts to turnaround the business.
Viva China, which is controlled by Li Ning, will buy 266.374m shares from investment firms Victory Mind and Dragon City. After the agreement is completed, Victory Mind and Dragon City will not hold any shares in the sportswear retailer.
The company said the transaction is not expected to result in any change to its business strategies, management and day-to-day operation. The deal is subject to a number of conditions, the retailer added.
Li Ning's share price dropped 4.76% to CNY4.60 at the close of trading today (17 October).
Last week, Li Ning CFO Chong Yik Kay resigned from the troubled sportswear retailer but will remain an advisor. In August, the company saw its first-half profit slump 84.9% to CNY44.3m (US$7m) as it closed almost 1,000 stores.
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