Li Ning shares surge on report of going private
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2331
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Investing.com– Hong Kong shares of Chinese sportswear firm Li Ning Co Ltd (HK:2331) rose sharply on Tuesday after Reuters reported that founder Li Ning was considering taking the firm private.
Shares of the firm jumped over 17% to a near four-month high of HK$24.15, compared to a 2.6% bounce in the broader Hang Seng index.
Reuters reported that Li, the champion Olympian who had founded the namesake sportswear retailer in the 1990’s, was considering leading a consortium to buy out the firm and take it private. The report also said that several private equity firms, including TPG, PAG, and Hillhouse Investment had been tapped for the deal.
Li is the sportswear retailer’s Executive Chairman and Joint CEO.
The move comes amid a broad decline in Hong Kong stock valuations, which was in turn driven by worsening sentiment towards China over the past year.
The Hang Seng index slid 14% in 2023, with Li Ning Co ranking among the worst-performing stocks on the index as it struggled with weak consumer demand.
