Li Ning wants to raise more funds for cleanup

The Li Ning Company wants to raise up to HK$1.87 billion (€176.5 m- $241 m) through an open offer of convertible securities, to complete its wide-ranging restructuring moves and investments in the Li-Ning brand. The Chinese company’s shares were pummeled last Friday when it announced the offer, which allows existing shareholders to swap two existing shares for one security that can be converted to one share at HK3.50. Li Ning said that it had secured the commitment of large shareholders for the offer: Viva China Holdings, which is partly owned by the company’s founder, Li Ning; TPG, the U.S. private equity fund; and GIC, the Singapore sovereign wealth fund.

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