HONG KONG: Chinese sportswear group Li Ning Co said on Thursday it planned to sell HK$10.5 billion worth of new shares to raise capital for international expansion and for investment in newly launched product categories.
The Beijing-based company plans to sell 120 million new shares, or 4.59 per cent of the enlarged share capital, to its major shareholder Viva China Holdings, it said in a filing to the Hong Kong bourse. The new shares will be issued at HK$87.50 apiece, or a 8.09 per cent discount to Wednesday's close, with proceeds also to be used for investment in re-engineered infrastructure and supply chain systems, for brand building and working capital.
Viva will buy the new shares on completion of the sale of the same amount of existing shares at the same price to third-party investors. Its stake in Li Ning will be diluted to 10.37 per cent from 10.87 per cent after the deal.
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