Small Li Ning block sold at 4% discount

An institutional investor pockets $59 million from the sale of a 2% stake in the sportswear company.

An undisclosed institutional investor last night raised HK$460.9 million $59 million by divesting part of its stake in Li Ning through a placement รป the second such sell-down in the Chinese sportswear company in just two months.

The 20.97 million shares were priced at the bottom of the indicated range at HK$21.98 for a 4% discount, or towards the low end of the discounts achieved on other Hong Kong placements this year. However, the fact that the price...

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