investor-sells-li-ning-shares-worth-60-million

Investor sells Li Ning shares worth $60 million

Strong 2008 results and a subsequent rally in the company's share price make the timing right for the placement.

An unnamed institutional investor sold 32 million shares in Li Ning Company on Friday, raising a total of HK$470 million $60.3 million. The share price of the sportswear designer and retailer has performed well recently, providing a good opportunity for profit taking. CLSA was the sole bookrunner for the deal. 

The deal, which represented a 3.1% stake in the company, launched after the market closed and remained open long enough to allow US and European investors to participate. The shares were offered in a range between HK$14.50 and HK$15.20 apiece, with a corresponding discount range of between 3.6% and 8% to the latest closing price of HK$15.76....

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