Li Ning sports new equity deal

Chinese sports brand launches its third equity fund raising in as many years as share price continues to collapse.

Chinese sports brand Li Ning announced a third equity fundraising in as many years on Tuesday in an attempt to improve its cash position and reverse a steep share price decline  

The company unveiled the launch of a five-for-12 open offer of ordinary shares and convertible securities that aims to raise between HK$1 5 billion and HK$1 69 billion ($190 million to $218 million) Its enlarged share capital will expand by 29% as a result of the 583 7 million to 651 9 million share transaction

The deal has been priced at HK$2 60, representing a 21 92% discount to the stock's HK$3 33 Tuesday close Investors responded to the news by pushing it down...

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