© Reuters. FILE PHOTO: Individuals stroll previous a retailer of Chinese language sports activities merchandise model Li Ning in Beijing, China April 15, 2021. Image taken April 15, 2021. REUTERS/Tingshu Wang
HONG KONG (Reuters) – Chinese language sportswear group Li Ning Co Ltd stated on Thursday it deliberate to promote HK$10.5 billion ($1.35 billion) value of latest shares to lift capital for worldwide enlargement and for funding in newly launched product classes.
The Beijing-based firm plans to promote 120 million new shares, or 4.59% of the enlarged share capital, to its main shareholder Viva China Holdings Ltd, it stated in a submitting to the Hong Kong bourse.
The brand new shares will likely be issued at HK$87.50 apiece, or a 8.09% low cost to Wednesday’s shut, with proceeds additionally for use for funding in re-engineered infrastructure and provide chain techniques, for model constructing and dealing capital.
Viva will purchase the brand new shares on completion of the sale of the identical quantity of current shares on the similar value to third-party traders. Its stake in Li Ning will likely be diluted to 10.37% from 10.87% after the deal.
($1 = 7.7779 Hong Kong {dollars})
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