On January 25, Li Ning announced a financing plan and plans to raise 1.87 billion Hong Kong dollars (approximately 1.5 billion yuan) for the development of the company, including the implementation of the overall change plan, to enrich general working capital, and to optimize the capital structure.

This is the first financing since Li Ning changed its CEO. Its specific implementation is that the open offer will be conducted on the basis of one convertible security per two existing shares. The initial conversion price is HK$3.50, which is approximately 43.64% of the closing price of the Group shares on the trading day prior to the announcement. Discount. These convertible securities can be converted into common shares of the company at any time and will be processed financially according to the equity. Extraordinary China Holdings Limited, TPG and GIC have pledged to subscribe for their convertible securities in full and in full. At the same time, Viva China and TPG will underwrite all unsubscribed convertible securities at a ratio of 60% and 40%.

“After this open financing, the proportion of major shareholders’ holdings will not be reduced and it will only increase.” To bolster confidence, Li Ning is looking forward to the future. “The company is at a critical period of change. We are advancing and implementing a number of In the current era of the Group’s return to the long-term sustainable growth and profitable development track, the funds raised through the subscription of existing shareholders and the support of the major shareholders for the company will provide us with a stable platform and backing. The shareholder's commitment and contribution to the future development of the Group is increasing day by day, and has become the driving force behind the Group's innovative, retail-oriented business model led by sports marketing in the downturn of the industry."

The financial report shows that as of June 2012, Li Ning stocks amounted to 1.138 billion yuan. From the perspective of accounts receivable, the stocks held at the dealership level were as high as 2.5 billion yuan, and the sum of two items was 3.638 billion yuan. In the industry analysis, if it is unable to solve such a large inventory, Li Ning's distribution channels will be delayed and its new sales plan will also be affected. However, if dealers start to eliminate inventory under the pressure of repayment, Li Ning's brand and price system will also be shaken.

“The excessive expansion of the Chinese sportswear industry in the past led to a backlog of inventory of channel partners, which seriously affected the store’s store performance, profitability and overall financial status. Over the past two years, the problem of sales channels has gradually affected the financial status of the Group. The group's level of debt may have begun to be constrained by management's decision on business investment,” said Jin Zhenjun, executive vice president of Li Ning. “We now need to optimize Li Ning’s balance sheet. At present, the challenges Li Ning is facing in the short term are large. With this financing, you can reduce stress and focus on business development."

Last July, Li Ning launched a comprehensive reform plan. As part of the change plan, the Group has successively introduced a number of outstanding management talents to help formulate forward-looking strategies for the future development of the Group, and to innovate in sports marketing, products and channel recovery, while also adopting cost savings and cash flow control. A series of measures to lay a solid foundation for building a leading sports industry operation platform.

In December last year, Li Ning announced its channel revitalization plan, which is expected to invest RMB 1.4 billion to RMB 1.8 billion to support distributors in clearing inventory, repurchasing, and integrating sales channels to expedite inventory clearance and increase sales channel profitability. The one-time investment in the channel renewal plan will be mainly reflected in non-cash and offsetting receivables. One of the key steps in implementing this plan is to replace old inventory with a more rational product mix. Li Ning management believes that these measures will be effective in improving the proportion of new products and optimizing product mix, optimizing pricing strategies, better cater to the needs of a wide range of target consumer groups, and highly matching the sports marketing strategies of the Group's core markets (products and sports). Promote the healthy development of channels. "This financing is mainly to create new business and realize the transformation needs." Change, revival, financing, confidence, in the winter of China's sportswear industry, we see the search and determination of a national brand.

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