Li Ning to Sell Stake in his Brand
Former Chinese Olympic gymnast Li Ning has announced that a 25 percent stake in his namesake sportswear brand will be sold to Viva China Holding, a sports talent management and consultancy he also owns.
Li said the decision "was aimed at transforming its business model." The sportswear company said two of its shareholders, Victory Mind Assets and Dragon City Management (PTC), have agreed to sell their stakes to Viva for US$175M.
Li is the founder of Li Ning, members of his family are the principal owners of Victory Mind Assets and Dragon City Management.
The acquisition will see Li reducing his involvement in the sportswear company.
CIC Industry Research Center's Xiong Xiaokun said: "Li Ning will probably enter the sports-related real estate sector."
One of Viva's major businesses is construction of a "sport community," which combines sports facilities and residential community development.{jcomments on}