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Regarding the nearly 1.9 billion Hong Kong dollar fundraising plan proposed by Li Ning’s board of directors, Li Ning, the founder and executive chairman of Li Ning, responded to a question from the “Securities Daily†reporter and said that this financing has nothing to do with the previously proposed channel renewal plan. The main direction is to support Li Ning's business transformation in the next two years.
“Limits are being raised for Li Ning’s future business transformation.†Li Ning stated that Li Ning is in a critical period of change. This time through the funds raised by the existing shareholder subscriptions, plus the support of the major shareholders for the company, it is back at the current group. The new era of long-term sustainable growth and profitable development track will provide us with a stable platform and backing.
According to a January 25 announcement, Li Ning’s public offering will be conducted for every two existing shares for one convertible security. Its initial conversion price was HK$3.50, which represented a discount of approximately 43.64% to the closing price of HK$6.21 in the previous trading day. These convertible securities can be converted into common shares of the company at any time and will be processed financially according to the equity.
Li Ning Executive Vice President and TPG partner Jin Zhen said that this type of financing can optimize the balance sheet and reduce company pressure.
It is understood that due to the over-expansion of the Chinese sportswear industry in the past, the inventory of channel partners has been under pressure, which has seriously affected the store's store efficiency, profitability and overall financial status. In the past two years, the issue of Li Ning's sales channels has gradually affected the company's financial status. In this regard, Li Ning said that the company’s debt level has begun to make management decisions on business investment to make optimal decisions.
After Li Ning has just launched a channel rejuvenation plan worth nearly RMB 1.8 billion, it again launched a reform plan worth nearly HK$1.9 billion (approximately RMB 1.5 billion).
According to the Li Ning Company's January 25 announcement, the board of directors of Li Ning proposed to raise approximately HK$1.85 billion to HK$1.87 billion in funds by public offering of convertible securities. The company stated that this funding will be used to develop the company, including the implementation of the overall change plan, to enrich general working capital, and to optimize the capital structure.
March 21, 2020