Li Ning Co., the largest China- based sportswear company by revenue, posted its first annual deficit since listing in 2004, as slowing economic growth caused sales to fall a second year. The shares fell.
Li Ning Co., the Chinese sportswear retailer whose first-half profit fell 85 percent, forecast a “substantial” full-year loss on costs stemming from a plan to revive growth. The stock dropped.
Li Ning Co. surged in Hong Kong trading after its chief executive officer stepped down and private-equity firm TPG Capital said it could boost investment in the sportswear retailer if needed.
"Zombie companies will face higher borrowing costs, which will force more failures."
- Li Ning on Dec 28, 2014