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.
"The central bank, which regulates the interbank market, may permit defaults to help develop the corporate bond market by lowering moral hazards."
- Li Ning on Jul 16, 2014