Investment fund TPG Asia is investing in Li Ning Company. The investment comprises a subscription of a RMB561 million (US$89 million) convertible bond and a HK$349.8 million (US$45 million) share acquisition from the founding shareholder. The deals were signed on 19 and 20 January 2012 and are expected to be completed in the first quarter of 2012.
Founded by Olympic gold medalist Li Ning, the company is listed on the Hong Kong Stock Exchange and is one of the leading sports-brand enterprises in the PRC. Its products include footwear, apparel, equipment and accessories for sports and leisure use.
Cleary Gottlieb Steen & Hamilton advised TPG Asia on the deals. Its team was led by partner Freeman Chan in Hong Kong with assistance from associates Christopher Yu, Vivien Ho, Li Yisu, Anita Ng and Zhang Miao in Hong Kong and Beijing.
