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LI NING Establishes JV, Introduces HongShan to Grow Overseas Mkt
Recommend 6 Positive 17 Negative 9 |
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LI NING (02331.HK) announced that LN Co, being an indirect wholly-owned subsidiary of the Company, entered into the Subscription and Shareholders’ Agreement with Founder Co, HongShan Venture, HongShan Motivation and the JV Company. The total share capital of the JV Company shall be HK$200 million, of which the LN Co, Founder Co, HongShan Venture and HongShan Motivation shall contribute HK$58 million, HK$52 million, HK$62.728 million and HK$27.272 million in cash respectively, accounting for 29%, 26%, 31.36% and 13.64% of the total share capital of the JV Company respectively. HongShan Venture and HongShan Motivation are entities formed and managed by HongShan. The purpose of the JV Group shall be to develop and operate the Li Ning Brand business in the Territory on an exclusive basis. The Group will continue to carry on the businesses of designing, manufacturing, procurement, and marketing of products carrying the Li Ning Brand in the Mainland China. The Parties intend to use their respective resources and endeavors to assist the JV Group to build its independent operating capabilities, achieve long-term development of the Li Ning Brand overseas, and seek opportunities for listings in the future. AAStocks Financial News |
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