Li Ning’s Shares Plummet

Chinese sportswear company Li Ning’s shares fell drastically after the company said it needed to raise more money to complete a restructuring plan.

Its share price fell 14.7 percent on Friday after the company said it plans to issue convertible securities worth up to US$241M to provide capital for restructuring and business development, unhealthy as it tries to reverse a two-year slide in its performance. The securities are convertible into one share at HK$3.50 US$0.45 each and will be offered to shareholders for every two existing shares held.{jcomments on}