Li & Fung Limited, the largest sourcing agent in the global apparel business, announced the company will delist from the Hong Kong Stock Exchange at the close of trading on Wednesday, marking the successful completion of its privatization process.
As a privately held company, Li & Fung is owned and managed by the Fung Family and Singapore-headquartered GLP Pte Ltd., a global logistics warehouse operator and investor. The Fung family will remain the controlling shareholder of Li & Fung with 60 percent of the voting shares. GLP will have 40 percent of the voting shares and 100 percent of the non-voting shares, resulting in the effective economic ownership of 67.67 percent of Li & Fung.
William Fung, group chairman of Li & Fung, said, “Having arrived at this important milestone, I would like to convey our deepest gratitude to all shareholders who have supported Li & Fung during the last 28 years as a publicly-listed company in Hong Kong. We move forward with the next chapter of our transformation as a private business while maintaining our commitment to our staff, customers, suppliers, business partners, and the community of Hong Kong, who have together served as the foundation of Li & Fung for the past 114 years.”
Spencer Fung, group chief executive officer of Li & Fung, said, “Today marks the start of a new journey for Li & Fung as we focus on achieving a fundamental transformation of our business. While there will be challenges to manage, Li & Fung will benefit greatly from our partnership with GLP. Our commitment to our retail and supply-chain partners remains as strong as ever. Whether through our 50-country strong sourcing and production platform, industry-leading digital product development or pan-Asian Logistics network, we continue to work closely with our partners to meet ever-changing consumer demands in a complex global environment.”
Ming Mei, co-founder and chief executive officer of GLP, said, “GLP and Li & Fung have a shared vision to create the digital supply chain of the future. I am confident that with its commitment to long-term transformation, Li & Fung will build upon its position as the global retail supply chain leader. I also look forward to exploring the areas where we can deepen our partnership and develop shared opportunities
between logistics networks and technology innovation for our customers.”
Li & Fung, the Hong Kong-headquartered multinational group, is one of the world’s leading supply chain solutions partner with over 230 offices across key production markets globally.
Photo courtesy Li & Fung