Li Ning, the former Olympic gymnast and founder of Li Ning Co Ltd., plans to sell a 25 percent stake in his namesake company to his talent management firm Viva China Holdings Ltd for $175 million.
Companies fully owned by Li Ning and his brother are selling 266.4 million shares in the retailer to Viva China, a holding firm that is 56 percent controlled by the family, the retailer said in a statement to the Hong Kong Stock Exchange today. Viva China is involved in sports talent management and has property investments, according to its annual report.
Viva China will pay HK$1.36 billion ($175 million) to buy the 25 percent stake in Li Ning from Victory Mind Assets Ltd. and Dragon City Management Ltd., both owned by the gymnast’s family, it said in a statement to the exchange.
