Chinese sports brand Li Ning announced a third equity fundraising in as many years on Tuesday in an attempt to improve its cash position and reverse a steep share price decline.
The company unveiled the launch of a five-for-12 open offer of ordinary shares and convertible securities that aims to raise between HK$1.5 billion and HK$1.69 billion $190 million to $218 million. Its enlarged share capital will expand by 29% as a result of the 583.7 million to 651.9 million share transaction.
The deal has been priced at HK$2.60, representing a 21.92% discount to the stock's HK$3.33 Tuesday close. Investors responded...
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