China's Li Ning to issue $241 mn convertible securities

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US private equity fund TPG Capital and Viva China Holdings Ltd had given their irrevocable undertakings to the company. (Reuters) US private equity fund TPG Capital and Viva China Holdings Ltd had given their irrevocable undertakings to the company. (Reuters)
SummaryUS private equity fund TPG Capital and Viva China Holdings Ltd had given their irrevocable undertakings to the company.

Struggling Chinese sportswear brand Li Ning Co Ltd said on Friday it planned to issue convertible securitites worth up to HK$1.87 billion ($241 million), seeking capital for its restructuring plan.

Li Ning also said in its filing that investors Singapore sovereign fund GIC, US private equity fund TPG Capital and Viva China Holdings Ltd had given their "irrevocable undertakings" to the company.

Trading in Li Ning shares will resume on Friday.

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