TPG-backed retailer Li Ning seeks to raise $218m
Struggling Chinese sportswear retailer Li Ning plans to raise up to HK$1.69 billion ($218 million) through a share offering, with existing investors TPG Capital, Milestone Capital and GIC Private all agreeing to participate.
Investors can subscribe on the basis of five securities for every 12 existing ordinary shares at a price of HK$2.60 apiece, according to a regulatory filing. Between 583.7 million and 651.9 million securities...
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