TPG, GIC backed Li Ning closes $238m convertible securities issue
Li Ning, the Chinese sports brand backed by the Government of Singapore Investment Corporation (GIC) and TPG Capital, had closed a convertible securities issue worth HK$1.85 billion ($238 million). The open offer was over-subscribed with the company receiving applications representing 2.54 times the total amount of securities offered.
According to a regulatory filing, existing investors Viva China, TPG Capital, and GIC will hold approximately 26.1%, 5.6%, 4.3% in the company respectively on a fully diluted basis if all convertible...
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