Options that boost returns will be considered: Li Ning
Chinese billionaire and Olympic champion Li Ning on Wednesday said that all options to increase returns for investors would be considered, but the sportswear firm, which is named after him, would not comment on reports it might go private. His remarks came after Reuters, citing sources, earlier reported that Li is considering delisting the company from the Hong Kong stock exchange as he reportedly believes the firm is undervalued in the city's equity market. Speaking to reporters as the firm announced its annual financial results, Li, who is the executive chairman and co-chief executive, said the company’s stock price was determined by the market and “is not his personal responsibility”. “The firm’s management team shall be dedicated to providing the best products to satisfy consumers,” Li said. “As far as investors are concerned, if there are any options to raise investment returns, I will take them into consideration, but for now I do not have any plans to share with the public,” he added. Li Ning’s share price declined nearly 70 percent last year. His remarks also came as the firm posted its results for the whole of 2023, with net profit down by 21.6 percent year-on-year to 3.19 billion yuan, while turnover was up seven percent year-on-year to 27.6 billion yuan. The firm’s final dividend was 18.54 cents per share, which was 60 percent less compared with the 46.27 cents per share declared in the same period in 2022. Looking ahead, Li noted that the firm would focus on business development in the mainland this year due to its significant size, adding that while the outlook for overseas markets was uncertain, it would not rule out the possibility of expanding in countries outside of China further down the line. Shares of Li Ning jumped 5.7 percent at the close of trading after the results announcement.