HONG KONG, July 5 (Reuters) - China's best known local sportswear group Li Ning Co Ltd, grappling with a slowdown that has halved its share price in recent months, replaced its chief executive on Thursday and said it will focus more on its business in China.
The company said founder and Olympic gymnast Li Ning and executive vice-chairman Kim Jin-Goon, who is a managing director at U.S. private equity fund TPG Capital that invested in the retailer this year, will lead the firm during the search for a new CEO after the departure of Zhang Zhiyong.
Li Ning, backed also by Singapore sovereign fund GIC, has struggled in recent months as China's economy has slowed, leaving inventories bloated. Full story
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