The founder of Li Ning Co Ltd (2331.HK) is selling a 25 percent stake in China's best-known sportswear group to his talent management firm Viva China Holdings Ltd (8032.HK) for HK$1.36 billion ($175 million), as the sports sector grapples with an economic slowdown and fierce competition.
Viva China is controlled by Olympic gymnast Li Ning, the founder and chairman of the company that bears his name and which is backed by U.S. private equity group TPG Capital and Singapore sovereign fund GIC. Full story
