Li Ning's (HKG:2331) subsidiary Li Ning Sports (Hong Kong) agreed to form a joint venture company Power Sports with Alpha Talent Management, HongShan Venture, and HongShan Motivation, and subscribe to JV company's shares, a Tuesday Hong Kong bourse filing said.
The total share capital of the JV will be HK$200 million for which Li Ning Sports will pay HK$58 million, Alpha Talent will pay HK$52 million, HongShan Venture will pay HK$62.7 million and HongShan Motivation will contribute HK$27.3 million.
Li Ning Sports will hold 29% of the total share capital of the JV.
The JV company will be developing and operating Li Ning brand businesses exclusively in Hong Kong, Macau, and Taiwan.
The sports brand company's shares closed over 1% higher on Tuesday.
Price (HKD): $16.06, Change: $+0.18, Percent Change: +1.13%
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