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SBD/July 6, 2012/Finance
Li Ning CEO Steps Down; Stocks Surge With Backing Of TPG Capital
Published July 6, 2012
PRESSURE MOUNTS: The WALL STREET JOURNAL’s Fiona Law notes although Li Ning “retained its No. 1 position among domestic brands, it is facing mounting competition from local players such as Anta Sports Products.” Li Ning and its rivals also “face a slowdown in China's sports apparel market." On Tuesday, one of Li Ning's “major domestic rivals, Peak Sport Products Co., issued a profit warning for the first half and full year of 2012, citing industrywide inventory correction and sluggish economic conditions that have hurt demand” (WALL STREET JOURNAL, 7/6).