Shares of Li Ning tumbled 7 per cent to their lowest in a decade after the troubled Chinese sportswear brand announced plans to raise up to HK$1.69bn ($220m) in an open offer of shares.
Li Ning plans to offer up to 652m shares at HK$2.60 each - a discount of 22 per cent on their undisturbed price - on the basis of five shares for every 12 existing shares.
Li Ning reported first half net losses of Rmb586m ($75m) this year, three times as much as the previous year's net loss of Rmb184m.
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