JD - Why Did One Of China's Biggest Consumer Names Sell-Off 20% Thursday? | Benzinga
Sportswear maker Li Ning Co Ltd (OTC: LNGGY) (OTC: LNGGF) became the latest casualty of a downturn in China and Hong Kong, after the company announced Wednesday night it had missed sales expectations in the third quarter. Shares in Hong Kong trading plunged more than 20% on the news.
Li Ning said in a stock exchange announcement that revenue for all its sales channels except for its physical retail stores had increased by just a single digit percentage point in the January-to-September period. For retail sales, the company posted an increase of around 20% or so, it said.
Li Ning said there had ...