Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Coolpoint Will Buy Stake in Chinese Sportswear Maker Li Ning

Don't Miss Out —
Follow us on:

Sept. 1 (Bloomberg) -- Coolpoint Energy Ltd. said it will issue new shares to buy a 30.9 percent stake in Li Ning Co. from the Chinese sportswear maker’s founder, an Olympic gold-medal winner, and his family.

Coolpoint, to rename itself Viva China Holdings Ltd., signed an accord to provide services for endorsements, sponsorship and event management to Li Ning, according to a Hong Kong stock-exchange filing last night. Li Ning acknowledged the deals in a separate statement. Coolpoint supplies custom energy-saving equipment to companies in Hong Kong and China.

The purchase may constitute a reverse takeover by Li and be deemed a new listing under Hong Kong stock exchange rules, Coolpoint said.

Li Ning’s chairman, for whom the company is named, indirectly holds a 63 percent stake in Coolpoint, according to the filing. He was the gold-medal gymnast from the 1984 Los Angeles Olympics who lit the flame, Spiderman-style, at the 2008 Beijing Games.

Coolpoint said it hasn’t yet set the number of shares and the value of the convertible note it will issue to Li. It will issue 590 million shares to buy Viva China Sports Holding Ltd., owner of commercial-management rights for China’s national diving and gymnastic teams, the company said.

Coolpoint will buy an industrial park project and another piece of land in Shenyang, in northeast China, with the issue of 1 billion new shares, according to the statement.

The shares of Coolpoint, suspended since Aug. 26, will resume trading in Hong Kong today. The stock gained 9.9 percent to 78 Hong Kong cents on Aug. 25.

To contact the reporter on this story: Joshua Fellman at jfellman@bloomberg.net

To contact the editor responsible for this story: Bruce Grant at bruceg@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.