GIC-backed Li Ning Group’s CFO resigns, share price drops more than half

[makapaaa]

[h=2]GIC-backed Li Ning Group’s CFO resigns, share price drops more than half[/h]

October 13th, 2012 |

Author: Online Press

(Oct 12) – China’s best-known local sportswear group, Li Ning Co Ltd, said its chief financial officer has resigned, the latest departure from senior management as the company grapples with a slowdown in the world’s second-largest economy.
Li Ning, backed by Singapore sovereign fund GIC and U.S. private equity fund TPG Capital, said CFO Chong Yik Kay will step down from Nov. 1, but will remain an adviser to the company.
The news comes three months after the company, whose share price has dropped by more than half since March, named Olympic gymnast Li Ning and TPG managing director Kim Jin-Goon to lead the company after then-CEO Zhang Zhiyong quit.
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Rest of the article from: http://www.reuters.com/article/2012/10/12/lining-reshuffle-idUSL3E8LC00I20121012

 

[Loofydralb]

Again whatever Temasek and GIC touches turns to dust.

She really is a Medusa.

In a nutshell, the Lee family just has no knack of knowing who to trust. They tend to trust those who appear sincere, and give good reports and they just fail to have this thing call street smart. Isn't it a wonder they've been cheated so many times?

 

[Cruxx]

"It's a long term investment."

 

[Narong Wongwan]

Make Li Ning the official brand supplier for the uniform groups, civil service, stat boards and GLCs make them the only manufacturer of school uniforms from kindergarten to pre-u. At least turnover billion of dollars from there.

 

[hairylee]

It was a good investment with no return that's all.
Let's move on.

 

[johnny333]

Make Li Ning the official brand supplier for the uniform groups, civil service, stat boards and GLCs make them the only manufacturer of school uniforms from kindergarten to pre-u. At least turnover billion of dollars from there.

I suspect that someone in the FamiLee already has it covered.

I was told that the Lees have a factory in Batam making unifomes.

 

[Cestbon]

Again whatever Temasek and GIC touches turns to dust.

She really is a Medusa.

In a nutshell, the Lee family just has no knack of knowing who to trust. They tend to trust those who appear sincere, and give good reports and they just fail to have this thing call street smart. Isn't it a wonder they've been cheated so many times?

GIC and Temasek is Medusa .............

 

[halsey02]

GIC and Temasek is Medusa .............

Before HJ, both the entity was Profitable in terms of returns...now it is long term or even longer term in the land of 'no returns' & they take short punting to cover current losses.:p

 

[Cruxx]

Before HJ, both the entity was Profitable in terms of returns...now it is long term or even longer term in the land of 'no returns' & they take short punting to cover current losses.:p

Before HJ, there wasn't as much freedom of information as there is today.

 

[halsey02]

Before HJ, there wasn't as much freedom of information as there is today.

We still doesn't have that MUCH of freedom of information, wasn't it somebody PAPa & PAPa-in-law said it is not for us to know about GIC balance sheet etc..not so many 'moons' ago?

 

[lee6100]

Very few of the GIC chaps have done well after they leave. While there, they are at the top of the food chain. Without that name card, it's a real world out there; people ignore them and they flounder. Some have gone on to rake in very decent packages for not doing very much.

 

[Enforcer]

We still doesn't have that MUCH of freedom of information, wasn't it somebody PAPa & PAPa-in-law said it is not for us to know about GIC balance sheet etc..not so many 'moons' ago?

We will still be kept in the dark for at least 2 elections period. Singaporeans still lacks the guts to voice out their displeasure, what more to put it into action.

 

[Hans168]

Again whatever Temasek and GIC touches turns to dust.

She really is a Medusa.

In a nutshell, the Lee family just has no knack of knowing who to trust. They tend to trust those who appear sincere, and give good reports and they just fail to have this thing call street smart. Isn't it a wonder they've been cheated so many times?

Not Midas & could be Medusa..............

 

[Hans168]

Very few of the GIC chaps have done well after they leave. While there, they are at the top of the food chain. Without that name card, it's a real world out there; people ignore them and they flounder. Some have gone on to rake in very decent packages for not doing very much.

Ditto for ex ministers .... look at Yeo CT scraping a living earning $22k per monthly less that Saw Phiak Hwa

Mah BT, Raymond Lim & Wong KS is still jobless (any jobs given to them by Temasick or GIC do NOT count!). Proof that they are utterly useless - of NO economic value once thrown out of million dollar job! Pui, pui, pui

 

[Fishypie]

Just ordered a smaLL consignment of Li Ning's badminton rackets from this shop in Bras Basah CompLex for our groups' use..not good news to hear it though.

 

[Narong Wongwan]

All the fat cats no need to work la...enjoy retirement as multi millionaires....chow chow every month still got fat pension and 18k MP allowance

Ditto for ex ministers .... look at Yeo CT scraping a living earning $22k per monthly less that Saw Phiak Hwa

Mah BT, Raymond Lim & Wong KS is still jobless (any jobs given to them by Temasick or GIC do NOT count!). Proof that they are utterly useless - of NO economic value once thrown out of million dollar job! Pui, pui, pui