China's Li Ning stumbles from gold medal position to no man's land

In 2010, former Chinese gymnast Li Ning led a surging $4 billion sportswear business, a gold-medal pinnacle echoing his victories at the 1984 Olympic Games. Now, the Li Ning (2331.HK) business is more reminiscent of the ex-sportsman's exit from the 1988 Olympics without a podium finish. As customers have turned to aspirational global brands like Nike Inc (NKE.N) or cheaper local firms, Li Ning has racked up heavy losses, losing four-fifths of its market value.

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