On May 24, Li Ning announced the resignations of three senior executives – COO Guo Jianxin, Chief Marketing Officer Fang Shiwei, and Director of E-commerce Lin Li. A source blamed the exodus on the failed campaign.
That same day, Li Ning's Hong Kong-listed shares declined 8.4 percent. The stock has continued losing ground ever since, falling to HK$ 13.38 on June 9, far below the past year's peak of HK$ 29.35. The company's market capitalization has declined more than HK$ 16.8 billion
Chinese sportswear manufacturer Li Ning on Monday signed a 5-year sponsorship deal with Yelena Isinbayeva, two-time Olympic pole vault gold medalist and world record holder. The lucrative deal is reportedly worth $ 1.5 million USD annually, the best endorsement offer a company ever made on the track circuit.
Yelena Isinbayeva set a new pole vault world record of 5.05 meters at the Beijing Olympic Games, and the 26-year-old told press earlier that she wanted to clear 5.20 meters by the end of her career. Yelena started Pole Vault with Evgenii Vasilievich Trofimov in 1997 and ended in November 2005. She's now coached by Vitalii Afanasievich Petrov.
Olympic swimmer Michael Phelps yesterday on Feb. 11 issued a video apology customized to his Chinese fans. The eight gold medals winner at the Beijing Olympic was caught somking marijuana during a student party by a British newspaper.
Phelps has already signed endorsement deals with brands including Speedo swimwear, Omega watches, Visa Inc, Subway sandwiches and Hilton Hotels Corp and Rosetta Stone. Kellogg, the world’s largest cereal maker, said on last Thursday that they will not extend a contract with him.
The American swimmer just inked a seven-figure endorsement deal with Mazda this January to be their spokesperson of Mazda 6 model. And DMG Entertainment, the company who brokered the deal told media they’re standing with Michael.
ANTA Sports Products Limited, the Fujian-based Chinese sportswear maker, signed a deal on Jan 18 with the top ranked female tennis player "JJ" Jelena Jankovic. The historic deal clearly marks the company's ambition to go global, a very good branding move especially compared with Li Ning, who last year signed a two-year contract with the third-tier NBA player Damon Jones, the then Cleveland Cavaliers' guard now playing for Milwaukee Bucks.
Jelena previously collaborated with Reebok before penned the deal with the Chinese company. Famous for her explosive forehands and powerful straight backhands, the Serb had a taste in No.1 for WTA on 11 August, 2008. With a record of 65 wins and 19 losses in the season of 2008, Jelena is the 18th WTA tennis player who ranked the first in women's single, and she has become world No. 1 women's tennis player since 6 October, 2008.
Shanghaiist had for us some ‘swellfun' last month. Now the Guizhou-based Kweichow Moutai Co. seems to have come up with a new way of baijiu branding by adding a little Olympic flavor into their drinks.
The company, producing probably the most renowned Chinese liquor, or baijiu, collaborated with the Beijing National Aquatics Center Co., Ltd for their high-end water cube liquor. He Kexin, the disputed Beijing Olympic champion, received a limited edition of this Water Gube Wine with some other winners at the press conference.
Chinese Grand Prix, hosted at the $450m Shanghai International Circuit since 2004, may see its end in 2010 when the contract with F1 expires.
"We're doing the assessment. By next year we should be able to give you an answer," Qiu Weichang, deputy director of the Shanghai Administration of Sports, told AFP on Thursday when asked about the future of the racing event. Early this month, Shanghai Grand Prix was announced by F1 to be rescheduled to play in April next year, a move, according to Chinese media, is to avoid clash with the ATP Masters Series next October.