Singapore’s GIC Increases Investment in Li Ning Co

Asian sovereign wealth funds are keen on China’s growing retail consumer sector. Both of the Singapore SWFs have a deep history investing in China.  On January 20, 2012, an affiliate of the Government of Singapore Investment Corporation Pte Ltd and TPG Capital will invest in convertible bonds in Hong Kong-listed China sportswear brand Li Ning Co. Ltd. Singapore’s GIC already holds around 63 million ordinary shares in capital in Li Ning Co. Ltd.

Convertible Bonds Subscription
5-Year Convertible Bonds
4% Annual Interest Rate
TPG Capital – RMB561 million – (approximately HK$690 million)
GIC Affiliate – RMB189 million – (approximately HK$232 million)

Assuming the convertible bonds are fully converted, GIC will hold approximately 93 million ordinary shares, representing approximately 8% of the total enlarged share capital in Li Ning Co. Ltd.

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