对于这笔合资，有相关人士对《科创板日报》记者表示，以公司公告为准，不多予以置评。李宁方面则称，①Today, Li Ning disclosed that it will establish a joint venture with Sequoia China to expand overseas markets; ②Previously, Sequoia China has invested in cross-border e-commerce companies such as Shein, Aurora Technology, PatPat, and Zhiyu; ③In the process of Li Ning's overseas expansion, the supply chain, overseas warehouse management, and the selection of cross-border platforms are all important matters.
《Science and Technology Innovation Board Daily》October 23rd news (Reporter Chen Mei) Today, Li Ning (02331.HK) announced that it will establish a joint venture to expand overseas markets through its indirectly wholly-owned subsidiary LN Co with Founder Co, HongShan Venture, and HongShanMotivation.
According to the announcement, the total capital of the joint venture is 0.2 billion yuan, with Li Ning Corporation holding 29%, Li Ning personally holding 26%, and Sequoia China holding 45%.
Regarding this joint venture, relevant persons told the reporter of《Science and Technology Innovation Board Daily》that they would not comment further than the company's announcement. Li Ning stated that the joint venture complements each other's strengths, Sequoia China can provide resources and services to the invested enterprises; Founder Li Ning also has appeal, helping the brand expand internationally.
It is worth mentioning that in this overseas expansion, Li Ning's main focus is on opening offline stores. Before the establishment of this joint venture company, there were rumors in the market that Li Ning was considering privatization and had contacted multiple top private equity institutions. Li Ning personally responded to the rumors, stating that any plan that benefits investors' returns will be considered, but there is currently no plan in place.
The reporter of《Science and Technology Innovation Board Daily》noticed that Li Ning has taken relevant actions in terms of overseas expansion. In 2000, Li Ning proposed a brand internationalization strategy, entering the European and American markets with the IP of the 'Prince of Gymnastics', expanding franchised dealers in 9 European countries including Spain, Greece, and France.
In 2009, Li Ning set the goal to be among the world's top five sporting goods brands by 2018, aiming for 20% of revenue to come from overseas, subsequently acquiring the Hong Kong clothing brand Bossini Int'l, the 100-year luxurious Italian brand Amedeo Testoni (Tieshidongni), as well as the 100-year British shoe brand Clarks.
In December 2023, Li Ning Group established its headquarters in Hong Kong, accelerated overseas expansion through exploration of the Hong Kong market, and fully launched overseas business expansion in 2024.
On the consumer and cross-border e-commerce fronts, Redstone China also has successful experiences. Among them, Shein is a unicorn invested by Redstone China. At the same time, the early investment in Aoke Technology Co., Ltd. (referred to as Aoke Technology) has also passed the IPO hearing and may soon be listed in Hong Kong.
The two companies, one positioning as a cross-border e-commerce platform, and the other as a cross-border e-commerce brand. In terms of timing, Redstone China invested in Shein and Aoke Technology almost simultaneously. However, Aoke Technology encountered the "Amazon ban" incident in its development. This led to Aoke Technology, which had initially aimed for the STAR Market IPO, not only terminating its IPO but also shifting business from consumer electronics such as headphones and power banks to housewares such as bed frames, refrigerators, wardrobes, and dressing tables.
Relying on precise positioning and a strong supply chain logistics, Aoke Technology successfully transformed, and recently made another push for a Hong Kong Stock Exchange IPO. Shein, on the other hand, developed through its own platform, emerged with the supply chain's "small order quick response" model by rapidly producing and updating products, currently valued at over $60 billion.
An investor told the Science and Technology Innovation Board Daily reporter that compared to cross-border e-commerce, expanding offline stores requires precise evaluation and research on brand positioning in overseas markets, including price, brand image, and target consumer groups. In addition, similar to cross-border e-commerce, establishing and optimizing local supply chains is also a key factor in ensuring stable product supply and maximizing cost-efficiency.
"In terms of establishing local supply chains, Redstone China's invested companies have all done very well, with cooperation having mutual reference value," said the above-mentioned investor.
As of now, in the field of cross-border e-commerce, in addition to the mentioned Shein and Aoke Technology, Redstone China has also invested in PatPat, Zhiyu, Mia, and Dalin.
