The founder of Li Ning Co Ltd plans to sell a 25 percent stake in China's best-known sportswear group to his talent management firm Viva China Holdings Ltd for $175 million, knocking Li Ning's shares on concerns about his commitment to the group.Viva China is controlled by former Olympic gymnast Li Ning, the founder and chairman of the company that bears his name and which is backed by U.S. private equity group TPG Capital and Singapore sovereign fund GIC.Shares in Viva more than doubled on the news. But Li Ning, which operates some 7,300 branded sports stores across China, fell more than 6 percent as investors said the deal suggested the group's founder was gradually giving up direct control of the business."We are concerned about the possibility that Chairman Li Ning's involvement in the may decrease in the future, with TPG taking increased control," Bank of America Merrill Lynch said in a research note.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC remained unchanged at $9.46. In the past year, the shares have traded as low as $4.92 and as high as $10.10. On average, 135576000 shares of BAC exchange hands on a given day and today's volume is recorded at 0.
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