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 the establishment of a joint venture company with Sequoia China to explore overseas markets; ②Previously, Sequoia China has invested in cross-border e-commerce companies such as Shein, Awuji Technology, PatPat, and Zhiyu; ③During Li Ning's overseas expansion process, the supply chain, overseas warehouse management, and the choice 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 company to explore overseas markets through its indirect wholly-owned subsidiary LN Co with Founder Co, HongShan Venture, and HongShanMotivation.
According to the announcement, the total capital of the joint venture company is 0.2 billion yuan, with Li Ning holding 29%, Li Ning personally holding 26%, and Sequoia China holding 45%.
Regarding this joint venture, relevant sources told the reporter of "Science and Technology Innovation Board Daily" that the company's announcement is the most authoritative, and Li Ning mentioned that the joint venture partners complement each other well, with Sequoia China able to provide resources and services to the invested companies; founder Li Ning also has an appeal to help expand the brand overseas.
It is worth mentioning that in this overseas expansion, Li Ning mainly focuses on opening offline stores. Before the establishment of the joint venture company, there were rumors in the market that Li Ning was considering privatization and had been in contact with several top private equity institutions. Li Ning responded to the rumors by stating that any plan that benefits investor returns will be considered, but currently, there are no plans in place.
"Science and Technology Innovation Board Daily" reporters noted Li Ning's related actions in overseas expansion. In 2000, Li Ning put forward the strategy of brand internationalization, entered the European and American markets with the IP of the 'Gymnastics Prince', and expanded the franchised dealers in 9 European countries including Spain, Greece, and France.
In 2009, Li Ning set the goal of ranking among the world's top five sporting goods brands by 2018, with 20% of revenue coming from overseas. Subsequently, Li Ning successively acquired Bossini Int'l, a clothing brand in Hong Kong, Amedeo Testoni, a century-old luxury brand in Italy, and Clarks, a century-old footwear brand in the United Kingdom.
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 Redwood China side, there is also successful experience in consumer and cross-border e-commerce. Among them, Shein is a unicorn invested by Redwood China. At the same time, early on invested Acute Angle Technology Co., Ltd. also passed the IPO hearing, or will soon be listed in Hong Kong.
These two companies, one focusing on cross-border e-commerce platforms, the other being a cross-border e-commerce brand. In terms of time, Redwood China invested in Shein and Acute Angle Technology almost at the same time. However, Acute Angle Technology encountered the 'Amazon ban' incident in its development. This led to Acute Angle Technology, which aimed for the Science and Technology Innovation Board that year, not only terminating its IPO, but also transforming its business from 3C consumer goods such as headphones and power banks to home products such as bed frames, refrigerators, wardrobes, and dressing tables.
Relying on precise positioning and a strong supply chain logistics, Acute Angle Technology successfully transformed, and is now making another push for a Hong Kong Stock Exchange IPO. Shein, on the other hand, has developed with its own platform, breaking out with the supply chain's 'small order fast response' model through rapid production and product updates, currently valued at over $60 billion.
An investor told the 'Science and Technology Innovation Board Daily' reporter that compared to cross-border e-commerce, the expansion of offline stores requires the brand to position itself in overseas markets, including the precise assessment and research of factors such as price, brand image, target consumer groups, etc. Additionally, similar to cross-border e-commerce, the establishment and optimization of the local supply chain is also crucial to ensure stable product supply and maximize cost-effectiveness.
"In the construction of the local supply chain, the companies invested by Redwood China have all done very well, and the cooperation is mutually beneficial," the aforementioned investor said.
As of now, in the field of cross-border e-commerce, in addition to the aforementioned Shein and Acute Angle Technology, Redwood China has also invested in PatPat, Zhiyu, Mia, Daleng, etc.
