Li Ning Company has agreed to sell a 10 percent stake in Shanghai Double Happiness for about 125 million renmimbi (€18.0m-$20.0m) in cash to the Viva China Group. The transaction will reduce Li Ning's share in the Chinese table tennis company to 47.5 percent, leaving it still as its largest shareholder. The proceeds will raise Li Ning's cash position by around 25 percent. The company said this will allow it to invest more in product development of its five core sports categories and further expansion of its distribution channels, in addition to general corporate purposes. Li Ning will record a net gain of more than RMB 200 million (€28.7m-$31.7m) from the transaction. Double Happiness' results will be de-consolidated, leading to higher transparency about the rest of Li Ning's business.

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