China's Li Ning warns of substantial loss for 2012

HONG KONG Sun Dec 16, 2012 6:35pm EST

HONG KONG Dec 17 (Reuters) - China's best-known local sportswear group, Li Ning Co Ltd, said on Monday it will record a substantial loss for the year ending Dec 2012 based on its preliminary review of its unaudited consolidated accounts for the first 11 months of the year.

The company, backed by Singapore sovereign fund GIC and U.S. private equity fund TPG Capital, announced a series of senior management changes this year as it grappled with a slowdown in the world's second-largest economy.