China may have lost out in the recent David Beckham sweepstakes, but that doesn’t mean all is lost. According to the Beijing Youth Daily, Beckham will become an international ambassador for the Chinese Super League, beginning this season.
Ferrari’s Formula One team has signed a four-year deal with Weichai Power. Somewhat surprisingly given Ferrari 20+ year history in China and the importance of the Chinese market, it is Ferrari’s first ever Chinese sponsor. Weichai, as I’m sure you know, produces mechanical components for heavy-duty vehicles, including buses.
Weichai Power’s parent company, the Weichai Group, already has Italian links: the company bought a majority stake in luxury yacht manufacturer Ferretti Group last year.
It seems the Li-Ning Tower really is leaning and is in danger of crashing down. The company’s shares have fallen more than 25% since January 21, including a sizeable drop last week after the company announced plans to raise up to HK$1.87 billion by issuing convertible securities. In construction terms, that’s an awful lot of scaffolding.
The news comes just one year after massive investment from TPG and GIC. The company’s press release talked of a deteriorating situation, a build-up of inventory, sales problems, poor productivity and profitability, worrying debt levels and a need to transform the business.