Declared Dividend • 22h
First half dividend of HK$0.41 announced Shareholders will receive a dividend of HK$0.41. Ex-date: 3rd September 2026 Payment date: 16th September 2026 Dividend yield will be 4.7%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 31% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 21
First half 2026 earnings released: EPS: CN¥0.70 (vs CN¥0.67 in 1H 2025) First half 2026 results: EPS: CN¥0.70 (up from CN¥0.67 in 1H 2025). Revenue: CN¥15.2b (up 2.8% from 1H 2025). Net income: CN¥1.82b (up 4.5% from 1H 2025). Profit margin: 12% (in line with 1H 2025). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Ankündigung • Aug 10
Li Ning Company Limited to Report First Half, 2026 Results on Aug 20, 2026 Li Ning Company Limited announced that they will report first half, 2026 results on Aug 20, 2026 Upcoming Dividend • Jun 08
Upcoming dividend of CN¥0.23 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Hong Kong dividend payers (6.9%). Lower than average of industry peers (5.1%). Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Yajuan Wang was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Mar 20
Li Ning Company Limited, Annual General Meeting, Jun 11, 2026 Li Ning Company Limited, Annual General Meeting, Jun 11, 2026, at 11:00 China Standard Time. Ankündigung • Mar 09
Li Ning Company Limited to Report Fiscal Year 2025 Results on Mar 19, 2026 Li Ning Company Limited announced that they will report fiscal year 2025 results on Mar 19, 2026 Ankündigung • Nov 27
Anta Sports Reportedly Exploring Bid for Puma Chinese sportswear maker ANTA Sports Products Limited (SEHK:2020) is among firms exploring a potential takeover of German sportswear brand PUMA SE (XTRA:PUM), Bloomberg News reported on November 27, 2025. Hong Kong-listed Anta has been working with an adviser to evaluate a bid for Puma, and the company may team up with a private equity firm if it decides to move forward with an offer, the Bloomberg report said, citing people familiar with the matter. Other potential bidders could include Chinese sportswear group Li Ning Company Limited (SEHK:2331), which has been discussing financing options with banks as it takes an early look at Puma, according to the report. Puma may also attract interest from Japanese sportswear company ASICS Corporation (TSE:7936), the report said. Anta Sports, Puma, and Asics did not immediately respond to Reuters‘ requests for comment. Li-Ning said in an emailed statement to Reuters that the company “has not engaged in any substantive negotiations or evaluations regarding the transaction mentioned in the news”, adding that the company continues to focus on the growth and development of its brand. Puma’s biggest shareholder Artemis, the privately-owned holding company that controls Gucci owner Kering, has said it is considering all options for its 29% stake, though a source close to the firm told Reuters in September it would not sell at the market value then. Puma’s market valuation is currently at EUR 2,520 million ($2,920 million), according to LSEG data. The Pinault family, which controls Artemis, acquired its Puma stake in 2018 from Kering when the luxury group transformed into a pure luxury player focused on brands like Gucci and Saint Laurent. Ankündigung • Aug 26
Pinault Family Reportedly Seeks Potential Buyers for Puma The Pinault family has reached out to potential buyers of PUMA SE (XTRA:PUM) after the German sports brand lost about half of its market value in the past year, according to people familiar with the matter. The billionaire family, which owns a 29% stake in Frankfurt-listed Puma through Artemis, is working with advisers, possibly with a view to triggering a sale of the company, the people said, asking not to be identified because the deliberations are private. They have reached out to prospective bidders including ANTA Sports Products Limited (SEHK:2020) and Li Ning Company Limited (SEHK:2331) to gauge interest in buying Puma, the people said, adding they have also sounded out other sportswear firms in the US, as well as sovereign wealth funds in the Middle East. Puma shares surged as much as 20% in German trading following the report, the most since October 2001. It has a market value of about EUR 3.3 billion. The family is likely to seek a sizable premium in any deal, the people said. Artemis is also the controlling shareholder of Kering. Deliberations are ongoing and there is no guarantee a transaction will happen, the people said. A spokesperson for Puma declined to comment, while representatives for Artemis, Anta and Li Ning didn't respond to requests seeking comment. Ankündigung • Aug 22
Li Ning Company Limited Announces Interim Dividend for the Six Months Ended June 30, 2025, Payable on September 16, 2025 Li Ning Company Limited announced interim dividend of RMB 0.3359 per share for the six months ended June 30, 2025. Ex-dividend date: September 3, 2025. Record date: September 8, 2025. Payment date: September 16, 2025. Ankündigung • Aug 11
Li Ning Company Limited to Report First Half, 2025 Results on Aug 21, 2025 Li Ning Company Limited announced that they will report first half, 2025 results on Aug 21, 2025 Ankündigung • Jun 12
Li Ning Company Limited Approves Final Dividend for the Year Ended 31 December 2024, Payable on 27 June 2025 Li Ning Company Limited at its annual general meeting held on 12 June 2025, approved to declare and pay a final dividend of RMB 20.73 cents per Share for the year ended 31 December 2024 and authorise any Director to take such action, do such things and execute such further documents as the Director may at his/her absolute discretion consider necessary or desirable for the purpose of or in connection with the implementation of the payment of the final dividend. Ex-dividend date is 16 June 2025. Record date is 19 June 2025. Payment date is 27 June 2025. Ankündigung • Mar 28
Li Ning Company Limited, Annual General Meeting, Jun 12, 2025 Li Ning Company Limited, Annual General Meeting, Jun 12, 2025, at 11:00 China Standard Time. Ankündigung • Mar 17
Li Ning Company Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Li Ning Company Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Ankündigung • Sep 16
Li Ning Company Limited Announces Change of Principal Place of Business in Hong Kong The board of directors of Li Ning Company Limited announced that, with effect from 16 September 2024, the principal place of business in Hong Kong of the Company has been changed to 25/F - 28/F, Hong Kong Li-Ning Building, 218 Electric Road, Fortress Hill, Hong Kong. Declared Dividend • Aug 19
First half dividend of HK$0.41 announced Shareholders will receive a dividend of HK$0.41. Ex-date: 29th August 2024 Payment date: 11th September 2024 Dividend yield will be 4.7%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 17
First half 2024 earnings released: EPS: CN¥0.76 (vs CN¥0.81 in 1H 2023) First half 2024 results: EPS: CN¥0.76 (down from CN¥0.81 in 1H 2023). Revenue: CN¥14.3b (up 2.3% from 1H 2023). Net income: CN¥1.95b (down 8.0% from 1H 2023). Profit margin: 14% (down from 15% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Ankündigung • Aug 16
Li Ning Company Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 11 September 2024 Li Ning Company Limited announced interim dividend of RMB 0.3775 per share for the six months ended 30 June 2024. Ex-dividend date is 29 August 2024. Record date is 03 September 2024. Payment date is 11 September 2024. Ankündigung • Aug 05
Li Ning Company Limited to Report First Half, 2024 Results on Aug 15, 2024 Li Ning Company Limited announced that they will report first half, 2024 results on Aug 15, 2024 Ankündigung • Jun 14
Li Ning Company Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024 Li Ning Company Limited announced that at its AGM held on 13 June 2024, the shareholders approved final dividend of RMB 0.1854 per share for the year ended 31 December 2023. Ex-dividend date is 17 June 2024. Record date is 20 June 2024. Payment date is 28 June 2024. Ankündigung • Jun 13
Li Ning Company Limited Announces Change of Composition of Remuneration Committee The board of directors of Li Ning Company Limited announced the following changes in the composition of the remuneration committee of the Board with effect from 12 June 2024: Ms. Wang Yajuan, an independent non-executive director of the Company, has been appointed as a member of the Remuneration Committee; and Mr. Li Qilin, an executive director of the Company, has ceased to be a member of the Remuneration Committee but will remain as an executive director of the Company. Following the above changes, the Remuneration Committee continues to be chaired by Ms. Wang Ya Fei, an independent non-executive director of the Company, and comprises a majority of independent non-executive directors of the Company. Upcoming Dividend • Jun 10
Upcoming dividend of CN¥0.19 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 44% and the cash payout ratio is 81%. Trailing yield: 2.8%. Lower than top quartile of Hong Kong dividend payers (7.6%). In line with average of industry peers (3.1%). Buy Or Sell Opportunity • May 23
Now 24% undervalued Over the last 90 days, the stock has risen 8.6% to HK$22.70. The fair value is estimated to be HK$29.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$19.88, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total loss to shareholders of 68% over the past three years. Reported Earnings • Apr 24
Full year 2023 earnings released: EPS: CN¥1.23 (vs CN¥1.55 in FY 2022) Full year 2023 results: EPS: CN¥1.23 (down from CN¥1.55 in FY 2022). Revenue: CN¥27.6b (up 7.0% from FY 2022). Net income: CN¥3.19b (down 22% from FY 2022). Profit margin: 12% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 22
Final dividend of CN¥0.19 announced Shareholders will receive a dividend of CN¥0.19. Ex-date: 17th June 2024 Payment date: 28th June 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 44% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: CN¥1.23 (vs CN¥1.55 in FY 2022) Full year 2023 results: EPS: CN¥1.23 (down from CN¥1.55 in FY 2022). Revenue: CN¥27.6b (up 7.0% from FY 2022). Net income: CN¥3.19b (down 22% from FY 2022). Profit margin: 12% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$22.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$42.68 per share. Ankündigung • Mar 08
Li Ning Company Limited to Report Fiscal Year 2023 Results on Mar 19, 2024 Li Ning Company Limited announced that they will report fiscal year 2023 results on Mar 19, 2024 New Risk • Jan 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.8% average weekly change). Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$15.12, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 7x in the Luxury industry in Hong Kong. Total loss to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to HK$23.95, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Luxury industry in Hong Kong. Total loss to shareholders of 39% over the past three years. Upcoming Dividend • Aug 16
Upcoming dividend of HK$0.40 per share at 2.0% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 06 September 2023. Trailing yield: 2.0%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 12
First half 2023 earnings released: EPS: CN¥0.81 (vs CN¥0.84 in 1H 2022) First half 2023 results: EPS: CN¥0.81 (down from CN¥0.84 in 1H 2022). Revenue: CN¥14.0b (up 13% from 1H 2022). Net income: CN¥2.12b (down 3.1% from 1H 2022). Profit margin: 15% (down from 18% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be HK$53.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Ankündigung • Aug 01
Li Ning Company Limited to Report First Half, 2023 Results on Aug 10, 2023 Li Ning Company Limited announced that they will report first half, 2023 results on Aug 10, 2023 Buying Opportunity • Jul 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be HK$49.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. New Risk • Jun 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Ankündigung • Jun 15
Li Ning Company Limited Declares Final Dividend for the Year Ended 31 December 2022 Li Ning Company Limited held its annual general meeting on June 14, 2023, declared and pay a final dividend of RMB 46.27 cents per Share for the year ended 31 December 2022 out of the share premium account of the Company and authorise any Director to take such action, do such things and execute such further documents as the Director may at his/her absolute discretion consider necessary or desirable for the purpose of or in connection with the implementation of the payment of the final dividend. Upcoming Dividend • Jun 09
Upcoming dividend of CN¥0.46 per share at 1.1% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 30 June 2023. Trailing yield: 1.1%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: CN¥1.55 (vs CN¥1.60 in FY 2021) Full year 2022 results: EPS: CN¥1.55. Revenue: CN¥25.8b (up 14% from FY 2021). Net income: CN¥4.06b (up 1.3% from FY 2021). Profit margin: 16% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Hong Kong. Recent Insider Transactions • Jan 12
Independent Non Executive Director recently sold HK$2.2m worth of stock On the 9th of January, Chung Bun Chan sold around 30k shares on-market at roughly HK$72.30 per share. This transaction amounted to 91% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$7.3m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 15% share price gain to HK$61.60, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 7x in the Luxury industry in Hong Kong. Total returns to shareholders of 140% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$79.54 per share. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Joint CEO & Executive Director Takeshi Kosaka was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 17% share price gain to HK$49.40, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 7x in the Luxury industry in Hong Kong. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$79.64 per share. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Joint CEO & Executive Director Takeshi Kosaka was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$56.15, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 7x in the Luxury industry in Hong Kong. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$95.34 per share. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Joint CEO & Executive Director Takeshi Kosaka was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
First half 2022 earnings released: EPS: CN¥0.84 (vs CN¥0.79 in 1H 2021) First half 2022 results: EPS: CN¥0.84 (up from CN¥0.79 in 1H 2021). Revenue: CN¥12.4b (up 22% from 1H 2021). Net income: CN¥2.19b (up 12% from 1H 2021). Profit margin: 18% (down from 19% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 19%, compared to a 15% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 12
Independent Non Executive Director recently sold HK$5.1m worth of stock On the 7th of July, Chung Bun Chan sold around 70k shares on-market at roughly HK$73.47 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$36m more than they bought in the last 12 months. Upcoming Dividend • Jun 10
Upcoming dividend of CN¥0.46 per share Eligible shareholders must have bought the stock before 17 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 21% share price gain to HK$61.20, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 9x in the Luxury industry in Hong Kong. Total returns to shareholders of 373% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$116 per share. Reported Earnings • Apr 13
Full year 2021 earnings released: EPS: CN¥1.60 (vs CN¥0.69 in FY 2020) Full year 2021 results: EPS: CN¥1.60 (up from CN¥0.69 in FY 2020). Revenue: CN¥22.6b (up 56% from FY 2020). Net income: CN¥4.01b (up 136% from FY 2020). Profit margin: 18% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 19% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$57.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 9x in the Luxury industry in Hong Kong. Total returns to shareholders of 331% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$107 per share. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 18% share price decline to HK$61.50, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total returns to shareholders of 430% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$110 per share. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$88.70, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 10x in the Luxury industry in Hong Kong. Total returns to shareholders of 1,119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$72.40 per share. Recent Insider Transactions • Sep 07
Independent Non Executive Director recently sold HK$10.0m worth of stock On the 6th of September, Chung Bun Chan sold around 100k shares on-market at roughly HK$99.93 per share. In the last 3 months, there was an even bigger sale from another insider worth HK$18m. Insiders have been net sellers, collectively disposing of HK$321m more than they bought in the last 12 months. Recent Insider Transactions • Aug 19
Independent Non Executive Director recently sold HK$18m worth of stock On the 18th of August, Ya Fei Wang sold around 186k shares on-market at roughly HK$94.96 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$323m more than they bought in the last 12 months. Reported Earnings • Aug 15
First half 2021 earnings released: EPS CN¥0.79 (vs CN¥0.28 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥10.2b (up 65% from 1H 2020). Net income: CN¥1.96b (up 187% from 1H 2020). Profit margin: 19% (up from 11% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Jul 14
Independent Non-Executive Director Jing Shyh Su has left the company On the 5th of July, Jing Shyh Su's tenure as Independent Non-Executive Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Jing Shyh's name. Jing Shyh is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.08 years. Recent Insider Transactions • Jul 08
Independent Non Executive Director recently sold HK$8.9m worth of stock On the 6th of July, Chung Bun Chan sold around 100k shares on-market at roughly HK$88.55 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$303m more than they bought in the last 12 months. Upcoming Dividend • Jun 09
Upcoming dividend of CN¥0.20 per share Eligible shareholders must have bought the stock before 16 June 2021. Payment date: 29 June 2021. Trailing yield: 0.3%. Lower than top quartile of Hong Kong dividend payers (6.0%). Lower than average of industry peers (1.0%). Reported Earnings • Apr 15
Full year 2020 earnings released: EPS CN¥0.69 (vs CN¥0.62 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥14.5b (up 4.2% from FY 2019). Net income: CN¥1.70b (up 13% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Apr 09
Independent Non Executive Director recently sold HK$1.6m worth of stock On the 7th of April, Chung Bun Chan sold around 30k shares on-market at roughly HK$54.63 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$297m more than they bought in the last 12 months. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS CN¥0.69 (vs CN¥0.62 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥14.5b (up 4.2% from FY 2019). Net income: CN¥1.70b (up 13% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 09
New 90-day low: HK$41.00 The company is down 5.0% from its price of HK$43.15 on 09 December 2020. The Hong Kong market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$40.83 per share. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥43.60, the stock is trading at a trailing P/E ratio of 63.8x, down from the previous P/E ratio of 76.1x. This compares to an average P/E of 14x in the Luxury industry in Hong Kong. Total returns to shareholders over the past three years are 543%. Recent Insider Transactions • Jan 21
Independent Non Executive Director recently sold HK$169k worth of stock On the 18th of January, Ya Wang sold around 3k shares on-market at roughly HK$52.22 per share. In the last 3 months, there was an even bigger sale from another insider worth HK$41m. Insiders have been net sellers, collectively disposing of HK$296m more than they bought in the last 12 months. Is New 90 Day High Low • Jan 19
New 90-day high: HK$54.70 The company is up 36% from its price of HK$40.35 on 22 October 2020. The Hong Kong market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$45.83 per share. Is New 90 Day High Low • Dec 30
New 90-day high: HK$51.95 The company is up 44% from its price of HK$36.00 on 30 September 2020. The Hong Kong market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$45.60 per share. Recent Insider Transactions • Dec 19
Founder recently sold HK$41m worth of stock On the 16th of December, Ning Li sold around 849k shares on-market at roughly HK$47.71 per share. In the last 3 months, they made an even bigger sale worth HK$162m. Ning has been a seller over the last 12 months, reducing personal holdings by HK$273m. Is New 90 Day High Low • Dec 16
New 90-day high: HK$48.25 The company is up 39% from its price of HK$34.75 on 17 September 2020. The Hong Kong market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$42.95 per share. Is New 90 Day High Low • Nov 06
New 90-day high: HK$43.20 The company is up 59% from its price of HK$27.25 on 07 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$34.63 per share. Is New 90 Day High Low • Oct 05
New 90-day high: HK$38.75 The company is up 43% from its price of HK$27.15 on 07 July 2020. The Hong Kong market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$35.28 per share. Recent Insider Transactions • Sep 19
Independent Non Executive Director recently sold HK$2.4m worth of stock On the 17th of September, Chung Bun Chan sold around 70k shares on-market at roughly HK$34.75 per share. In the last 3 months, there was an even bigger sale from another insider worth HK$6.9m. Insiders have been net sellers, collectively disposing of HK$27m more than they bought in the last 12 months. 
