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Aug.11
4:53 AM ET
Monday, 11 Aug 2008
Li Ning Co. Rides Opening Ceremony
Posted By:Darren Rovell
Topics:Stock Market | Hong Kong | China | Olympics | Media | Marketing | Advertising | Sports
Sectors:Media
With a very minimal involvement in these games, Li Ning Co. has all of a sudden come away as a big winner, thanks to their namesake and chairman lighting the torch in Friday's Opening Ceremony.
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About 4.4 million Li Ning shares usually trade every day. But on Friday, 9.4 million shares traded. Monday, another 9.8 million shares were traded.
Reuters is reporting that Li Ning, as of last month, owned 266.8 million shares. With each share up 15 cents over two days, that's an "Opening Ceremony gain" of $40 million.
Video: The Chinese Olympic gymnast Li Ning's boost.
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