China's Li Ning says chief financial officer to step down


HONG KONG, Oct 12 (Reuters) - China's best-known localsportswear group, Li Ning Co Ltd , said its chieffinancial officer has resigned, the latest deparure from seniormanagement as the company grapples with a slowdown in theworld's second-largest economy.

Li Ning, backed by Singapore sovereign fund GIC and U.S.private equity fund TPG Capital, said CFO Chong Yik Kay willstep down from Nov. 1, but will remain an adviser to thecompany.

The news comes three months after the company, whose shareprice has dropped by more than half since March, named Olympicgymnast Li Ning and TPG managing director Kim Jin-Goon to leadthe company after then-CEO Zhang Zhiyong quit.

Li Ning, which competes with the local Anta Sports brand

as well as Adidas and , is intalks with potential candidates to fill the post, it said in astatement to the Hong Kong stock exchange.

For the statement please click

In August, Li Ning posted an 85 percent slide in first-halfnet profit as unsold inventories piled up. Marketing costs roseand it warned full-year revenue would fall, and said it may posta loss.

Li Ning, like many local sportswear groups, is cutting backon new store openings after an expansion blitz that followed the2008 Beijing Olympics.

(Reporting by Donny Kwok; Editing by Eric Meijer)

((donny.kwok@thomsonreuters.com)(+852 2843 6470)(ReutersMessaging: donny.kwok.reuters.com@reuters.net))