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

HONG KONG, Oct 12 (Reuters) - China's best-known local sportswear group, Li Ning Co Ltd , said its chief financial officer has resigned, the latest deparure from senior management as the company grapples with a slowdown in the world'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 will step down from Nov. 1, but will remain an adviser to the company.

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

Li Ning, which competes with the local Anta Sports brand

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

For the statement please click

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

Li Ning, like many local sportswear groups, is cutting back on new store openings after an expansion blitz that followed the 2008 Beijing Olympics.

(Reporting by Donny Kwok; Editing by Eric Meijer)

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