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CHINA

Sweden signs up Chinese sportswear firm for 2008 Olympics

China's top sportswear firm, Li Ning, will outfit Swedish athletes competing at the 2008 Beijing Olympics under a landmark deal signed in Beijing on Wednesday.

Third behind Nike and Adidas in the Chinese market, Beijing-based Li Ning is relatively unknown outside the country.

But the head of the Swedish Olympic Committee, Stefan Lindberg, told a press conference here that Sweden had tied up with the firm set up by former Olympic champion Li Ning because it had earned a reputation for quality and trust.

Li Ning last year signed up the Spanish men’s and women’s basketball teams for the 2008 Games, while it has also clinched deals to outfit China’s Olympic table tennis, gymnastics, diving and shooting teams in Beijing.

However, the new deal makes Sweden the first foreign Olympic delegation outfitted by a Chinese firm for the Olympics.

Li Ning chief executive Zhang Zhiyong said the deal would benefit the company’s international marketing drive.

“We have gone global,” said Zhang. “Li Ning has entered a new phase as we strive to be world number one.”

No financial details of the partnership were disclosed, but Swedish sources said the terms were more favourable than its Athens Olympic deal with domestic outfitter Stadium.

Under the deal, Li Ning will supply clothes and footwear for training and medal ceremonies, but not for competition during the 2008 Games. The apparel will demonstrate “our international standards and professional capability,” said Zhang.

CHINA

Sweden’s Volvo Cars may merge with Chinese owner Geely

Sweden's Volvo Cars and its Chinese owner Geely announced on Monday that they are considering merging into a single group in order to share resources, but would preserve their separate brands.

Sweden's Volvo Cars may merge with Chinese owner Geely
File photo of a Volvo test-drive. Photo: Christine Olsson / TT

The merged firm “would have the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry,” they said in a statement.

“The combination would preserve the distinct identity of each of the brands Volvo, Geely, Lynk & Co and Polestar,” they added.

Geely bought Volvo in 2010 from Ford which hadn't been able to turn around the Swedish automaker. But under the Chinese firm Volvo has rebounded and smashed its sales records.

Volvo sold more than 705,000 vehicles in 2019, besting the record it set in 2018 by 10 percent, and the automaker expects continued growth this year.

The statement said the firms would create a joint working group to prepare a proposal for the boards of both firms.

“A combined company would have access to the global capital market through Hong Kong and with the intention to subsequently list in Stockholm as well,” it added.

Volvo put off a share listing in 2018 due to tensions in global markets.

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