Quick Note - Li Ning (2331 HK) (Neutral) - ‘Curry’ deal to likely uplift Li Ning's brand recognition

Research evidence excerpt

Quick Note - Li Ning (2331 HK) (Neutral) - ‘Curry’ deal to likely uplift Li Ning's brand recognition

Global Markets Research

Li Ning 2331.HK 2331 HK 2 June 2026

EQUITY: CONSUMER RELATED

Rating‘Curry’ deal to likely uplift Li Ning's brand recognition Remains Neutral

Target price HKD 23.40 RemainsQuick Note

Closing price HKD 18.90 1 June 2026One milestone signing for Li Ning: Stephen Curry

Li Ning announced (2 June) that it has signed an agreement with Stephen Curry, the

legendary NBA basketball player, to work together (under Stephen Curry's "Curry Brand")

and explore business opportunities in the fields of basketball, golf and sports leisure ( Research Analysts

newsreport). While there have been limited official details about the agreement, it has China Consumer Related

been reported that the contract with Stephen Curry will last for ten years. Meanwhile, we Jizhou Dong, CFA - NIHK

expect the Curry deal may cover various aspects and might include fixed compensation to jizhou.dong@nomura.com

Curry, sales/profit sharing with Curry, as well as share-based or option-based +852 2252 1554

compensation. In our view, Stephen Curry will also have meaningful power in running the Summer Qian - NIHK

collaboration between Li Ning and the Curry Brand. summer.qian@nomura.com

+852 2252 6220

According to our industry channel checks, Li Ning has secured the Curry brand contract,

outperforming its competitors including Nike (NKE US, Not rated) and ANTA (2020 HK,

Buy). We believe it is one milestone contract for Li Ning, and should help uplift Li Ning's

brand recognition globally (especially in the US market), considering Curry's position as

one of the most influential basketball players globally over the past twenty years. The