The study is related to Li Ning which is an investment holding company. Through its subsidiaries, company is engaged in the brand development, research and development, design, manufacture, sale and distribution of sports footwear, apparel, equipment and accessories sold mainly in the People's Republic of China. The major brand names of the licensed products include “Li-Ning”, “Double Happiness” and “Lotto”. Other brands include “Kaison” and “Z-DO”. Li Ning is also engaged in manufacture, markets, distributes and sells outdoor sports products which bear the French brand “AIGLE” through its jointly controlled entity.