Last year, Zheng signed a lucrative endorsement deal with ANTA, a sportswear company in China with ambitions to break out overseas.

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In the wake of the 2008 Olympics, these brands saw a surge in sales, with revenue at Li Ning and rival Anta, which sells Fila clothes and shoes, rising over 50%.

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Li Ning has been facing a number of headwinds that includes growing competition from domestic rivals, such as Anta and Peak, as well as shrinking profit margins.

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