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27th May 2020, Hong Kong

Li & Fung delists, sets course for long-term transformation

© Dreamstime.

© Dreamstime.

Li & Fung Limited will delist from the Hong Kong Stock Exchange (HKEX) today, which marks the successful completion of its privatization process.

As a privately held company, Li & Fung is owned and managed by the Fung Family and Singapore headquartered GLP Pte Ltd. (GLP), a leading global logistics warehouse operator and investor. The Fung family will remain as the controlling shareholder of Li & Fung with 60% of the voting shares. GLP will have 40% of the voting shares and 100% of the non-voting shares, resulting in an effective economic ownership of 67.67% of Li & Fung.

William Fung, Group Chairman of Li & Fung, commented: “Having arrived at this important milestone, I would like to convey our deepest gratitude to all shareholders who have supported Li & Fung during the last 28 years as a publicly-listed company in Hong Kong. We move forward with the next chapter of our transformation as a private business while maintaining our commitment to our staff, customers, suppliers, business partners, and the community of Hong Kong, who have together served as the foundation of Li & Fung for the past 114 years.”

Spencer Fung, Group Chief Executive Officer of Li & Fung, said: “Today marks the start of a new journey for Li & Fung as we focus on achieving a fundamental transformation of our business. While there will be challenges to manage, Li & Fung will benefit greatly from our partnership with GLP. Our commitment to our retail and supply-chain partners remains as strong as ever. Whether through our 50-country strong sourcing and production platform, industry leading digital product development or pan-Asian Logistics network, we continue to work closely with our partners to meet ever-changing consumer demands in a complex global environment.”

Ming Mei, Co-Founder and Chief Executive Officer of GLP, added: “GLP and Li & Fung have a shared vision to create the digital supply chain of the future. I am confident that with its commitment to long-term transformation, Li & Fung will build upon its position as the global retail supply chain leader. I also look forward to exploring the areas where we can deepen our partnership and develop shared opportunities between logistics networks and technology innovation for our customers.”

Li & Fung, the Hong Kong-headquartered multinational group, is the world’s leading supply chain solutions partner. It specializes in responsibly managing supply chains of high-volume, time-sensitive goods for leading retailers and brands worldwide, with over 230 offices across key production markets globally.

GLP is a leading global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies, which operates across Brazil, China, Europe, India, Japan, and the US and has US$89 billion in assets under management in real estate and private equity funds.

www.lifung.com

www.glprop.com

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