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the cost of sales 3.5%-4%. in 2006 the turnover of 3.18 billion yuan, and total advertising expenses calculation of 16.4%, Li Ning, 2006 marketing and advertising expenses of about 520 million dollars.Conway and 2006 sales of more than 1 billion yuan in advertising, only tens of millions of dollars, total turnover is less than 5%.Successfully thaw Fund Li-Ning the leapAlthough Li Ning in development, like Conway and no oakley sunglasses hijinx price  shortage of money, but to improve the company's ability to manage and easier to list in Hong Kong, he used a different strategy: in January 2003, the Singapore Government investment company SGIC and the China International Capital Corporation by CDHChinaFund into the Li Ning company, and the Board, owns 4.6% shares of 19.9% and Li Ning, respectively.Li-Ning through the introduction of two strategic partners into the company, the most important is the introduction of the two companies ' advanced management concepts to oakley sunglasses antix lenses cheap our company. This double whammy multibillion, effectively solve the management problems in

the development of the company, which is often unexpected or not capable of many other private enterprises.In June 2004, Li-Ning's successful listing on the main Board of Hong Kong raised HK $ 430 million, determined by its 15-19 times earnings, like casual apparel in Hong Kong-listed Giordano 17.6 times times the company is similar to above 14.5 times times the brand Adidas and Reebok International of 12.9 times. Also developed more than 10 years of business, also has plenty of its own money, Li Ning, but choose not to keep exploring, but actively financing, poured money into the promotion, resulting in explosive growth. This not only makes it the first domestic IPO of sports goods enterprises and in front of the market in 2004, has exceeded the number of more than 2000 stores nationwide, the figures are even higher than today's Conway. At present, Li Ning has more than 4,000 chain stores nationwide, is more than twice times Conway.Conway, a painful experienceAs international sporting brands entering the Chinese market,

as well as the Hong Kong-listed over a jump, Li Ning has been completely clear of Conway and other competitors, is considered the only way to compete with the international giants such as Adidas, and Nike with length of Chinese sporting goods brands.United States SGI to research institutions (sporting goods intelligence) according to 93 global sporting goods industry market value of listed companies scheduled seating, Li Ning, among the similar enterprises in the world top five for the first time, ranked by market capitalisation in the Nike, adidas, Puma, and aishike private after four major international brands.Regardless of whether they be reconciled with the status quo, Conway admits Li Ning and Conway have facts that are not on the same level.From the perspective of market position, Conway is in the first tier (such as Adidas, Nike, Li Ning) with the second Echelon (ANTA, 361 ° and so on). In other words, Li Ning has been locked as his rivals Adidas and Nike, and Conway's rivals are Li Ning and ANTA.However, despite losing the