The Trojan Horse Bleeding Li-Ning Dry:The Sunlight is Clonin

To the investors of Li-Ning (HK: 2331): Watch your wallets. While you stare at the glossy figures in the annual reports, a meticulously orchestrated "mutiny" is unfolding in the overseas market. This isn't just competition; this is blatant asset stripping and parasitic predation.

The Trigger: The 2021 Leadership Shake-up

It all started with the 2021 leadership change at Li-Ning Badminton. The new General Manager disrupted the old power structure. Sunlight Group, Li-Ning’s largest overseas distributor, lost the "extra perks" and under-the-table benefits they enjoyed under the old regime. Instead of adapting, they decided to stop being Li-Ning’s subject and start being its gravedigger.

Crime #1: The 1:1 Supply Chain Clone

Sunlight registered a new brand in Singapore called Hundred. Make no mistake: this is not a new brand; this is Li-Ning with a different sticker!

Tech Theft: Using their insider access, Sunlight infiltrated Li-Ning’s OEM factories. With the sole exception of footwear (protected by Li-Ning's self-owned factories), every racket design, frame mold, and material technology has been copied 1:1. The R&D funded by investors is being stolen at zero cost.

Crime #2: Channel Hijacking and The Email Scandal

This is the most egregious act of corporate espionage. Sunlight is using its status as a Li-Ning agent to hand over Li-Ning’s territory to Hundred on a silver platter.

The Domain Scandal: In Europe, sales reps are brazenly using official @lining.dk email domains to sign up dealers for Hundred! They are biting the hand that feeds them, telling retailers: "Hundred will replace Li-Ning within a few years."

Crime #3: Poaching Players, Cannibalizing Sales

Players originally slated to sign with Li-Ning are being intercepted by Sunlight using insider information and signed to Hundred instead. This "bait and switch" is causing a rapid hemorrhage of Li-Ning's market share in Malaysia, New Zealand, Germany, and the UK.

Commentary: Is Li-Ning Management Asleep at the Wheel?

This is not a simple distributor dispute; this is a systemic collapse of Li-Ning’s globalization strategy. Sunlight is feeding the beast called "Hundred" with Li-Ning’s blood (supply chain), Li-Ning’s flesh (channel resources), and Li-Ning’s bone (brand reputation).

Investors must ask Li-Ning management: Are you unaware, or are you incompetent? If Sunlight is allowed to continue using @lining.dk to promote a rival, Li-Ning’s overseas market will be nothing but a hollow shell within three years!