FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260625E00483 
1. Date of relevant event: 22/06/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 24/06/2026
(dd/mm/yyyy)
3. Stock code: 02331
4. Name of listed corporation: Li Ning Co. Ltd. 
5. Class of shares: Ordinary Shares 
6. Number of issued shares in class: 2,584,813,753
7. Name of substantial shareholder: JPMorgan Chase & Co. 
8. Registered office: 270 Park Avenue, New York, New York, NY, 10017, United States
9. Principal place of business in Hong Kong: N/A 
15. Exchange on which listed: New York Stock Exchange
16. Name of listed parent and exchange on which parent is listed: N/A 
17. Details of relevant event:
  Brief description of relevant event Capacity in which shares were/are held Number of shares bought/sold or involved Currency of transaction On Exchange Off Exchange
Before relevant event After relevant event Highest price (per share) Average price (per share) Average consideration (per share) Nature of consideration
Long position
1104The percentage level of your interest in the shares has increased because:
you acquired a security interest in the shares
2201Interest of corporation controlled by you
2201Interest of corporation controlled by you
 5,944,105 HKD 16.1200 15.7868 15.8527
3101Cash
Short position 
 
 
 		            
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position203,026,9347.85
Short position44,287,6971.71
Lending Pool148,087,5785.72
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position208,971,0398.08
Short position44,484,6451.72
Lending Pool148,293,5285.73
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2101Beneficial owner
Long position47,254,286
Short position44,448,433
2102Investment manager
Long position2,435,750
Short position36,212
2106Person having a security interest in shares
Long position10,985,150
Short position0
2301Trustee
Long position2,325
Short position0
2502Approved lending agent
Long position148,293,528
Short position0

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position2,912,000
Short position1,168,000
4102Listed derivatives - Cash settled
Long position0
Short position74,500
4105Unlisted derivatives - Physically settled
Long position3,124,887
Short position11,589,638
4106Unlisted derivatives - Cash settled
Long position18,659,238
Short position7,930,391
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
JPMorgan Asset Management (China) Company Limited42F&43F 479 Lujiazui Ring Road China (Shanghai) Pilot Free Trade Zone Shanghai 200120 ChinaJPMorgan Asset Management Holdings Inc.100.00Y
Long position27,500
Short position0
JPMorgan Asset Management (Taiwan) Limited20F & 21, No.1 Song Zhi Rd, Xin Yi District, Taipei City, Taiwan. Taipei 110 Taiwan (Province of China)JPMorgan Asset Management (Asia) Inc.100.00Y
Long position26,500
Short position0
55I, LLCOne Liberty Square Suite 200 Boston MA 02109 United States55 Institutional Partners, LLC100.00Y
Long position95
Short position0
J.P. Morgan SETaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 GermanyJ.P. Morgan International Finance Limited100.00Y
Long position131,000
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00Y
Long position8,827,298
Short position3,934,147
JPMORGAN ASSET MANAGEMENT (UK) LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED100.00Y
Long position338,772
Short position29,504
Almea 2 Segregated Portfolio Company270 Park Avenue New York NY 10017 United StatesJ.P. MORGAN MARKETS LIMITED100.00Y
Long position1,150
Short position0
J.P. Morgan Investment Management Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position1,474,034
Short position5,859
J.P. Morgan Prime Inc.270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Securities LLC100.00Y
Long position359,000
Short position359,000
JPMorgan Asset Management (Singapore) Limited88 Market Street 30-00 CapitaSpring Singapore 048948 SingaporeJPMorgan Asset Management (Asia) Inc.100.00Y
Long position128
Short position128
J.P. Morgan Trust Company of Delaware500 Stanton Christiana Road Newark DE 19713-2107 United StatesJPMorgan Chase Holdings LLC100.00Y
Long position2,325
Short position0
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00Y
Long position148,857,028
Short position0
J.P. Morgan Alternative Asset Management, Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position4,500
Short position0
JPMorgan Asset Management (Asia Pacific) Limited19 & 20/F, Chater House 8 Connaught Road Central Hong Kong Hong KongJPMorgan Asset Management (Asia) Inc.100.00Y
Long position721
Short position721
J.P. MORGAN SECURITIES PLC25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN CAPITAL HOLDINGS LIMITED100.00Y
Long position48,920,988
Short position40,155,286
JPMorgan Asset Management Holdings Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Holdings LLC100.00N
Long position1,872,250
Short position36,212
JPMorgan Chase Holdings LLC270 Park Avenue New York NY 10017 United StatesJPMorgan Chase & Co.100.00N
Long position11,062,023
Short position4,329,359
JPMorgan Asset Management (Asia) Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position27,349
Short position849
55 Institutional Partners, LLCOne Liberty Square Suite 200 Boston MA 02109 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position95
Short position0
J.P. Morgan International Finance Limited270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Bank, National Association100.00N
Long position49,051,988
Short position40,155,286
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00N
Long position49,051,988
Short position40,155,286
J.P. MORGAN FINANCIAL INVESTMENTS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJPMorgan Chase Holdings LLC100.00N
Long position1,150
Short position0
J.P. Morgan Broker-Dealer Holdings Inc.4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United StatesJPMorgan Chase Holdings LLC100.00N
Long position9,186,298
Short position4,293,147
JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMorgan Asset Management Holdings Inc.100.00N
Long position338,772
Short position29,504
J.P. MORGAN MARKETS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN FINANCIAL INVESTMENTS LIMITED100.00N
Long position1,150
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00N
Long position359,000
Short position359,000
J.P. MORGAN CAPITAL HOLDINGS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. Morgan International Finance Limited100.00N
Long position48,920,988
Short position40,155,286

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
N.AAddresses of individuals are not displayed.
5101Trustee of a trust
Long position2,325
Short position0
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber of shares
 
Total number of shares in which a substantial shareholder is interested under sections 317 and 318
26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information:
28. Log/Serial Number of the previous form:
29. Number of concert party document(s) under section 317 attached/uploaded:
Date of filing this Form 2: 25/06/2026
(dd/mm/yyyy)