** Shares of China's home grown sportswear group Li Ning Co Ltd jump 7.9% to HK$21.90, highest since March 14, and on course for the second session of gains
** Stock marks the biggest one-day pct rise since March 12; biggest pct gainer Hang Seng Index , Hang Seng Commerce & Industry Index and Hang Seng China Enterprises Index
** Li Ning says its 2023 revenue up 7% YoY to 27.6 bln yuan ($3.8 bln) while net profit down 21.5% YoY to 3.2 bln yuan; proposes final dividend of 0.1854 yuan per share
** Citi, with a "buy" rating on Li Ning, says fall in co's 2023 net profit is in line with forecast
** "We saw stabilizing inventory conditions, better than expected on-line retail sales in 4Q23, in-line full year 2023 earnings, significant amortizations in 2H23 and increased dividend & buybacks" - Jefferies
** Stock of bigger rival ANTA Sports rises 2.8%
** Li Ning shares up 2.9% YTD
($1 = 7.1991 Chinese yuan renminbi)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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