Li & Fung Limited is a Bermuda-incorporated, Hong Kong-based supply chain manager that. In 2020, it was reportedly struggling to turn its century-old business around for years.
On 13 February 2017, it was removed from the blue chip index: Hang Seng Index and replaced by Geely Auto. Between 2011 and 2020, it lost 95% of its market value with its turnover almost halving. The company was privatized in 2020.
In 2020 the Fung family privatized the company with a 94 percent stock price loss from its best performance back in 2011. A massive restructuring took place after the privatization that reportedly reduced 70% of staff globally leading to employee protests at the entrance of the Hong Kong office and claims of unlawful dismissals in the Bangladesh office. The company has also been accused of not paying suppliers together with a long list of retailers.
A few days prior to Li & Fung's use of a coupon step-up that was announced on August 12, 2020, Li & Fung announced a USD 100M investment from JD.com