JP Morgan has lowered Li Ning's profit projections for 2023-2025 by 7% to 20% and downgraded its rating to "sell." JP Morgan anticipates a decline in profits and price fluctuations before the release of the March earnings report. According to publicly available information, Li Ning's stock has fallen by 72 percent from its early 2023 price of 65.222 HKD ($8.36) per share, resulting in a market value loss of 120 billion HKD ($15.36 billion), making it one of the worst-performing components in the Hang Seng Index last year.