Steph Curry signs with Li-Ning in landmark moment for Chinese sportswear

Stephen Curry has signed a long-term partnership with Li-Ning, ending a period of free agency that began when the Golden State Warriors star parted ways with Under Armour after more than a decade. ESPN, citing industry sources, reported the deal runs for ten years, covering basketball products, athleisure lifestyle wear, a full golf line, and the right for Curry to sign male and female athletes under his Curry Brand umbrella. Plans for Curry Brand retail stores in both the US and China were confirmed in a statement on Curry’s brand collective site, Thirty Ink. Financial terms were not disclosed. The signing is being treated as something considerably more than a standard endorsement. Li-Ning — founded in 1990 by Chinese gymnast and Olympic gold medalist Li Ning (李宁) — derived more than 98% of last year’s revenue from its home market, according to CNN. The brand operates over 7,000 retail points across Asia, per BBC reporting, but has limited presence in the US. Curry, who has made seven trips to China and drawn enormous crowds each time, already commands a loyal following there. The partnership aims to deepen that domestic connection while building meaningful recognition in North America. Sportswear marketing consultant Wei Kan told the BBC that the arrangement goes further than placing a famous face on existing products. By taking on Curry’s entire branded line — basketball, golf, and lifestyle categories — Li-Ning is making a structural commitment that Kan described as setting a real marker for the industry. Jing Take: A chorus of approval in China — with caveats Chinese financial and trade media greeted the announcement in the language of geopolitical competition. Coverage on Sina Finance and outlets aggregated by NetEase’s 163.com described the deal as a “globalization key battle” — evidence that Chinese sportswear brands can now sign the same caliber of NBA talent that once went exclusively to Nike and Adidas. Several outlets noted that Curry had trialed products from multiple brands during his free agency before choosing Li-Ning, reading his decision as validation of the brand’s professional performance credentials. Markets were more cautious. Li-Ning’s share price jumped more than 4% intraday to HK$19.74 ($2.52) on the announcement before reversing to close down 0.79% at HK$18.75 ($2.39), giving the company a market capitalization of roughly HK$48.46 billion ($6.18 billion), according to the 163.com-aggregated report citing Sina Finance. Chinese financial commentary drew a pointed lesson from the reversal: star signings generate attention, but only sustained earnings growth builds lasting market value. Both ‘Splash Brothers’ now flying Chinese colors The Curry deal lands in the middle of a broader recruitment drive by Chinese sportswear brands for NBA talent. Li-Ning already counts Jimmy Butler and Hall of Famer Dwyane Wade among its athlete roster. Rival Anta — China’s largest sportswear conglomerate — signed Curry’s longtime Warriors teammate Klay Thompson to a lifetime deal earlier this year, after acquiring stakes in brands from Arc’teryx and Salomon to Puma, and opening its first North American flagship in Beverly Hills. With Curry now at Li-Ning, both members of the celebrated “Splash Brothers” backcourt wear Chinese brands — a detail that domestic media noted with some satisfaction. The signing represents a landmark victory for Li-Ning, proof that Chinese sportswear can compete with global giants for the sport’s most commercially valuable athletes. The harder question What the signing alone cannot resolve is a strategic tension Jing Daily has previously examined. As our reporting on Li-Ning’s 2025 annual results noted, the brand already spans six core categories — running, basketball, training, badminton, table tennis, and sports casual — with outdoor, tennis, and pickleball now in active development. Running is the standout: it accounts for 31% of omnichannel retail sell-through, its highest recorded share, built over nearly a decade of sustained investment. Badminton has earned genuine specialist credibility by a similar route. Basketball, by contrast, has heritage but lacks the sharp contemporary identity that running now enjoys. Curry gives that category a clear, credible face. Whether Li-Ning can turn this moment into the kind of durable cultural resonance that Nike built through its Jordan partnership — the comparison that Chinese commentary itself reached for — is the question the next several years will answer. As one Chinese financial commentator put it, the real test is not how many Curry shoes the brand sells. It is whether Li-Ning can use his global influence to complete the journey from Chinese sportswear company to genuine worldwide one. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

Steph Curry signs with Li-Ning in landmark moment for Chinese sportswear

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Steph Curry signs with Li-Ning in landmark moment for Chinese sportswear

How Bottega Veneta weaved China’s forever it bag