Crossing the Jordan: NBA legend sues Chinese sports brand
A collection of Michael Jordan sporting memorabilia on show in Shanghai in 2011. (File photo/Xinhua)
The former Chicago Bulls and Washington Wizards player visiting Hong Kong in May 2004. (Photo/Xinhua)
Basketball legend Michael Jordan on Thursday filed a lawsuit in China against a Chinese sportswear and footwear manufacturer for unauthorized use of his name and brand, reports the website of the Guangzhou-based 21st Century Business Herald.
Jordan said in a statement that Qiaodan Sports had built its business using the Chinese version of his name as well as his jersey number without his permission. The former NBA player is known as "Qiaodan" in China, a transliteration of "Jordan."
"It is deeply disappointing to see a company build a business off my Chinese name without my permission, use the number 23 and even attempt to use the names of my children," Jordan said in a statement, which was quoted by the newspaper.
"This complaint is not about money. It's about principle and protecting my name," said the 49-year-old, considered by many the greatest basketball player of all time.
Jordan stated that any compensation gained from the lawsuit would be used to promote basketball in China. It did not specify what amount of compensation he is seeking from the company.
Qiaodan Sports was found by Ding Laosui and his son Ding Guoxiong in southeast China's Fujian province in 1984. It has 5,374 stores and mainly produces low-priced sneakers which have enjoyed great popularity in the country's rural areas. According to the company's financial report from 2011, its sales reached 2.91 billion yuan (US$461 million) and it planned to go public at the end of last year.
The company stated in its prospectus that Jordan is a common first name in the west and that its brand name was not related to the Chicago Bulls legend in any way. This explanation has convinced no one, however, particularly as the company also registered the names "Jiefuli Qiaodan" and "Makusi Qiaodan," the Chinese pronunciation of the names of Jordan's two sons, Jeffrey and Marcus.
A spokesman for Qiaodan Sports said he had not received any details of the case and could not comment on it.
Index caps sixth week of gains as stocks rally
SHANGHAI stocks rose yesterday on improving liquidity and speculations on easing property market curbs.
The Shanghai Composite Index jumped 1.25 percent to 2,439.63, the highest close since November 17. The index gained 3.5 percent this week, a sixth week of gains - the longest weekly winning streak since November 2010.
The reserve requirement ratio for large commercial banks now stands at 20.5 percent, as the People's Bank of China executed a cut in the ratio by 0.5 percentage point yesterday, pumping 400 billion yuan (US$ 63.5 billion) into the financial system.
"The central bank added 2 billion yuan into the system this week through its open-market operations," said Zhou Yan, a financial analyst at the Bank of Communications.
The seven-day repurchase rate, a gauge of liquidity available in the financial system, tumbled yesterday, indicating an easing of the cash crunch.
Qilu Securities also said: "The government's relaxing measures have a more direct impact on the property market than the central bank's liquidity boost."
Orient Securities agreed that the shares of property developers will continue to rally on more relaxation of housing curbs in 2012.
Poly Real Estate Group, China's second-biggest listed developer, surged 3.54 percent to 11.7 yuan.
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