Morgan Stanley said it noticed that Li Ning's stock price on Wednesday was negatively affected by the incident where Haidilao's major shareholders reduced their holdings, but Extraordinary Leadership continued to increase Li Ning's shares rather than sell them after the new trust regulations, and therefore believes that the market has misinterpreted the dynamic changes. Morgan Stanley analyst Dustin Wei and others pointed out in the report that China's offshore trust tax rules were updated as early as July 24 this year. If the founder's need for liquidity is the problem, then it seems counterintuitive for Viva to use the group's cash and borrowing power to buy more Li Ning shares. The company's fundamentals were dragged down by changeable weather in July, but it is expected to improve month-on-month in August. It is expected that the company's profit margin in 2026 may be better than market concerns.

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