Li Ning, Xiaomi team up

China's Li Ning Co is teaming up with Chinese smartphone maker Xiaomi to produce a new generation of "smart" running shoes in 2015, in the sports brand's latest effort to revive its waning fortunes.

Li Ning, backed by private equity powerhouse TPG Capital and Singapore wealth fund GIC, warned in January that it expects to post its third consecutive full-year loss, as it grapples with restructuring, high inventories and slowing demand after the 2008 Olympic Games in Beijing.

Li Ning said its partnership with Huami Technology, the fitness wearable company behind the Mi band and part of the Xiaomi ecosystem, is the first collaboration between sports and "smart" technology in China.

"Smart" chips are to be placed in the soles of Li Ning running shoes. The "smart" running shoes will be connected to a Xiaomi mobile app, allowing runners to keep track of their progress and results, analyze their form, and monitor their achievements.