Zhang admitted that even though Li Ning has taken a substantial market share in China, its brand equity still lags far behind global giants, which has only motivated Li Ning to go global.

"Adidas has a history of more than 100 years, and Nike, since its rise in the 1960s, has 40 years. But our company is only 20 years old and we need more time," Zhang said.

Zhang also said the company looked to establish its overseas presence through acquisitions and product development. But he did not give any time schedule on future acquisition activities.

In the domestic market, the middle- and high-end sportswear market is carved up by Li Ning, Nike and Adidas. But more noticeably, a number of homegrown sportswear companies are catching up with their forerunner.

Anta, QiaoDan, XTEP, Peak and 361° have also become household footwear brands in the domestic market. They are gearing up to establish brands in overseas markets instead of merely making shoes under a foreign label.

"Domestic sportswear brands are paying close attention to Li Ning's moves," said the boss of a shoemaking company in south China's Guangdong Province, as it quoted anonymously by Southern Weekend, a Guangzhou-based newspaper. "Li Ning is for sure the No. 1 brand in China, but is also sandwiched between high-end and low-end brands. The problems Li Ning is enduring and the journey it embarks on will be unavoidable for all of us in the future."

Li Ning Milestones

In 1984, 21-year-old Li Ning won three gold medals, two silver medals and a bronze medal in gymnastics at the 1984 Summer Olympics in Los Angeles, California, earning him the title "Prince of Gymnastics."

In 1988, Li Ning retired from sports competition.

In 1990, he founded Li Ning Co. Ltd., which made and sold sportswear.

In 2002, the sales revenue of Li Ning Co. Ltd surpassed 1 billion yuan ($146 million) for the first time.

In 2004, the company was listed on the Hong Kong stock market, raising HK$440 million ($56.6 million) in its initial public offering.

In 2005, Li Ning entered into an agreement with the NBA as the basketball association's official marketing partner in China.

In 2008, Li Ning set up a "global innovation center" in Portland, the United States. Li Ning himself lit the 2008 Summer Olympic flame in the opening ceremony on August 8 in Beijing.

In 2009, Li Ning opened its first overseas flagship store in Singapore.

In 2010, the company opened its first American-based store in Portland, and launched an American website www.li-ningusa.com in February.