In 2019 LF Logistics postponed the previously proposed spin-off initial public offering with Temasek Holdings of Singapore investing US$300 million for a 21.7% stake in LF Logistics. Li & Fung will hold the remaining 78.3%. This deal values LF Logistics at US$1.38 billion, the market cap of Li & Fung at the point of the deal was approximately US$1.25 billion, leading to the understanding that Li & Fung core sourcing business has a negative valuation. Record store closures and customer bankruptcies led to another 20% decrease in core operation profit.