What happened: Stephen Curry has agreed to a shoe-and-apparel deal with Chinese sportswear company Li-Ning worth more than $400 million, sources told ESPN. The agreement moves Curry's signature brand to Li-Ning following his split from Under Armour. It ranks among the largest endorsement contracts ever signed by an active NBA player.

Why it matters: The deal reshapes the global sneaker market by handing Li-Ning a marquee Western superstar to anchor its international push. For Curry, whose previous signature line lived under Under Armour, the partnership keeps the Curry Brand alive while pivoting its manufacturing and marketing toward Asia. It is a rare instance of a top American athlete aligning with a Chinese brand over a domestic giant.

What to watch: Watch for an official announcement from Curry and Li-Ning confirming the terms, plus details on the first co-branded product line and its release timeline.