By Chuin-Wei Yap 

BEIJING-- Li Na, Asia's biggest tennis star, said Friday she is retiring from the sport, capping a career in which she became the first Asian woman to win a Grand Slam, as well as an iconoclastic personality that made her one of China's most marketable sports stars.

The 32-year-old said in statements via her verified Chinese social-media microblog and Facebook that four surgeries on her knees to heal pain and swelling had taken their toll, including the most recent in July on her left knee. "My chronic injuries will never again let me be the tennis player that I can be," she wrote.

Li had been scheduled to play in the Wuhan Open, which kicks off Friday in the city where she was raised, and which had secured its place on the professional women's tennis circuit largely because of her clout.

Li's career has been a matter of intense interest in the tennis world for months. The two-time Grand Slam champion, who earlier this year reached her career-high ranking of world No. 2, said in July that she would pull out of a series of tournaments, including the U.S. Open, due to a knee injury.

Injuries are common in tennis, and players often pull out of matches. However, scrutiny intensified after an on-air remark by a U.S.-based sports analyst during the U.S. Open on Aug. 31 suggested Li would be retiring after the China Open tournament scheduled for October in Beijing. Li's agent, Max Eisenbud, said days later that the Chinese star wasn't retiring.

The longevity of Li's career continued to engross the Chinese on social media. On Thursday, state broadcaster China Central Television issued a post on its microblog about Li's impending plans.

In her statement Friday, Li said she hoped to spend more time with her family. Some bloggers in China wondered whether she was preparing to become a mother. Li didn't directly address this in Friday's statement.

Li had big stakes on the table. Come January, she would have been defending her Australian Open title, after a string of tournaments in the tennis circuit's Asian leg in Beijing and Singapore.

Li didn't address how or whether she plans to retain a role in China's $4 billion tennis market, much of which had been built around her star power. Local television broadcasts of major tennis tournaments are incomplete without big chunks of commercials featuring Li. Her image powers sales of local brands of milk and mineral water.

Tennis analysts say there is a roster of younger Chinese women, including Peng Shuai and Zhang Shuai, who are likely to vie for her mantle. But they say newer players still lack the personal charm and English-language ability that has turned Li into a marketing powerhouse.

"It's sad--she's been a game changer for China's tennis. The country doesn't have that many A-level celebrity sports stars," said Terry Rhoads, managing director of Shanghai-based sports branding agency Zou Marketing. "I've known her since she was 12. She's absolutely surpassed everyone's fantasies in terms of what she's done."

In the year to June, Forbes ranked Li the second-highest-paid female tennis player behind Maria Sharapova--fifth-highest overall, if counting the men's tour--raking in $23.6 million, three-quarters of which come from endorsements. Her sponsors include Rolex, Crown Casino, Visa, Mercedes-Benz, Nike and Haagen-Dazs. It's still unclear how Li's retirement will affect those endorsements. The companies declined to comment or weren't immediately available for comment Friday.

Li is an icon in China also because she, along with three other top female players, battled China's tightly controlled state sports system and forced the government in 2008 to create a policy called danfei--flying solo--under which the quartet were allowed to set their own schedules, pick their own coaches and keep most of their earnings.

In 2011, Li became the first Chinese and first Asia-born person to win a Grand Slam, sweeping crowd favorite Francesca Schiavone to take the French Open. "If a Chinese player can win a Grand Slam, maybe it proves a lot for Chinese tennis," she said at the time. "I believe Chinese tennis will get bigger and bigger."

She went on to win this year's Australian Open, one of the four annual Grand Slams that make up the top tier of the professional tennis circuit. But she has had a troubled time since. In July, along with the announcements of her injury and pullouts, she split with longtime coach Carlos Rodriguez, widely seen as the architect of her professional surge.

Write to Chuin-Wei Yap at chuin-wei.yap@wsj.com

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