Viva China Holdings Raises Li Ning Stake to 17.58% for HK$228 Million
Viva China Holdings (00933. HK) increased its stake in Li Ning (02331. HK) to 17.58% on September 2, buying 17.25 million shares at an average price of HK$13.23 each, for a total of about HK$228 million. The purchase raised Viva China's holding from 16.91% to 17.58%. Li Ning remains an associate company, and Viva China will continue to share its profits and losses. The acquisition does not constitute a business combination.
On September 2, Viva China Holdings (00933. HK) announced that through its wholly-owned subsidiary, Viva China Development Limited, it acquired 17.25 million shares of Li Ning (02331. HK) on the open market via the Hong Kong Stock Exchange on the same day. The total consideration was approximately HK$228 million, at an average price of HK$13.23 per share. Before the acquisition, Viva China held 437 million shares of Li Ning, representing 16.91% of its issued shares. After the acquisition, the holding increased to 454 million shares, raising the stake to 17.58%. Li Ning continues to be accounted for as an associate company, and Viva China will continue to share its profits and losses. The acquisition did not reach the threshold for control and does not constitute a business combination.
Viva China has previously increased its stake in Li Ning on multiple occasions. From October 2025 to August 2026, Viva China acquired a total of 83.62 million shares of Li Ning for a total consideration of HK$1.277 billion. Between August 28 and September 1, 2026, it acquired an additional 29.62 million shares for HK$398 million. Li Ning serves as the chairman of the board, co-chief executive officer, and executive director of Viva China. As an institutional shareholder of Li Ning, Viva China lists Li Ning as an associate company, and the two entities are connected at both the equity and management levels.
Li Ning released its first-half results on August 20, 2026. During the period, the group's revenue was RMB 15.24 billion, up 2.8% year-on-year. Gross profit was RMB 7.75 billion, up 4.5% from the same period in 2025, with an overall gross margin of 50.9%. Profit attributable to equity holders was RMB 1.82 billion, with a net margin of 11.9%. In the first half, Li Ning made investments in professional sports resources and entered into a long-term strategic partnership with NBA star Stephen Curry and his brand, Curry Brand.
On August 31, another shareholder of Li Ning, Viva Goods Company Limited, increased its stake by acquiring 7.78 million shares at HK$13.5354 per share, for a total of approximately HK$105 million. After the increase, Viva Goods held approximately 417 million shares of Li Ning, representing 16.12% of the issued shares.