Shares of Li Ning Co Ltd (02331.HK), the Chinese homegrown sportswear group, surged 5.07% in intraday trading on Friday, marking a significant upturn for the company. The stock's impressive performance comes amid news of substantial share purchases by a key stakeholder.

The rally was triggered by an announcement from Viva Goods (0933.HK), a major shareholder of Li Ning. Viva Goods disclosed that its subsidiary had acquired an aggregate of 18.1 million Li Ning shares between January 10 and June 19, investing a total of HK$275 million (approximately $35.03 million). This show of confidence from a key investor appears to have boosted market sentiment towards Li Ning.

Friday's surge represents Li Ning's most substantial single-day gain since March 14, highlighting the significance of this movement. Despite the day's impressive performance, it's worth noting that Li Ning's stock is still down 6.1% year-to-date, indicating that the company has faced challenges in 2025. As the broader market shows mixed performance, with the Hang Seng Consumption Index adding 0.1% and the Hang Seng Index rising 1%, Li Ning's pronounced uptick stands out as a notable market development.