Spark Holdings acquired a substantial stake in Ourgame International (HKG:6899), according to a Hong Kong bourse filing Monday.

Shares of the online chess and card games company gained over 22% in late-morning trade Tuesday.

Spark acquired 322.8 million shares of the firm representing around 29.95% of the business.

The purchase coincided with Li Yangyang and Choi Shun Investment's disposal of 178.8 million shares representing 16.59% of the company's issued shares.

Li and Choi Shun also no longer have voting rights over 111.9 million shares representing 10.38% of the company's issued shares and cancelled the acquisition of 28.6 million shares representing about 2.66% of Ourgame's total shares.

Following the transactions, Li and Choi Shun no longer held any shares in the business and ceased to be Ourgame substantial shareholders, the company said.