A unit of Viva Goods (HKG:0933) acquired about 19.2 million shares of Li Ning (HKG:2331) on the open market between Dec. 4 and Dec. 9, raising its stake in the sportswear firm to 14.27%, according to a Tuesday bourse filing.

Shares of Viva Goods were up nearly 2% in Wednesday late-morning trade.

The shares were purchased by Viva China Development at an average price of HK$16.80 each, totaling about HK$321.9 million, the filing said.

The newly acquired shares represent roughly 0.74% of Li Ning's issued capital. The transaction was financed externally and settled in cash.