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On May 17, Li Ning's affiliated company, Viva China, announced that its wholly-owned subsidiary Viva China BVI plans to sell 2.41% of Li Ning’s shares through a placement at a placement price of HK$63.6 (equivalent to approximately RMB 52.73). The estimated proceeds The net amount is approximately HK$3.787 billion (equivalent to RMB 3.14 billion). After the completion of the placement, Viva China's shareholding in Li Ning Company will be reduced from 13.28% to approximately 10.87%.

The board of directors of Viva China stated in the announcement that this part of the proceeds will be used for three purposes: potential acquisitions of the group, general operations and shareholder feedback. Li Ning himself holds the main controlling stake in Viva China.

Since 2019, Viva China has frequently sold shares of Li Ning Company. Coupled with this sale of shares in Li Ning Company, Viva China received a total of approximately 10.207 billion Hong Kong dollars, which is equivalent to approximately 8.463 billion yuan. Between 2019 and 2020, Viva China will sell Li Ning shares twice a year, and it may be once again this year.

These funds may be used for different investments. In the past four years, Viva China has launched a number of large acquisitions, successively acquiring e-sports club Snake (later renamed LNG Li-Ning e-sports club), skating rink operating company promoted investment, Hong Kong clothing brand Bao Shilong. In November 2020, LionRock Capital, a Hong Kong private equity company equity investment company, acquired a majority stake in British footwear brand Clarks for 100 million pounds. The controlling party of Lion Rock Capital is Viva China.