HK-listed sportswear brand Li Ning falls as Viva China trims stake

** Shares of China's home-grown sportswear group Li Ning Co Ltd fall as much as 5.2% to HK$64.50, on course for the worst session since May 10

** Stock is the most actively traded shares by turnover and among the 30 biggest percentage decliner on the Hong Kong bourse

** Viva China Holdings Ltd plans sale of 2.41% of Li Ning to third-party investors for HK$3.82 bln ($491.9 mln), raising proceeds for acquisitions, working capital and to pay a special dividend

** Viva has agreed to sell 60 mln Li Ning shares at HK$63.6 each, or 6.5% discount to Monday's close

** Viva's stake in Li Ning will be reduced to 10.87% from 13.28% on completion of deal on May 21

** Shares of Viva up as much as 23% to HK$0.75, highest since June 2018

** Viva stock on track for best day since March 16

** Both the Hang Seng China enterprises index and the benchmark index rise 1.4%

** As of last close, Li Ning shares up 27.7% this year