Core Viewpoint - Li Ning and other sportswear companies are reportedly interested in acquiring German competitor Puma, but Citigroup analyst Xiaopo Wei believes that due to Li Ning's "single brand, multi-category, diversified channel" strategy, the company is unlikely to pursue foreign brand acquisitions in the medium term [1] Company Analysis - Citigroup maintains its ranking of the Chinese sportswear industry, placing Anta first, followed by Tmall and then Li Ning, with all three stocks rated as "Buy" [1] - Asics, the Japanese sportswear company that owns the Onitsuka Tiger brand, has denied media reports regarding its interest in acquiring Puma, stating that there are no discussions or plans in this regard [1] Market Activity - Puma's major shareholder, the French Pinault family, is working with advisors to sell its 29% stake and is in contact with potential buyers [1] - Anta is reportedly one of the companies considering a potential bid for Puma and is working with advisors to evaluate the acquisition proposal; if Anta decides to proceed, it may collaborate with a private equity firm [1] - Li Ning is in discussions with banks regarding financing options and is conducting a preliminary assessment of Puma [1] - Asics may also have an interest in Puma [1]