Chinese sports apparel company Anta Sports Products Ltd. is among firms exploring a potential takeover of Puma SE, according to people familiar with the matter.

Hong Kong-listed Anta has been working with an adviser to evaluate a bid for Puma, said the people, who asked not to be identified because the information is private. The company may team up with a private equity firm if it decides to move forward with an offer, some of the people said.

Other potential bidders could include rival Chinese apparel firm Li Ning Co., the people said. Li Ning, named after the legendary gymnast who founded the company, has been discussing financing options with banks as it takes an early look at Puma, the people said. Puma may also attract interest from sportswear companies such as Japan’s Asics Corp., the people said. 

Deliberations are preliminary and it’s unclear which suitors will proceed with bids, the people said. The valuation expectations of Puma’s biggest shareholder, France’s billionaire Pinault family, may represent a major hurdle to any transaction, the people said. Puma shares have dropped 62% in Frankfurt this year, giving the company a market value of €2.5 billion ($2.9 billion).

The Pinault family’s Artémis holding company owned 29% of Puma at the end of last year, according to the firm’s annual report.

Anta — which owns brands including Fila and Jack Wolfskin — has gained 9% in Hong Kong trading this year, giving the company a market value of nearly $31 billion. An Anta-led consortium, which also included Asian buyout firm FountainVest Partners, paid $5.2 billion in 2019 to acquire Amer Sports, the owner of brands like Salomon and Arc’teryx.

Li Ning’s stock has risen 7% in 2025, for a market value of almost $6 billion.

A representative for Anta didn’t respond to requests for comment, while representatives for Artémis, Asics and Puma declined to comment.

Responding to a Bloomberg News query, Li Ning said in a statement that it remains focused on the growth of its brand, and hasn’t conducted any “substantive” negotiations or evaluations relating to Puma.

François-Henri Pinault, managing partner at Artémis, said in September that the Puma stake is “interesting” but “isn’t strategic,” and that options were being kept open regarding the holding.

Puma has been trying to revamp itself under new Chief Executive Officer Arthur Hoeld after failing to generate much enthusiasm for its products with consumers in recent years. The German firm in July appointed ex-Adidas executive Andreas Hubert as chief operating officer. Hubert is a 20-year veteran of Adidas who served for the past four years as the company’s chief information officer.