Founder Entity Doubles Down on Li Ning as Institutions Exit Kingdee

The most striking filing from early September: Viva China Holdings — the vehicle controlled by sportswear founder Li Ning himself — bought over $77 million worth of Li Ning shares across four consecutive trading days (Aug 28–Sep 3), filed September 7. This is a decisive, discretionary buy from the founding family. It pushes Viva China's stake higher at a time when the stock has been under pressure.

Meanwhile, two Western institutions moved in opposite directions on Chinese software firm Kingdee International. BlackRock sold $137M worth of shares on September 2, filed September 7. JPMorgan followed with a further $85M sale, filed September 8. Both are 5% owners, and the combined exit tops $220M — a significant coordinated withdrawal from China's enterprise software sector.

On the buy side, Pharmaron Beijing attracted persistent institutional interest. JPMorgan built a stake worth more than $130M across three separate purchases between August 20 and September 2. Morgan Stanley also added $10M in late August. Both filings arrived within days of each other, flagging fresh conviction in the Hong Kong-listed pharma services group — even as Pharmaron's own founder sold $9.5M on the A-share listing in August.

Note: these filings reflect positions as last disclosed and are most relevant around the 5% ownership threshold.