HK Stock Market Move | VIVA GOODS (00933) rose over 6% before noon; LI NING's special dividend far exceeded expectations, and the company will receive a one-off large cash inflow.

VIVA GOODS (00933) rose over 6% before noon, up 6.59% as of press time to HK$0.485, with a turnover of HK$2.5839 million. On the news front, UBS released a research report stating that LI NING recently announced a special dividend of HK$2.71 (RMB2.32) per share, totaling approximately HK$7 billion, equivalent to a dividend yield of about 18%, higher than the bank's expectation of HK$2 billion. Together with the announced interim dividend and the expected final dividend of RMB0.1 per share, total dividends for 2026 are estimated at HK$3.19 (RMB2.77) per share, equivalent to an expected dividend yield of about 22% for 2026, with a total payout ratio exceeding 305%. UBS expects the share price to react positively to the news. The bank added that VIVA GOODS, controlled by LI NING, Executive Chairman of LI NING, holds a 19.3% stake in LI NING. Based on the special dividend, VIVA GOODS will receive approximately RMB1.16 billion (about HK$1.35 billion) in cash; if fully used to repay debt, pro forma total bank borrowings would fall from the current estimate of approximately HK$3.5 billion to about HK$2.2 billion.