Anta Sports is assessing a potential bid for Puma and may bring in a private equity partner as it weighs a takeover of the German sportswear group, according to people familiar with the matter cited by Bloomberg.

The The Hong Kong-listed company has hired an adviser to evaluate a deal. Rival Chinese brand Li Ning has also taken an early look at Puma and held financing talks with banks. Other possible suitors include Asics, though the Japanese group said it is not in discussions and has no plan to acquire Puma.

Talks remain preliminary. Sources said the valuation expectations of Puma’s biggest shareholder, the Pinault family, could prove a major obstacle. Puma shares surged 19% in Frankfurt after news of the interest but remain down more than 60% this year, giving the company a market value of €2.5bn. Artémis, the Pinault family’s holding company, owned 29% at the end of last year.

Anta owns brands including Fila and Jack Wolfskin. It has a market value of $31bn and has experience leading international acquisitions. In 2019, it partnered with Asian buyout firm FountainVest Partners to acquire Amer Sports for $5.2bn. Amer later listed in New York, with Anta retaining its position as the largest investor. Li Ning, valued at $5.8bn, said it is focused on its own brand and has not conducted any substantive evaluations relating to Puma.

Puma, founded in 1948, generated €281.6m in net profit and €8.8bn in sales last year. The group is attempting a turnaround under Chief Executive Arthur Hoeld, supported by a new chief operating officer hired from Adidas. Puma plans to cut 900 jobs and refocus on running, football, and training as it aims to return to growth by 2027.

Representatives for Anta, Artémis, and Puma declined to comment.

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