(Yicai Global) July 10 -- Shares in Chinese sportswear brand Li Ning surged more than 5 percent today to hit their highest price since December in 2010 after archrival Anta was victim of a short report by private investment firm Muddy Waters earlier this week.

The stock [HKG:2331] peaked at HKD19.60 (USD2.51) during morning trade, before retreating to HKD19.28 as of 1.54 p.m., up 4.33 percent.

Anta shares have been on the rocks since Muddy Waters claimed it fiddles its books by counting subsidiaries as independent distributors. Anta has denied the allegations.

Editor: James Boynton