Chinese sportswear giant Anta Sports Products Ltd. is among a group of companies weighing a potential takeover of Puma SE, according to people familiar with the matter.

The Hong Kong–listed company has been working with a financial adviser to assess the feasibility of making an offer for the German sports apparel maker, the people said, requesting anonymity because the talks are private. Some of the people noted that Anta may consider partnering with a private equity firm should it decide to proceed with a formal bid.

Shares of Puma jumped 19% in Frankfurt trading on Thursday — the stock’s biggest intraday gain since October 2001 — as investors reacted to news of the potential acquisition.