Shares of Li & Fung Ltd rose 4.4 percent on Friday to the highest in eight months after the Hong Kong consumer goods exporter announced the first acquisition by its regional distribution arm LF Asia, fuelling hopes for accelerating expansion.

Li & Fung announced before the Lunar New Year holiday a week ago that it had acquired the children's apparel and toys operations in greater China of Roly Group in September last year for USD41 million, LF Asia's first acquisition since the expansion of Li & Fung's distribution business to Asia last year.

The acquired businesses cover wholesale, retail and sourcing operations in greater China for licensed brands including Walt Disney Mickey Mouse and Winnie the Pooh, Elle and Sesame Street products.

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