Shanghai Chicmax Cosmetic (HKG:2145) said its wholly owned unit Shanghai Qingdao agreed to acquire a 29% stake in Shanghai Yiye for about 384 million yuan.
The stake comprises 23% from Dajiao Investment for about 304.5 million yuan and 6% from Ms. Liu for 79.4 million yuan, according to a Tuesday Hong Kong exchange filing.
Dajiao Investment may also require Shanghai Qingdao to acquire an additional 5% stake during the option period.
Shanghai Chicmax shares fell over 1% in recent trade.
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