Imeik Technology Development Co.,Ltd. (SZSE:300896) signed a contract to acquire a 10.5% stake of Huons Bio Pharma Co.,Ltd. from Huons Global Co., Ltd. (KOSDAQ:A084110) for KRW 53.5 billion on June 24, 2021. Under the transaction, Imeik Technology will purchase 0.42 million shares. In a related transaction, Imeik Technology Development Co.,Ltd. agreed to acquire 800,000 new shares of Huons Bio Pharma Co., Ltd by way of capital increase for KRW 102 billion.

As a result of the transaction, Huons will hold 89.5% stake in Huons Bio. The transaction is subject to approval of shareholders of Imeik and approval from the Chinese financial authorities. Transaction is approved by board of Imeik Technology Development Co.,Ltd. The transaction is expected to be closed by September 30, 2021.