Shanghai Chicmax Cosmetic (HKG:2145) teamed up with four parties to establish a joint venture that will be engaged in the sales of cosmetics and skincare products, according to a late Thursday disclosure with the Hong Kong Exchange.
The venture will have an initial registered capital of 10 million yuan, of which 5.1 million yuan will be contributed by Chicmac Cosmetic in exchange for a 51% stake.
The JV partners include Shanghai Manli Industrial, Shanghai Qingdao Enterprise Management, Song Yang, a vice president at Chicmax Cosmetic, and Guangzhou Lechuang.
Chicmax, a personal care products company, said the deal will allow it to create a new cosmetic brand and expand its brand matrix.
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