Hony Media Group (HKG:0419) has acquired a 40% shareholding in Meerkat Health Holdings, unwinding the variable interest entity (VIE) contractual arrangements made in 2021.

In 2021, the company entered into VIE contractual arrangements to establish a joint venture called Meerkat Health, a pharmaceutical e-commerce and smart healthcare services platform.

The acquisition allows Hony Media to fully own the Meerkat Group, giving it total control, according to a Tuesday filing with the Hong Kong Exchange.

Shares of Hony Media, formerly Huayi Tencent Entertainment, rose nearly 2% in recent trade on Wednesday.