GNI Group (TYO:2160) said its core subsidiary, Gyre Therapeutics, completed a public offering of common stock, raising about $23 million in gross proceeds, according to a Monday filing on the Tokyo Stock Exchange.

The offering closed on May 29, with Gyre issuing 2,555,555 shares at $9 apiece, including 333,333 shares from the underwriters' overallotment option, the filing said.

GNI said its ownership in Gyre has decreased to 80.69% from 83.03%, though the unit remains a consolidated subsidiary of the company.