Shunten International (HKG:0932) said a takeover offer by its substantial shareholder and chairman, Cheung Siu Fai, received minimal acceptance, according to a Hong Kong bourse filing Monday.

Shares of the health and beauty products firm fell over 3% in late morning trade Tuesday.

The offer had received one valid acceptance of 38 million shares, representing 1.22% of the company, Shunten said.

The offer remains valid until Nov. 4.

Cheung has offered to purchase the company's shares at HK$0.024 in cash each, valuing the entire business at HK$74.6 million.

Cheung held 48.80% of the firm at the time of the offer.