China Reform Health Management and Services Group (SHE:000503) agreed to acquire two sub-units from its subsidiaries for no consideration, according to a Shenzhen bourse filing on Tuesday.

The Chinese health and medical insurance company's shares slipped over 1% at the close of Wednesday's trade.

The subsidiary, Guoxin Healthcare Security Service, will transfer the entire shares of Guoxin Healthcare Security Service (Guangdong), while another subsidiary, Hainan Haihong Investment Consulting, will transfer 80% of Hainan Weihong Pharmaceutical E-commerce to the company.

After completion, the company will fully own both Guoxin Healthcare Guangdong and Hainan Weihong.