Baiwang (HKG:6657) said it exercised its option to acquire equity in Baiwangyun Overseas, according to a Hong Kong bourse filing Wednesday.

Shares of the enterprise digitalization service provider fell 10% in afternoon trade Friday.

The company had the option to convert the previously lent 35 million yuan to Baiwangyun Overseas into shares of the target until Dec. 31.

After completion, the company's equity interest in Baiwangyun Overseas would become 35%.