Zhejiang Wansheng (SHA:603010) plans to acquire 59.3% of new materials developer Guangzhou Energizer Innovation Materials for 377.5 million yuan, according to a Wednesday disclosure on the Shanghai Stock Exchange.

The Chinese chemical producer will directly hold the stake with its subsidiary fund, Linhai Fosun Wansheng New Materials Equity Investment Fund Partnership (Limited Partnership).

The stake will be bought from Guangzhou Energizer's actual controllers, Shi Jianwei, Liu Hui and Zhou Liang, the disclosure said.

After the acquisition, Zhejiang Wansheng will become the controlling shareholder of Guangzhou Energizer Innovation.

Shares of the company fell less than 5% at the close.

Price (RMB): ¥9.78, Change: ¥-0.47, Percent Change: -4.59%