Zhongzheng International (HKG:0943) said it agreed to acquire Elise Beauty Group in a deal valued at HK$62.5 million, according to a Hong Kong bourse filing Sunday.

Shares of the healthcare and household products manufacturer jumped nearly 18% in late morning trade Monday.

Zhongzheng said it will satisfy payment via the issue of over 341.9 million shares at HK$0.1828 apiece.

The shares represent nearly 19.9% of the firm's issued share capital, and 16.6% as enlarged by the issue.

The acquisition will give Zhongzheng International immediate access to a client base of close to 200 beauty centers in China, giving the company a foothold in the country's beauty and skincare sector.