Empire Charm's unconditional cash offer for luxury watches maker Hengdeli (HKG:3389) closed on Jan. 23, with valid acceptances covering over 995.7 million shares, representing about 22.6% of Hengdeli's issued share capital, according to a joint Hong Kong bourse filing.

Shares of Hengdeli were up over 12% in Monday morning trade.

Following completion of the transfers, Empire Charm and its concert parties will hold more than 3.55 billion shares, or roughly 80.7% of Hengdeli's issued share capital, up from about 61.8% before the offer period.

Hengdeli said it continues to meet Hong Kong's public float requirement, with about 29.3% of shares remaining in public hands after the close of the offer.