China Innovation Investment (HKG:1217) said its voluntary conditional cash partial offer to acquire shares in Elife (HKG:0223) has lapsed after failing to meet the minimum acceptance condition, according to a Monday Hong Kong bourse filing.

Shares of Elife were up nearly 2% in Tuesday morning trade.

As at Jan. 5, being the extended closing date, the offeror had received valid acceptances for 7 million shares, representing about 0.52% of Elife's issued share capital, the filing said.

This was below the minimum requirement of 180 million shares for the partial offer to become unconditional, it added.

Under the takeover rules, China Innovation Investment and its concert parties are restricted from making another offer or acquiring shares that would trigger a mandatory offer obligation for 12 months, unless consent is granted by regulators.