(Yicai Global) June 25 -- Shares of Imeik Technology Development surged to a historic high after the Chinese firm said it will invest KRW155.4 billion (USD137.6 million) to buy the second-largest stake in South Korean botox maker Huons BioPharma.

Imeik's stock price [SHE:300896] jumped as much as 11 percent to CNY766.88 (USD118.60) intraday. The company got listed in September 2020.

Imeik will purchase 1.2 million shares or a 25.4 percent stake in Huons Bio, the Beijing-based company said in a statement yesterday.

After the transaction, Seongnam-headquartered pharmaceutical firm Huons Global will have a 74.6 percent stake in Huons Bio which was spun out last April.

The acquisition should help Imeik master the development of biological products in different regions to gradually expand overseas, it said.

Editor: Emmi Laine, Xiao Yi