(Yicai Global) July 18 -- Syoung Group’s stock price surged by its daily trading limit after the exclusive agent for Evidence de Beauté in China said it intends to acquire the French luxury cosmetics maker for EUR49.5 million (USD50 million).

Syoung has signed an agreement with major shareholders of Evidence de Beauté to purchase a little over 90 percent of the Paris-based company, it said in a statement yesterday. The headline figure also includes EUR5 million (USD5.1 million) in dividends for last year.

Shares of Changsha-based Syoung [SHE: 300740] soared 20 percent today to close at CNY14.71 (USD2.20) apiece.

The online seller of beauty brands, including for Johnson & Johnson China, is also an agent for overseas brands such as Dr. Ci:Labo, Kiko, and Lumene. It has been the exclusive China distributor for Evidence de Beauté over the three years since the French brand entered the market, helping it notch up strong revenue growth in the country.

Founded in 2007, Evidence de Beauté sells its products in more than 30 countries and regions, Syoung said. Following the deal, its founder will remain a shareholder and the company will retain its independence and current team.

Last year, Evidence de Beauté made a net profit of EUR5.2 million on revenue of EUR19.7 million. In the first five months of this year, it trend a profit of EUR1.8 million, with EUR8.3 million of sales.

Editor: Emmi Laine, Xiao Yi