On October 15, 2025, affiliates of MBK Partners (“MBKP”), represented by Fangda Partners, entered into a share purchase agreement with Hong Kong listed company Beauty Farm Medical and Health Industry Inc. (“Beauty Farm”) and its subsidiary in respect of the sale of 100% shares in Shanghai Siyanli Industrial Inc. (“Siyanli Industrial”) (the “Transaction”). The sale consideration is approximately RMB1,250,000,000, which includes 15,798,147 consideration shares in Beauty Farm (accounting for approximately 6.70% of the total issued sharesas of the date of the announcement). The closing of the Transaction is still subject to the EGM approval of Beauty Farm, HKEX’s permission for the listing of the consideration shares and other customary closing conditions.

Founded in 1996, Siyanli Industrial is a renowned brand in China’s high-end beauty service industry. Siyanli Industrial is specialized in developing high-end professional skincare products and focuses on providing professional skincare and beauty experiences for women in first-tier cities. As a leading enterprise in China’s high-end beauty service industry, Siyanli Industrial has solid profitability, achieved revenues of approximately RMB 850 million in 2024, and ranks as the third-largest beauty service brand in China.

Fangda acted as the deal counsel for MBKP in the Transaction, assisting on the design of the transaction structure, the bidding and due diligence process involving multiple potential bidders including Beauty Farm, and drafting and negotiation of the transaction documents.

Fangda team is led by the Corporate M&A partners Norman Zhong and Chuck Sun, and key corporate team members include Yixin Zhang, Wyatt Zhang, Frank Feng, Jessica Zhuang, Kyle Liu and Jinger Ji. Other attorneys across the platform also provide invaluable support at different phases of the Transaction: Compliance and Government Regulatory practice expert Sherman Deng, Hong Kong Capital Market practice partner Colin Law, Corporate practice partner Sofia Hu and Corporate associates Steve Shi, Yuanjun Wu and Alyssa Xia, Hong Kong Corporate counsel Joyce Pei, corporate associates Michael Gu, Yuke Deng, HKECM associate Eric Li, and Compliance and Government Regulatory counsel Patrick Guo.

The two lead partners on the deal, Norman Zhong and Chuck Sun, have previously acted as deal counsel for Standard Chartered Private Equity in the control acquisition and subsequent sale of Siyanli Industrial to MBK and provided legal services throughout the process. They have also provided long-term external legal support for Siyanli Industrial’s business activities, including its bolt-on acquisitions.