Giant Biogene Holding (HKG:2367) is targeting to raise HK$2.33 billion through a top-up placement, according to a Thursday disclosure.

Juzi Holding, the firm's controlling shareholder, is selling its 35 million shares in the company at HK$66.65 apiece.

The manufacturer of professional skin treatment products will then issue new shares to Juzi Holding, which agreed to subscribe for the exact number of shares it sold at the same price.

Upon completion of the deals, Juzi's stake in Giant Biogene will fall to 54.26% from 56.10%.

Deal proceeds will go towards marketing, category expansion, overseas business and research and development, and general corporate purposes.