The Hong Kong-listed business of a mainland China-based firm has bulked up with an acquisition deal.

Hong Kong-listed Gold-Finance Holdings, which is part of mainland China-based Gold Finance Group, a wealth management firm, has bought investment firm Jin Zhong Xing for RMB1.0 billion (around $148 million).

When the deal is complete, the acquired firm will be indirectly wholly-owned, the firm said in a statement yesterday.

Jin Zhong Xing was established in mainland China in January 2015. Its principal business activities are investment management and investment consultation. At 30 September, its unaudited net asset value was around RMB1.5 million. The entity has registered with the Asset Management Association of China as a private investment fund manager and the acquisition will enable new private funds to be formed in China.

"While maintaining its core business, Gold-Finance Holdings continuously explores different investment opportunities to enhance its long-term growth,” Wei Jie, chairman and CEO of Gold Finance Holdings, said in the statement.

Gold-Finance Holdings used to be called Nga Chun Holdings; it was sold to parent company Gold-Finance Group on 15 December 2015 with 75 per cent shares acquired. The group purchased the remaining shares on 26 January 2016.

Wei Jie, Xu Li Yun, Jiang Junwei and Wong Kam Ting are executive directors of the company. In April 2016, the business formally changed its name to Gold-Finance Holdings.

Gold-Finance Group has four main business arms including Gold-Finance Fortune.