November 8 -- Shanghai Pingpu Investment, a subsidiary of Ping An Insurance (Group) Company of China (601318.SH,2318.HK), beat off competition from HNA Retailing, a subsidiary of Hainan Airlines Group, in the bidding for the entire equity stake of Shanghai Jahwa (Group) Co., Ltd., reports China Business News, citing an unnamed insider from Ping An.

The transaction is currently pending the approval of the State-Owned Assets Supervision And Administration Commission of Shanghai, the insider said.

Cosmetics maker Shanghai Jahwa United (600315.SH), the listed unit of Shanghai Jahwa (Group) Co., Ltd., posted revenue of 2.87 billion yuan and net profit of 280 million yuan for the first nine-month period, up 18 percent and 33.8 percent year-on-year, respectively.

According to Shanghai Jahwa United's Semi-Annual Report, Shanghai Jahwa (Group) Co., Ltd. holds a 28.38 percent stake in the former.

Ping An's successful investment in Yunnan Baiyao Group (000538.SZ) was one of the factors which helped Ping An to secure the deal, according to the insider.

Shares of Jahwa United rose 2.13 percent to close the morning session at 35.88 yuan per share.