Renrui Human Resources Technology Holdings Ltd. (6919:HKG) agreed to acquire 51% stake in two China-based staffing providers.

It will pay RMB 47 million (USD 7.3 million) for a 51% stake in Jiangnan Finance Technology (Changzhou) Co. Ltd. The company provides staffing services in IT business process outsourcing and non-IT business process outsourcing. It had revenue of RMB 39.5 million (USD 6.1 million) in 2020 and has more than 200 external workers.

The other firm is Shanghai Lingshi Human Resources Services Ltd. Renrui will pay RMB 33 million (USD 5.1 million) for a 51% stake. Shanghai Lingshi provides staffing to commercial banks and supplies workers such as lobby managers and customers centre employees. Its 2020 revenue was RMB 140.4 million (USD 21.8 million). Shanghai Lingshi has more than 3,000 external employees

The two companies had 3,400 external workers in the field in China as of 31 July. Renrui noted the acquired companies’ businesses are focused on rural and city banks and financial institutions.

“China’s financial industry has been growing rapidly in recent years and is expected to drive the staffing demand of enterprises,” Renrui Chairman and CEO Zhang Jianguo said.

Renrui is a staffing provider based in Chengdu, China. In August, the company announced revenue had risen 78% year over year to CNY 2.13 billion (USD 329.3 million) in the six months ended 30 June.