Hong Kong-based private equity firm Baring Private Equity Asia has acquired 50.4 million shares, representing a 5 percent stake, of Magic Holdings for HKD146.3 million (US$18.8 million). Magic Holdings, based in Guangzhou, is a manufacturer of skincare products sold under the MG brand. Baring acquired 15 percent of Magic for HKD451 million (US$58 million) in January 2012.