Hong Kong-listed food processor Uni-President has agreed to buy US$30m of shares in Want Want China, the Chinese rice cracker-to-flavoured milk firm.

Uni-President has agreed to buy the shares from Hot Kid, the controlling shareholder in Want Want China.

"The investment in Want Want China, which is also one of the leading food and beverages manufacturers in China, with a well-diversified product mix, complements the core business of the group," Uni-President said.

Want Want China launched its initial public offering in Hong Kong today (3 March), in a bid to raise funds to spread the distribution of its Want Want rice crackers across mainland China.