PAG, an alternative investment firm, agreed to acquire a 51% stake in Handsome Chemical Group, a chemicals company, from Yip’s Chemical Holdings, a Hong Kong-based investment holding company principally engaged in chemical businesses, for $340m. PAG will work with Yip’s Chemical and other existing shareholders to further build up the business, vertically integrating Handsome Chemical’s production of feedstock chemicals, and supporting the group’s environmentally friendly strategy through reduced greenhouse gas emissions.