(Yicai Global) Aug. 31 -- Cosmetics e-tailer Jumei International Holding Ltd. [NYSE:JMEI] has completed its purchase of Shenzhen Jiedian Technology Co., which runs powerbank-sharing service Ankerbox, after buying a 60-percent stake in May, it said on Aug. 31.

However, a Jumei shareholder has written a letter to founder Chen Ou, co-founder Dai Yusen and Sequoia Capital China founder Shen Nanpeng (Neil Shen), whose company backs Jumei, describing the acquisition as one of Chen's "crimes."

The holder, Heng Ren Investments LP, believes Chen's February 2016 privatization proposal of USD7 a share undervalued the firm, and blamed him for the 45.2 percent decrease in share price suffered since he took the reins. The decline has lopped USD397 million off the firm's market cap.

Jumei invested the USD280 million it raised in its 2014 initial public offering in non-core businesses after pledging to spend it on branding. It spent USD14.3 million producing a television series and USD44.8 million on a 60-percent stake in Ankerbox. The listed firm suspended significant shareholder communication for 22 months and provided no forum for investors to express its doubts in management, the letter said.

Heng Ren proposed to dissolve the special committee which audited the USD7-a-share tender offer and wants Jumei to maintain a share price of at least USD8, the letter added, demanding that the firm pays a special dividend of USD1.50 a share, which would be a total pay-out of USD225 million.

Ankerbox's business model involves renting powerbanks in self-service cabinets at partner venues, such as shopping malls, cinemas and restaurants. Users can scan a QR code to open the cabinet and return the powerbank to other outlets. The firm has already acquired millions of daily users in first- and second-tier cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Changsha, Wunan, Nanchang, Xiamen and Hefei. By the end of the year, it plans to cover 100 cities in China with hundreds of thousands of powerbanks.