(Yicai Global) March 5 -- Shares in Chinese women's shoemaker Top Score Fashion hit limit up today after the firm revealed it North Summit Capital Fund planned to pick up a 5 percent stake for CNY186 million (USD27 million).

The Guangzhou-based company's stock [SHA:603608] had hit the 10 percent limit at CNY12.77 (USD1.84) by 9.55 a.m. and has remained there since.

North Summit, a venture capital fund founded by former Alibaba Chief Scientist Min Wanli, will buy the shares from Top Score's actual controllers Li Lin and Liang Yaohua and their concerted parties and a Chinese investment fund, the target said in a statement yesterday.

The deal will knock the controllers and their associates' combined holdings to 39.62 percent from 43.62 percent, while digitization-focused North Summit will become Top Score's fourth-largest shareholder.

Once the transaction is complete, the two firms plan to form a long-term partnership that leverages Top Score's digital technology to put the company at the forefront of advancements in the fashion industry and make it more competitive, according to the statement.

Editor: James Boynton