China's state-owned cosmetics maker Shanghai Jahwa Group has received approval to sell a 100 percent stake in the firm to either Shanghai Pujiang Investment Co. or Hainan Airlines , it said in a statement.
The companies will each submit a deposit to proceed with bidding, while Shanghai Fosun Industrial Investment Co. Ltd has announced the withdrawal of its participation, the statement said.
Jahwa was earlier said to be in talks with the world's biggest luxury group LVMH and Ping An Insurance (Group) of China Ltd over a possible stake sale, part of restructuring involving the sale of assets worth some 5 billion yuan ($783 million).
The company is selling shares as part of China's push for the government to exit competitive and non-strategic industries.
($1 = 6.386 yuan) (Reporting by Carrie Ho; Editing by Jonthan Hopfner)
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