Israel’s quintessential Dead Sea cosmetics company, Ahava, may soon be known as ‘Ai’ – the Mandarin word for love. China’s investment giant, Fosun, is reported to have signed an agreement to buy the company that manufactures skin care products made of mud and mineral-based compounds from the Dead Sea.

Gaon Holdings, owner of 16 percent of Ahava, announced that “an agreement in principle had been signed by Ahava’s existing shareholders to sell all or part of their shares in the company.” Other main shareholders include Shamrock Israel Growth Fund, the Livnat family, and Kibbutz Mitzpe Shalem.

A Globes report says the agreement in principle deal is worth NIS 300 million ($76 million).