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Nov.26 (NBD) -- Chinese firm Yulong Eco-Materials Limited (Nasdaq: YECO), which has been renamed Millennium Fine Art Limited since Friday, has inked an agreement to buy Michelangelo's famous painting Crucifixion for 75 million U.S. dollars by issuing restricted shares valued at 10 U.S. dollars per share.

The deal will be completed within 30 days.

Founded in 2011, Yulong was engaged in clearance, recycling and reuse of solid building waste. The company now decides to change its business model into one to use its Nasdaq stock to acquire rare works of fine art and open opportunity of shared ownership of its acquired masterpieces to anyone with an brokerage account.

The new move follows the firm's acquisition of the 61,500-carat Millennium Sapphire last month.

The gem, known as the world's largest sapphire, was first discovered in southeast Africa's Madagascar in 1995 and was owned by a consortium led by retired investment banker Daniel McKinney since 1998.

Italian artist Alessio Boschi was hired to design the carving for the stone. After the whole carving and polishing process, 5.6 kilograms of pieces were removed from the 17.9-kilogram gem.

On October 17, Yulong purchased the jewel for 50 million U.S. dollars via issuance of 25 million YECO restricted shares.

The breaking news sent the company's stock price of the day up by 570 percent to 10.2 U.S. dollars, with a sharp increase in trade volume from 15,000 shares to over 36 million shares.

Yulong CEO Hoi Ming Chan said the company plans to bring the Millennium Sapphire to museums around the world, make a television documentary about the gem, and also produce related films and games.

Yulong has pioneered a new disruptive business model by the acquisition and securitisation of fine art through a Nasdaq-listed security, said Yulong’s executive chairman Daniel McKinney.

As Yulong's shares retreated to 5.88 U.S. dollars in the day trading on Friday, the company now has a market cap of 168.03 million U.S. dollars.

NBD noticed that recently, more Chinese enterprises from manufacturing construction and other industries are making inroads into the art and cultural creative fields through acquisitions. While expanding the popularity and influence of themselves, the companies also seek to change their business models and create cash flow.

For instance, last year, Song Liao Automotive, a Chinese firm conducting business in auto components, infant formula and medical equipment, suddenly changed its name into Cultural Investment Holdings, and then bought a majority stake in UK-based visual effects company Framestore, which have been involved in production of special effects for Hollywood blockbusters such as The Dark Knight and The Martian.

Email： zhanglingxiao@nbd.com.cn