Shanghai-based conglomerate Fosun Group signed an agreement on Tuesday to acquire Brazilian brokerage and wealth management firm Guide Investimentos, which will be Fosun's second major acquisition in the country.

Fosun will pay R$170 million ($52 million) for this acquisition, and an additional R$120 million, depending on the company's future performance.

With a history of more than 50 years, Guide Investimentos is a subsidiary of the Brazilian bank Banco Indusval, which will retain a 20 percent stake in the company after the acquisition. The transaction is still pending approval from the Brazilian central bank and is expected to close in the first half of this year.

This acquisition responds to Fosun's strategy of investing and building operations in emerging markets, especially in Latin America. In 2016, Fosun acquired the Brazilian asset management company Rio Bravo.

Facing both individual and institutional investors in the Brazilian financial market, Guide Investimentos has more than 50,000 clients from all asset classes. Over the past five years, the company has been focusing on improving its online and offline financial distribution capabilities.

Alex Gong, executive director of Fosun, said that Brazilian families have shown increasing demand for quality and accessible financial products, while Guide Investimentos can make the best of this opportunity.

Jair Ribeiro, chief executive officer of Banco Indusval, said that this agreement to partner with Fosun has been their "planned next step".

Aline Sun, director of Guide Investimentos, defined this new partnership as a "new phase" for the company.

"We are building upon our long-standing commitment to have the best financial products for our clients and invest further in having the best investment experience in the market," she said.