Hong Kong's Li & Fung Group is in talks to acquire South Korean children's apparel maker Suhyang Networks for roughly 200 billion won ($183.73 million), a South Korean newspaper reported on Tuesday.

Maeil Business Newspaper said Li & Fung recently completed due diligence on Suhyang and is currently in price negotiations, citing unidentified investment banking sources.

A Suhyang official authorized to speak on the matter could not be reached immediately.

Bloomberg - Reuters