BRIEF: Baiyunshan invests $105 million for 11% of NanJing Pharma
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. (0874.HK; 600332.SH) said on Sunday it paid 749 million yuan ($105 million) via its Guangzhou GP Fund II subsidiary for 11.04% of NanJing Pharmaceutical Co. (600713.SH).
Nanjing Pharmaceutical specializes in drug wholesaling, pharmaceutical retailing, “Internet Plus” healthcare, and third-party pharmaceutical logistics. Its network covers Jiangsu, Anhui, Hubei and Fujian provinces, as well as the Southwest China city of Kunming. The firm has been listed on the Shanghai Stock Exchange since 1996.
Baiyunshan said its latest equity tie-up, combined with pre-existing relationships between the two companies in capital investment, distribution and traditional Chinese medicine, will boost its footprint in East China, enhance its competitive advantage in the pharmaceutical business, and drive growth in pharmaceutical manufacturing.
Shares of Baiyunshan opened up 0.4% at HK$18.05 on Monday. The stock has traded in a range between HK$15 and HK$19 this year.
By Lau Chi Hang
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