SHANGHAI FIRM INVESTS IN GUANGDONG DRUG VENTURE

SHANGHAI Industrial United Holding Co, Ltd plans to invest 105 million Hong Kong dollars (US$13.5 million) with several Guangzhou Province partners to set up a new pharmaceutical company in Guangdong Province, according to its statement to the Hong Kong Stock Exchange yesterday. Shanghai Industrial United will set up Guangzhou Tianpu Overseas Pharmaceuticals, acquiring a 58.10 percent stake worth 61 million yuan, along with Guangzhou Bopu Biotechnology Co, Guangdong Techpool Biochem Pharma Co and Guangzhou Venture Capital Limited.

Shanghai Daily (http://www.shanghaidaily.com/art/2005/10/22/206565/Shanghai_firm_invests_in_Guangdong_drug_venture.htm)