Sino Biopharma Ups Ownership of Subsidiaries

Sino Biopharma (HK: 1177) will spend 245 million RMB ($37 million) to purchase additional shares in two of its subsidiaries, both of them located in Jiangsu Province. In the largest transaction, Sino Biopharma will acquire 25% stakes in Jiangsu Chia Tai Fenghai Pharma and Yancheng Suhai Pharmal. The shares are held by a company called Ace Elite, which Sino Biopharma is purchasing for 202 million RMB ($30 million). More details....