China Resources Controls Sanjiu Medical & Pharmaceutical

New Sanjiu has become the majority shareholder after gaining 71.35 percent stake of Sanjiu Medical & Pharmaceutical. New Sanjiu, set up as a consolidated corporation held by Sanjiu Enterprise Group, has been undergoing restructuring since last July. China Resources Enterprise's subsidiary CR Medications Group raised 4 billion yuan ($572 million) to acquire Sanjiu Enterprise Group, effectively making CR Enterprise, which is aggressively pursuing the health business, the real controlling stakeholder of New Sanjiu. Sanjiu Medical, a key local pharmaceutical enterprise, has been in the doldrums for years due to poor strategizing of main shareholder Sanjiu Enterprise. Analysts expect the current equity transfer to boost the drug firm's future development. (Click here for more - Chinese language)