Shanghai Pharmaceutical (Group) Reorganization Hits Snag
This article was originally published in PharmAsia News
The ongoing reorganization of Shanghai Pharmaceutical (Group) by Shanghai Industrial Investment (Holding) has hit a snag. According to an initial audit, the former suffers a book loss of about RMB 1 billion, with main losses in the areas of accounts receivable (RMB 400 million), inventories (RMB 300 million) and fixed asset investment (RMB 300 million). In recent years, performance and expansion issues have been plaguing the group's five business sectors, a key reason for the local government to restructure the two giants to have a stronger merged entity. The tentative plan is for Shanghai Industrial Investment to inject RMB 10 billion into Shanghai Pharmaceutical to revamp its workforce and production, but inside sources could not confirm the investment. (Click here for more - Chinese Language)
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