China National Biotec Group To Offload Non-Performing Assets
This article was originally published in PharmAsia News
State-owned China National Biotec Group is gradually offloading its non-performing subsidiaries and those without controlling rights. According to Shanghai United Assets and Equity Exchange, the enterprise has put its wholly owned Tangshan subsidiary on the market for RMB 490,000. Meanwhile, Wuhan Institute of Biologic Products, one of CNBG's six major institutions, will transfer its 30 percent stake in Zhongwei Biotech Company for RMB 510,000. Analysts observe that the move is a prelude to the group's asset clearance and paves the way for its restructuring before going public. Beijing Tiantan Biological Products, CNBG's only listing platform, currently has 51 percent of Changchun Keygen Biological Products and the entire Chengdu Institute of Biological Products. Tiantan is expected to take over Wuhan Institute next. (Click here for more - Chinese Language)
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