August 9 – Yueyang Xingchang Petro-Chemical (000819) reported that subsidiary Chongqing Kangwei Bio Tech Limited will invest one billion yuan on a research center in Wuhu city, Anhui province, reports National Business Daily.

The firm has a 31.64 percent interest in the subsidiary.

The research center will occupy 200,000 square meters and will be in charge of development, production and sales of oral reformed helicobacter pylori vaccine.

Meanwhile, Kangwei Bio Tech is benefiting from local tax benefits and is planning for a initial public offering.

Before April 14 2010, Yueyang Xiangchang held a 57.63-percent interest in Kangwei Bio Tech. After that date, Hebei Hua’an became its strategic investor when it bought a 32.96-percent interest for 150 million yuan, becoming its majority shareholder.