SHANGHAI, Aug 16, 2011 (SinoCast Daily Business Beat via COMTEX) --
Henan Topfond Pharmaceutical Co., Ltd. (600253.SH) issued an announcement on August 16, 2011, intending to spend CNY 18 million buying the ownership of the new-type pharmaceutical preparation technology from Beijing Diacrid Medical Technology Co., Ltd.
 

The acquisition will not form a connected transaction. After the deal, the buyer will continue subsequent development of the technology, for which the patent was applied in 2006, to provide a competitive anticancer drug in the following three to five years.
 

In addition, the Shanghai-listed company planned to spend CNY 18 million buying more shares in Shanghai Huazhong Pharmaceutical Co., Ltd. After the move, the registered capital of Huazhong will grow to CNY 30 million from CNY 9.3 million, and the stake held by the listed company in Huazhong will grow to 60%,
 

As of June 30, 2011, total assets, total liabilities, net assets and asset-liability ratio of Huazhong have hit CNY 97.25 million, CNY 92.19 million, CNY 5.06 million and 94.79%. total profits hit negative CNY 1.99 million in the first six months of this year.
 

Source:SinoCast