November 16 -- Harbin Pharmaceutical (600664.SH) won approval from the China Securities Regulatory Commission (CSRC) for its plan to acquire assets from controlling shareholder Harbin Pharmaceutical Group, reports Shanghai Securities Daily, citing a company filing.

Harbin Pharmaceutical will acquire 5.48 billion yuan worth of assets, including Harbin Pharmaceutical Group's stake in Sanjing Pharmaceutical (600829.SH) from the latter.

The acquisitions will be paid for through the issue of shares at 18.1 yuan per share to Harbin Pharmaceutical Group.

After the completion of the transaction, Harbin Pharmaceutical Group will achieve the overall listing of its pharmaceutical assets.

Harbin Pharmaceutical will hold a 74.82 percent stake in Sanjing Pharmaceutical, and will have businesses in six major areas, including the production of antibiotics, chemical preparations, health products, Chinese medicines and biological medicines.

Shares of Harbin Pharma rose 4.95 percent to trade at 9.75 yuan per share at 10:58 today.

Source:CapitalVue