Harbin Pharmaceutical Group Holding Co., Ltd. Trades $870 Million of Stock for Assets from Parent

December 29, 2011 -- Harbin Pharmaceutical was given regulatory approval to complete a corporate restructuring with its parent, Harbin Pharmaceutical Group. Harbin Pharma will issue 303 million shares with a stated value of 5.5 billion RMB ($870 million) to its parent in exchange for a bioengineering company and a 45% share in Sanjing Pharmaceutical. After the transaction, Harbin Pharma will be the main pharmaceutical entity of Harbin Pharmaceutical Group. More details....

Stock Symbols: (SHA: 600664) (SHA: 600289)