Guangzhou Baiyunshan Pharmaceutical Holdings will raise $1.6 billion in a secondary offering, which it will use for various corporate initiatives, including expanding its China's online drug selling effort. One of the investors is Yunfeng, the private equity firm co-founded by Jack Ma, CEO of China's huge Alibaba online marketplace. Mr. Ma's participation attracted a great deal of media attention, even though Yunfeng is buying only one-twentieth of the total offering. Baiyunshan is the first manufacturer of generic Viagra in China.
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