ChinaBio Today -- Tongjitang Chinese Medicines Company, a company focused on modernized TCM products, has set up a joint venture to acquire Guiyang Liquor Factory, a state-owned company, for 120.6 million RMB ($17.7 million) in cash. Tongjitang, which owns 95% of the joint venture, will pay its share of the consideration in full by February 2010. Though the company is said to be profitable, its revenues in 2008 were only 19 million RMB ($2.8 million). More details...
