Guangzhou Baiyunshan Pharmaceutical (SHA:600332, HKG:0874) received approval from its state-owned asset management authority, Guangzhou Pharmaceutical Group, to acquire 11.04% of Nanjing Pharmaceutical (SHA:600713) for 748.8 million yuan, according to a Shanghai bourse filing on Tuesday.
The pharmaceutical company's subsidiary, Guangzhou Guangyao Phase II Fund Equity Investment Partnership (Limited Partnership), will acquire the stake on behalf of the company from Alliance Healthcare Asia Pacific.
Baiyunshan's Hong Kong shares slid less than 2%, while Nanjing Pharma's shares fell over 1% during the afternoon trade.
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