Zhejiang Yatai Pharmaceutical's (SHE:002370) subsidiary, Zhejiang Yatailizhong Holdings, agreed to establish a joint venture with Hainan Taizefeng Pharmaceutical Technology, according to a Shenzhen bourse filing on Thursday.
The venture, to be named Zhejiang Yataixinghao Pharmaceutical, will have registered capital worth 10 million yuan. It will retail pharmaceutical products and medical devices.
Yatailizhong will own 60% of the venture after investing 6 million yuan, while Taizefeng will hold 40% after injecting 4 million yuan.
The pharmaceutical company's shares rose over 2% at the close.
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