CNTIC Takes over Smaller Rival

CNTIC Trading Co Ltd (SHA: 600056), a medicine manufacturer and distributor in China, has paid a combined ¥80 million for 100% of Holley Jiuzhou, also a drugmaker, from Chongqing Holley Pharm Co (SHE: 000607) and Zhejiang Holley Pharmaceutical Investment Group. Chongqing Holley used to hold an 88.24% stake and Zhejiang Holley the remainder. Holley Jiuzhou's net assets have been evaluated to be worth ¥101 million.

$1 = ¥6.8