China: CITIC Capital takes controlling stake in Harbin Pharmaceutical

Visual from CITIC Capital's website

Global alternative investment management and advisory firm CITIC Capital now holds a controlling stake in Harbin Pharmaceutical Group Co (HPGC) after increasing its holding in the Chinese state-backed business.

In an official announcement on December 27, it was disclosed that CITIC Capital, through its affiliates, increased its stake in HPGC to 60.86 per cent, making it the controlling shareholder in the company where it has been an investor since 2005.

CITIC Capital Investment Fund invested Rmb1.5 billion ($228.87 million) to raise its stake in HPGC, China’s second-biggest drugmaker by market value.

HPGC is engaged in the research, development, manufacture and sale of pharmaceutical products. The company primarily offers antibiotics, Chinese patent medicines, over-the-counter (OTC) medicines, healthcare products and synthesized preparations, among others.

The pharmaceutical firm has five famous trademarks in China – Hayao, Sanjing, Gaizhonggai, Hutong and Shiyitang. Hayao is one of the most valuable pharmaceutical brands in China, with a brand value evaluated to be worth Rmb18.4 billion.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.