Chinese Firm May Buy Parent Group Assets

Guangzhour Pharmaceutical Company, a leading Chinese producer ofChinese patented medicines and some western drugs, and currently seeking an overseas stock market listing, says it might seek to acquire good quality assets from its parent group, Guangzhour Pharmaceutical Holdings, but at present has no detailed plans. GPC is seeking to raise over $362 million through the issue of 219.9 million shares.

GPC chairman Li Yimin, says he expects his firm to benefit from the introduction of Good Manufacturing Practice standards, adding that he believes that market volatility will not affect the confidence of investors. 1997 sales are forecast to reach some $15.4 million.