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Zhejiang Hisun Pharmaceutical Co Ltd Announces Reorganization of Subsidiary


Monday, 8 Jul 2013 08:00pm EDT 

Zhejiang Hisun Pharmaceutical Co Ltd announced that the Company's 60%-owned subsidiary, a Zhejiang-based pharmaceutical company (Hongsheng Pharmaceutical), will be divided into two new companies. One of the new entities will be under the original name of Hongsheng Pharmaceutical, but will be wholly owned by Hongsheng Pharmaceutical's the other shareholder, Wang Bingying. The other new entity will be a Zhejiang-based animal health care product company (Haijian Dongbao) and wholly owned by the Company. Haijian Dongbao will also inherit a 9.92% stake in an existing Zhejiang-based animal health care product company (Haizheng Dongbao) from Hongsheng Pharmaceutical. After establishment, Haijian Dongbao will transfer the 9.92% stake in Haizheng Dongbao to the Company, who is currently holding the remaining 90.08% stake, and then merge with Haizheng Dongbao, for the integration and management of veterinary medicine assets and business, with Haijian Dongbao to be dissolved and Haizheng Dongbao to survive.