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Those shares, with a lock-up period of 36 months, were priced at CNY 27.87 per share. After the deal, Ping An Life Insurance will have a 9.36 percent stake in Yunnan Baiyao, becoming the latter's third largest shareholder after Yunnan Medicament Group and Hongta Group.
Ping An Life Insurance, the life insurance unit of Ping An Insurance (Group) Company of China Ltd. (SEHK: 2318 and SHSE: 601318), agreed to acquire CNY 50 million shares of Yunnan Baiyao for CNY 1.394 billion on August 12, 2008. Driven by that, shares of the leading Chinese pharmaceutical manufacturer rose 3.43 percent since then.
The proceeds will be partially pumped into the removal of Yunnan Baiyao plant and partially into its arm Yunnan Pharmaceutical Co., Ltd., said the Shenzhen-listed company on December 30.
Source: www.hexun.com (December 31, 2008)
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