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Hutchison Whampoa establishes JV
By Wang Zhuoqiong (China Daily)
Updated: 2004-12-02 09:58

SHENZHEN: Guangzhou Baiyunshan Pharmaceutical Co Ltd and Hong Kong business giant Hutchison Whampoa (China) Ltd have signed a 50-50 joint venture (JV) agreement.

Expected to begin operations next month, the new firm will be named Baiyunshan Hutchison TCM Co Ltd and will mainly be engaged in research and development, production and marketing of traditional Chinese medicines (TCM).

Hutchison Whampoa (China) Ltd, owned by Hong Kong tycoon Li Ka-shing, has made a cash offer of 172.5 million yuan (US$20.86 million) for a 50 per cent stake in the joint venture.

Shenzhen-listed medicine maker Baiyunshan, an arm of South China's largest TCM conglomerate Guangzhou Pharmaceutical Holdings Limited, said that it gained the stake with part of the company's existing assets.

The heavily-invested Research and Development (R&D) centre of the new firm is expected to make new TCM products for diseases including cancer, tumours and immune system problems, said Du Zhiqiang, managing director of Hutchison Whampoa (China) Ltd and head of the board of the joint venture.

Qi Zhaoji, managing director of Guangzhou Baiyunshan Pharmaceutical Co Ltd. said that Hutchison's strong overseas sales network and knowledge of foreign medical consumption habits will enable Baiyunshan to penetrate the international market.

So far, Hutchison has established TCM retailing channels in more than 5,000 drug chain stores worldwide.

In addition, Hutchison's Watson's Your Personal Store, Asia's leading health & beauty chain, which has made significant market penetration into the Chinese mainland, will further facilitate the sales of Baiyunshan's TCM products in its home market, said Qi.

As part of Hutchison's strategical plan, which has seen more than HK$1 billion (US$128.6 million) invested in the past five years, co-operation with Baiyunshan will help strengthen Hutchison's TCM business in South China.

Last December Hutchison Whampoa formed with China's well-known TCM maker Tongrentang a US$239 million pharmaceutical investment venture. The two companies also set up a joint venture in Shanghai in 2001.

Meanwhile, an arm of Guangzhou Pharmaceutical Holdings Limited Guangzhou Wanglaoji Pharmaceutical Company Limited, a famous local brand, has formed a joint venture with HongKong Tongxing Pharmaceutical Co Ltd to develop and market TCM products, health food and beverage products in mainland, Hong Kong and Southeast Asian.

The Hong Kong company has paid 168.88 million yuan (US$20.42 million) for a 48.0465 per cent share of the joint venture.

The deal made the stake of Wanglaoji's former controlling shareholder, Guangzhou Pharmaceutical Co Ltd, drop to 48.0465 per cent from the previous 94.25 per cent.

Sources close to Guangzhou Pharmaceutical Holdings Limited have revealed that its branch companies have been in talks with companies from Canada and Japan for more co-operation to expand their overseas market share.

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