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Fusen Pharma Unit to Raise 300 Million Yuan From State-Owned Investors

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Fusen Pharmaceutical (HKG:1652) said its unit, Henan Fusen Pharmaceutical, agreed to raise 300 million yuan through a capital increase from two state-owned investors, according to a Thursday Hong Kong bourse filing.

Nanyang Industrial Investment and Henan Xisheng will subscribe for newly issued equity representing about 34% of Henan Fusen's enlarged registered capital.

Following the transaction, Fusen Pharmaceutical's indirect stake in the unit will decrease to about 66%, while the unit will remain a subsidiary.

The proceeds will be used mainly to repay debt and replenish working capital.

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