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Jinyao Pharmaceutical's Indirect Controlling Shareholder Says Two Shareholders to Offload Shanghai Liuliguang Stake

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Jinyao Pharmaceutical's (SHA:600488) indirect controlling shareholder, Tianjin Pharmaceutical Group, said two shareholders plan to dispose of their entire equity interests in Shanghai Liuliguang Pharmaceutical Development, according to a Shanghai bourse filing on Wednesday.

Shanghai Liuliguang is a shareholder of Jinhu Shen Biomedical Technology, the controlling shareholder of Tianjin Pharma.

Shanghai Industrial (Group) and Shanghai SIIC Investment Development will offload their respective 51% and 49% stake in Shanghai Liuliguang.

The pharmaceutical company's shares fell 2% during the morning trade.

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