The State-owned Assets Supervision and Administration Commission (SASAC) of Beijing and the China Resources Group in Hong Kong agreed Friday to cooperate in the bio-medical sector, the financial website Caing.com reported Friday.
A source close to the matter said that China Resources Medication Group under China Resources Group will hold 100 percent of the shares of Beijing Pharmaceutical Group Co. In return, SASAC of Beijing will hold 28 percent of China Resources Medication Group's shares and China Resources Group's shareholdings in China Resources Medication Group will be reduced to 72 percent.
China Resources Group plans to include the medical sector as its new profit growth point, the report said.
Song Lin, president of China Resources Group, said they will list China Resources Medication Group in at least two to three years, according to the report.>
