Sinopharm Medicine Holding Foshan Co., Ltd announced a private placement of shares for gross proceeds of CNY 26,000,000 with existing investor China National Accord Medicines Corporation Ltd. (SZSE:000028) on April 19, 2017. Post the closing the registered capital of the company will increase from CNY 15,000,000 to CNY 41,000,000 and the investor will retain its 100% stake in the company. The transaction has been approved at the 7th directorate in 22nd meeting of the investor and is not subject to shareholders’ approval of the investor. The company reported total assets of CNY 144,880,000, net assets of CNY 26,880,000, and revenue of CNY 408,550,000 for the year ended December 31, 2016.