Ping An in Japan pharma tie-up

Business | Winnie Lee 31 Mar 2020

Ping An Insurance (2318) has acquired around 2 percent of the voting stake for Japanese drug maker Shionogi & Co, at a price of 33.53 billion yen (HK$2.41 billion).

Shionogi will form a joint venture with Ping An Life Insurance of China, with the aim of discovering and distributing new drugs and developing generic ones as it looks to expand in China, it said in a statement.

Meanwhile, mainland drug maker CSPC Pharmaceutical (1093) said its net profit last year rose 20.56 percent from a year ago to 3.71 billion yuan (HK$4.05 billion), with finished drug sales impacted by the pandemic.

Earnings per share were 59.65 fen and a final dividend of 20 HK cents and a bonus issue of one new share for every five existing shares held by shareholders was declared.

Also reporting results was China Resources Pharmaceutical (3320), which said its net profit dropped by 17.38 percent from a year ago to HK$3.29 billion, and declaring a final dividend of 11 HK cents.

And Sinopharm Group (1099) said its net profit last year increased by 7.1 percent from a year earlier to 6.25 billion yuan in 2019, with earnings per share of 2.11 yuan, and a final dividend of 60 fen.

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