 |  |
(Hong Kong and Beijing, 12 December 2003) China Beijing Tongrentang (Group) Company Limited ("Tongrentang") and Hutchison Chinese Medicine Investment Limited ("HCMIL"), a wholly owned subsidiary of Hutchison Whampoa (China) Limited, have signed a contract to form a joint venture in Beijing to develop and invest in traditional Chinese medicine (TCM) business.
The joint venture company, to be named as Beijing Tongrentang Hutchison Pharmaceutical Investment Company Limited, will engage itself in the investment of TCM and health-related projects and enterprises.
Total investment of the joint venture company will be around US$239 million, with Tongrentang and HCMIL each taking up a shareholding of 49 per cent. The remaining two per cent will be taken up by a third-party enterprise to be named by Tongrentang.
Managing Director of Hutchison Whampoa (China) Limited Mr Simon To said Tongrentang was an ideal business partner for Hutchison Whampoa (China) because it had been a household name for hundreds of years and had been very experienced in the TCM business.
"We hope that China's pharmaceutical business will expand further, with the expertise and experience of Tongrentang on one hand and Hutchison Whampoa's global network on the other.
"To Hutchison Whampoa (China), this joint venture will serve as a good opportunity for the company to further diversify its pharmaceutical and health-related business," Mr To said.
Managing Director of Tongrentang, Mr Yin Shunhai, said Tongrentang had been established for hundreds of years in the Mainland and the company had long been trusted and supported by the Chinese people.
The company had been enthusiastic in developing its business network in recent years, hoping that the company could contribute to the growth of China's pharmaceutical business, Mr Yin said.
"Hutchison Whampoa is very experienced in global business development. Now that we have teamed up with Hutchison Whampoa, we trust that Tongrentang's business development will move forward quickly," he said.
About Tongrentang
China Beijing Tongrentang (Group) Company Limited is a state-owned holding company, with its history dating back to 334 years ago. Tongrentang is a renowned household name for traditional Chinese medicine and it holds two listed companies today. Businesses of Tongrentang include the operations and management of authorised state-owned assets; foreign investment and financial management; production, post-production and sale of traditional Chinese medicine, Chinese patent medicine, drinks, health products, medical food and drinks, cosmetics, as well as medical equipment and related technology consultation and services.
For more information, please visit www.tongrentang.com.
About Hutchison Whampoa Limited
Hutchison Whampoa Limited (HWL), one of the largest companies listed on the main board of the Hong Kong Stock Exchange, is the holding company of the Hutchison Whampoa Group of companies. As one of the earliest big "hongs", or trading companies, in Hong Kong, Hutchison's history dates back to the 1800s. Today, HWL is a multi-national conglomerate with businesses spanning 39 countries. With around 167,000 employees worldwide, Hutchison operates and invests in five core businesses: ports and related services; telecommunications; property and hotels; retail and manufacturing; and energy and infrastructure.
Its flagship companies include Hutchison Port Holdings, Hutchison Telecom, Hutchison Whampoa Properties, A. S. Watson, and Cheung Kong Infrastructure. In 2002, HWL's consolidated revenue was HK$111,129 million (US$14,247 million).
For more information, please visit www.hutchison-whampoa.com.
For further information, please contact:
| Hutchison Whampoa Limited Ms Laura Cheung General Manager - Group Corporate Affairs Tel: (852) 2128 1289 Fax: (852) 2128 1766 Email: laurac@hwl.com.hk |
China Beijing Tongrentang (Group) Company Limited Mr Jin Yongnian Tel: (86) 10-67171750 Mobile: (86) 13911532985 Email: jinyongnian@tongrentang.com |
| Mr Jeremy Lau Manager - Corporate Communications Group Corporate Affairs Department Tel: (852) 2128 1207 Fax: (852) 2128 1766 Email: jeremyl@hwl.com.hk |
| © Copyright 1996-2024 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |