On January 8, 2019 CSPC Pharmaceutical Group Ltd. agreed to acquire Hong Kong-based Yong Shun Technology Development for about 252.9 million yuan (Press release, CSPC Pharmaceutical, JAN 8, 2019, View Source [SID1234605494]). CSPC unit Dragon Merit Holdings Ltd. will acquire all issued shares of Yong Shun, subject to certain conditions. CSPC said the deal is in line with its strategy to seek acquisition targets with strong research and development capabilities in the biopharmaceutical drug market. As of Jan. 7, US$1 was equivalent to 6.85 yuan.

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