Asia-focused private equity firm PAG said on Thursday that it has agreed to acquire a controlling interest in Hisun BioRay Bio-pharmaceutical, another example of state-owned enterprise reform in China.
PAG will buy 58% of Hisun BioRay for Rmb3.8 billion $540 million from its parent company, Shanghai Stock Exchange-listed Zhejiang Hisun Pharmaceutical which will continue to retain the remaining 42%.
Headquartered in Taizhou, Zhejiang province, Zhejiang Hisun Pharmaceutical is controlled by China’s government.
As China allows increasing amounts of outside capital into its economy, the country's private equity players are seeing more and more opportunities for investment.
“This transaction marks...