Simcere Pharmaceutical Gains 3.2% After China's Fosun Adds To Stake

U.S.-listed Chinese generic drug maker Simcere Pharmaceutical Group gained 3.2% yesterday on word that another Chinese pharmaceutical company has been purchasing its shares. Shanghai Fosun Pharmaceutical Group, a Shanghai-listed pharmaceutical company controlled by Chinese billionaire Guo Guangchang, said in a statement at the Shanghai Stock Exchange yesterday that a wholly owned subsidiary had raised its holding in Simcere to 4 million American depositary shares, representing a 7.5% stake. Shanghai Fosun Pharmaceutical had previously bought about 1% of Simcere between Dec. 13 last year and March 19, according to the statement. Shanghai Fosun Pharmaceutical is 48% owned by Hong Kong-listed Fosun International, Guo’s main holding company. Guo ranked No. 521 on the 2012 Forbes Billionaires List with wealth of $2.4 billion. Fosun International also owns stakes in U.S.-listed Chindex, a hospital management company focused on China, and Focus Media, an outdoor advertising company headquartered in Shanghai. Fosun Media is the China licensing partner of Forbes Media.