China Biopharmaceuticals Holdings, Inc., a leading Chinese pharmaceutical company focused on the development, manufacturing and distribution of innovative drugs in China, announced that CHBP and the shareholders of Suzhou Hengyi Pharmaceuticals of Feedstock Co., Ltd. ("Hengyi") have agreed to rescind and terminate the agreement under which CHBP acquired 75.8% of the ownership interest of Hengyi.

The consideration of 1,200,000 shares of common stock and the additional capital contribution of $620,000 will be returned to CHBP and CHBP will have no further obligations to Hengyi or its shareholders. The 75.8% ownership interests of Hengyi will be returned to its shareholders, and Hengyi will no longer be CHBP's subsidiary.

Source:佚名