Harbin Pharmaceutical Group Holding Co Ltd, better known as Hayao, said it will invest about $300 million in GNC Holdings Inc, potentially becoming the single largest shareholder in the US company with a 40-percent stake.
The GNC board will be expanded to 11 members, including CEO Ken Martindale and five each from GNC and Hayao.
New York Stock Exchange-listed GNC is a health and wellness supplements brand with a presence in 9,000 locations across 50 countries. Hayao has a China-wide coverage with retailing network covering 300,000 pharmacies in 2,500 counties.
The GNC board will be expanded to 11 members, including CEO Ken Martindale and five each from GNC and Hayao.
New York Stock Exchange-listed GNC is a health and wellness supplements brand with a presence in 9,000 locations across 50 countries. Hayao has a China-wide coverage with retailing network covering 300,000 pharmacies in 2,500 counties.
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