Stock in mainland drugmaker Guangzhou Baiyunshan Pharmaceutical (0874.HKG, 600332.SHA, 000522.SHE) rose 18.8% in Hong Kong and rose the intraday limit of 10% in Shanghai Tuesday after the company announced it would sell a stake worth RMB10 billion (US$1.65 billion) to a consortium that included Yunfeng Capital, a private equity group co-founded by Alibaba chairman Jack Ma, South China Morning Post reported. The drug maker said the capital would be used to fund research and development, meet tougher regulations and develop the company online, in addition to refinancing the firm’s beverage unit, which makes the Wanglaoji herbal tea beverage.
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