CDH Investments and China Grand Pharmaceutical to Invest in Shanghai Weicon Optical (Asia)
Source: China Grand Pharmaceutical and Healthcare Holdings, Paul Hastings
China-focused alternative asset fund manager CDH Investments and Hong Kong-listed pharmaceutical manufacturer China Grand Pharmaceutical and Healthcare Holdings have agreed to invest US$69 million and US$25 million, respectively, in Shanghai Weicon Optical, a China-based contact lens and solutions manufacturer. Upon completing the subscription, China Grand Pharmaceutical and CDH Investments will hold 55 percent and 20 percent stakes, respectively, in the company. In addition, CDH Investments has agreed to subscribe to convertible bonds issued by China Grand Pharmaceutical amounting to HKD300 million (approximately US$39 million).