Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Credit
News for Outlets

Harbin Pharmaceutical losses RMB1.17bln on investment in GNC Holding

June 22, 2020


Abstract : Chinese drugmaker Harbin Pharmaceutical Group Co.,Ltd. (600664.SH) announced late Sunday that its investment in GNC Holdings, Inc. (GNC) of the United States had caused a loss of 1.165 billion yuan.

BEIJING, June 22 (Xinhua) -- Chinese drugmaker Harbin Pharmaceutical Group Co.,Ltd. (600664.SH) announced late Sunday that its investment in GNC Holdings, Inc. (GNC) of the United States had caused a loss of 1.165 billion yuan. 

According to the drugmaker, as of February 13, 2019, it had made three payments to subscribe for GNC's 299,950 convertible preference shares, involving a total investment of 299.5 million U.S. dollars. However, the drugmaker recently received a notice from GNC about its poor fiscal performance and debt extension, which resulted in huge losses for Harbin Pharmaceutical. 

Due to the impact of the COVID-19, GNC saw bleak fiscal performance in the first quarter of 2020. As of May 6, about 40 percent of its stores in the United States and Canada had been temporarily closed, some of which may be permanently closed in the future.

GNC generated about 473 million dollars of operating revenues in the first quarter of this year, down 16.3 percent year on year, with the gross profits down 32.7 percent on year to about 137 million dollars. 

GNC announced on June 15 that it had reached an agreement with the lender to extend the deadline for its loans to June 30. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)

Scan the QR code and push it to your mobile phone

Keyword: GNC Harbin Pharmaceutical

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial