GeneScience Pharmaceuticals, a subsidiary of Changchun High & New Tech Industry (000661.SZ), held a groundbreaking ceremony Thursday for a genetic engineering pharmaceutical base in Changchun, the capital of northeastern China’s Jilin province, the Shanghai Securities News reported. A key project under the State Council, the facility will be China’s largest and most profitable genetic engineering drugmaker. It is hoped it will earn between US$73.31 million and US$293.23 million (RMB500 million to RMB2 billion) within five years and US$733.08 million (RMB5 billion) within eight years. It will conduct research on self-developed genetic engineering drugs estimated to be worth US$146.62 million (RMB1 billion).

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