Silicon Paradise Venture, a Chinese private equity fund, has invested ¥70 million in Asia Pharmaceutical Group (Hainan), Silicon Paradise Venture chairman Qiu Zhengxiang told the National Business Daily. Qiu declined to reveal the ownership the investment exchanged for. The drugmaker's Quike is a leading treatment for common colds in China. Silicon Paradise Venture is also planning an initial public offering for Zhejiang province-based Asia Pharmaceutical, which was founded in November 2000 with ¥200 million and currently oversees ¥3 billion worth of assets, the largest of its kind across the province.
$1 = ¥6.8