FILE PHOTO: A sign of Sinopharm is seen at the 2020 China International Fair for Trade in Services , following the COVID-19 outbreak, in Beijing, China September 5, 2020. REUTERS/Tingshu Wang
The move comes as Hong Kong-listed China TCM has lagged a surge in valuations for many mainland-listed Chinese traditional medicine firms during the COVID-19 pandemic, driven by a belief that some formulations can prevent the disease. The Sinopharm-led consortium aims to eventually list China TCM on the mainland bourse to take advantage of higher valuations there, one of the sources said.Ping An declined to comment.
Headquartered in Foshan, Guangdong, China TCM is the core platform established by Sinopharm for the traditional Chinese medicine segment. It has over 16,000 employees and more than 1,300 patent medicine regulations, according to its website.
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