Photo/Shetuwang

June 14 (NBD) -- Chinese insurer Ping An Insurance Group Co of China Ltd ("Ping An", 601318.SH) announced Wednesday its subsidiary Shanghai Pingpu Investment Co., Ltd. and Japanese pharmaceutical company Tsumura & Co's subsidiary Tsumura China Inc. have set up a joint venture called Ping An Tsumura Inc.

Situated at Shenzhen Qianhai Free Trade Zone, the new entity has a registered capital of 1 billion yuan (156.3 million U.S. dollars). 

Shanghai Pingpu owns 44 percent of the joint venture with an investment of 440 million yuan (68.8 million U.S. dollars) while Tsumura China holds the remaining share with a capital injection of 560 million yuan (87.6 million U.S. dollars).  

The joint venture focuses on improving R&D and pharmaceutical technologies related to traditional Chinese medicines and building a quality standard system covering the entire industrial chain ranging from herb farming to finished products.

Email: lansuying@nbd.com.cn