HPGC（Harbin Pharmaceutical Group Co., Ltd）paid $50 million to GNC through its account in ICBC Harbin Hetu branch on Jan 2, 2019.According to the resolution of the company's first EGM in 2018, the “Implementation Subject Arrangement Agreement”, signed between the company and the controlling shareholder Harbin Pharmaceutical Group Co., Ltd. has taken effect. HPGC Holding will assume all rights and obligations under the securities purchase agreement between Harbin Pharmaceutical Group Co., Ltd. and GNC Holdings,Inc., that is, the company will subscribe 299,950 convertible preferred shares issued by GNC with a total investment of $299.95 million.
As planned, HPGC will pay another $149.95 million before February 13, 2019, assign the remaining 3 directors to GNC, and establish a joint venture in Hong Kong and Shanghai, with HPGC holding 65% stock rights.
The joint venture will specialize in research and development, production and sales of various vitamins, herbal medicines, mineral dietary supplements, sports and fitness supplements, weight management products, personal care products and other health products. GNC will grant the joint venture a long-term exclusive trademark license, allowing the latter to exclusively produce and sell GNC’s nutritional products in Mainland China.
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