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Subsidiary鈥檚 practices see halt in share trade
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Sino Biopharmaceutical Ltd halted trading in its shares yesterday after they slipped more than 24 percent on claims a subsidiary had paid for doctors’ overseas trips.
Chia Tai Tianqing Pharmaceutical Group took groups of doctors to Thailand and Taiwan for a few days after short academic meetings, according to a China Central Television report.
Hong Kong-listed Sino Biopharmaceutical has a 60 percent stake in Chia Tai Tianqing and is the latest pharmaceutical company to come under the spotlight as China probes business practices at these companies.
Cao Xiwen, the chairman’s secretary, said the company had sent a team to Jiangsu Province to investigate the allegations, Reuters reported.
Sino Biopharmaceutical halted trading at 11:49am yesterday pending the release of an announcement in relation to clarifying certain information contained in recent press reports, according to a stock exchange filing.
The CCTV report claimed that groups of doctors from various regions in Jiangsu Province had been taken to scenic spots in Thailand after a one-hour meeting at a Shanghai hotel in late August to discuss drug effects.
Another group of doctors were said to have attended a meeting in Nanjing, and were then taken to Taipei, Taiwan’s capital.
CCTV cited an unidentified company source as saying that these kind of travel opportunities were offered to doctors who had prescribed large amount of drugs or who were leaders of hospital departments.
Chia Tai Tianqing vice president Zhang Jie said sales staff in certain regions had broken company regulations and they had been suspended and ordered to cooperate with investigators, China News Service reported.
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