Jack Ma-Backed Fund To Pour 500 Million Yuan Into Baiyunshan Pharmaceutical

Guangzhou Baiyunshan Pharmaceutical Holdings Co. (HKG:0874) stock shot up over 10% Tuesday in Shanghai trading and closed almost 17% higher in Hong Kong trading, after the company announced it plans to raise up to 10 billion yuan (USD1.6 billion) by offering its A-shares to investors including Shanghai Yunfeng Xinchuang Investment Management Co., Ltd., a private-equity firm co-founded by Jack Ma, the chairman and founder of Alibaba Group Holding Limited (NYSE:BABA).