"Harbin is a longtime and trusted partner of GNC, and we are excited to move forward with them in this process as we seek the court . In November 2018, the company announced they would be shuttering up to 900 stores over 3 years. Bankruptcy Court Approves Sale of GNC - Vitamin Retailer ... GNC is being sold to a Chinese pharmaceutical company ... GNC Holdings Inc. can sell its assets to Harbin Pharmaceutical, the Chinese company that owned 40% of its stock, Bankruptcy Court Judge Karen Owens ruled Thursday. References External . Find the latest Harbin Pharmaceutical Group Co., Ltd. (600664.SS) stock quote, history, news and other vital information to help you with your stock trading and investing. The well-known U.S. health- and nutrition-products retailer filed its chapter 11 cases on June 23 after securing a . Unlike GNC's strategy of making dietary supplements as Fast Moving Consumer Goods, Hayao establishes pharmacy . View GNC Holdings.docx from ACG 6175 at Florida International University. GNC Completes Chapter 11 Plan Process - PR Newswire When the news of GNC's bankruptcy was announced, it was well-acknowledged that GNC had a joint venture with China's Harbin Pharmaceutical Group Holding Co., Ltd ("Hayao") beginning in 2018. GNC Forms Joint Venture With IVC to Improve Cost ... GNC: GNC and Harbin Pharmaceutical Announce $300 Million Strategic Investment and China Joint Venture. Plaintiffs contend that Defendants CITIC Capital Holdings Ltd., Harbin Pharmaceutical Group Holding Co., Ltd. Harbin Pharmaceutical Group Co., Ltd., Yichen Zhang, GNC Holdings, the Pittsburgh-based nutritional supplements retailer, received bankruptcy court approval to sell itself to China's Harbin Pharma for $770 million, although the deal still faces U.S. political pressures over how GNC customer data is protected.. Why it matters: It's a reminder that the U.S.-China merger mess goes well beyond smartphone apps, with Sen. Marco Rubio asking for a . In 2018, the Chinese state-owned Harbin Pharmaceutical Group agreed to acquire an approximately 40% stake in GNC. Washington, D.C. — U.S. The investment in GNC and the establishment of a long-term strategic partnership with GNC will help enrich the Harbin Pharmaceuticals' product line, attract outstanding talents, and enhance the company's research and development, production and sales capabilities, the statement said. Senator Marco Rubio (R-FL) sent a letter to U.S. Treasury Secretary Steven Mnuchin to request a full review by the Committee on Foreign Investment in the United States (CFIUS) of the potential acquisition of GNC Holdings Inc. by Harbin Pharmaceutical Group Co., a Chinese pharmaceutical company. PITTSBURGH, Feb. 13, 2019 (GLOBE NEWSWIRE) -- GNC Holdings, Inc. (NYSE: GNC) (the "Company"), a leading global health and wellness brand, announced today that Harbin Pharmaceutical Group Co . GNC Holdings Inc. is moving ahead with a sale to China's Harbin Pharmaceutical Group Co. after no other offers emerged, even as the deal drew scrutiny from Sen. Marco Rubio. Meanwhile, the GNC Stores in Hong Kong are operating as usual and will not be impacted. Harbin Pharmaceutical's $300 Million Investment in GNC Holdings. China's state-controlled drugmaker Harbin Pharmaceutical Group Holding Co <600664.SS> will buy an about 40 percent stake in U.S. nutritional supplements retailer GNC Holdings Inc <GNC.N> for $300 . September 2020 + Harbin Pharmaceutical Group Holding Co. GNC Holdings filed bankruptcy on June 23, 2020. BOSTON--(BUSINESS WIRE)--Nov 14, 2018--UNITE HERE has sent a letter to FDA Commissioner Dr. Scott Gottlieb, urging him to investigate the pending acquisition of a significant stake in vitamin store chain GNC by China's Harbin Pharmaceutical Group. GNC Holdings Inc. got legal permission to sell itself to Chinese sponsor Harbin Pharmaceutical in bankruptcy court despite recent resistance from U.S. political figures. In 2018, the Chinese state-owned Harbin Pharmaceutical Group agreed to acquire an approximately 40% stake in GNC. Market Definitions Harbin Pharmaceutical GroupGNC/Parent organizationsGNC is getting a reboot after its Chapter 11 last year and acquisition by its largest investor, Harbin Pharmaceutical Group. Pennsylvania-based GNC Holdings Inc. received legal permission to sell itself to Chinese sponsor Harbin Pharmaceutical in bankruptcy court, despite recent resistance from U.S. politic al figures, according to Bloomberg.. Bankruptcy Court Judge Karen Owens approved the health and wellness company's plan to sell its assets to its largest shareholder and original bidder, Harbin Pharmaceutical . 2:19 PM. By: GNC | 0 Shares 50 Reads. Dear Secretary Mnuchin: Feb. 13, 2018, 06:00 AM. Posted on February 14, 2018. In addition, GNC and Harbin Pharmaceutical have agreed to form a joint venture for the manufacturing, marketing, sale and distribution of GNC-branded products in China. GNC Completes Chapter 11 Plan Process. Vitamin seller GNC won court approval to sell itself to its largest shareholder, China's Harbin Pharmaceutical Group, despite national-security concerns raised by Sen. Marco Rubio. GNC has been in the business for over half a century and offers an extensive selection of its own high-quality products as well as many other brands. Last week, U.S. Sen. Marco Rubio, R-Fla., sent a letter to U.S. Treasury Sec. GNC Holdings Inc. got legal permission to sell itself to Chinese sponsor Harbin Pharmaceutical in bankruptcy court despite recent resistance from U.S. political figures. On September 18, 2020, the Court hearing the GNC Holdings cases issued an order approving the $770.0mn sale of the Debtors' assets to Harbin Pharmaceutical Group Holding Co., Ltd. (the . Harbin bought a major stake in GNC in 2018, helping to ease the company's debt load, leftover in part from multiple private equity acquisitions during the 2000s. Chinese drugmaker Harbin Pharmaceutical will invest $300 in GNC GNC Holdings Inc (NYSE:GNC) stock is at the top of the New York Stock Exchange (NSYE) -- up 25.5% to trade at $5.26 -- after the . The Chinese company has been speaking with potential advisers about an offer for GNC, the people said, asking not to be identified because the information is private. U.S. The letter details Harbin's history of regulatory violations in China. Harbin Pharmaceutical Group (GNC Holdings Inc.) Rootine Ritual Persona VousVitamins Binto Tespo Mega Foods Nature's Way Naturelo Key Topics Covered: I. Harbin Pharmaceuticals, the second largest pharma co in China, and a minority shareholder of GNC with five members on the board, wants to buy it. The transaction is expected to close in the second half of 2018, subject to customary closing conditions. Steven Mnuchin to request a full review by the Committee on Foreign Investment in the United States (CFIUS) of the potential acquisition of GNC Holdings Inc. by Harbin Pharmaceutical Group Co., a Chinese pharmaceutical company. . Harbin Pharmaceutical Group previously invested $300 million in GNC in Feb. 2018 and was already running GNC's Asian business in Shanghai. Rather than take the bankrupt company to auction as planned, GNC Holdings Inc., operator of GNC supplements stores, has instead decided to sell itself to a Chinese pharmaceutical company known as the Harbin Pharmaceutical Group Holding Co.. GNC canceled the scheduled auction after advising a U.S. Bankruptcy Court that it did not receive any qualified bids other than from an affiliate of its . GNC Holdings Inc. got legal permission to sell itself to Chinese sponsor Harbin Pharmaceutical in bankruptcy court despite recent resistance from U.S. political figures. Rather than take the bankrupt company to auction as planned, GNC Holdings Inc., operator of GNC supplements stores, has instead decided to sell itself to a Chinese pharmaceutical company known as the Harbin Pharmaceutical Group Holding Co. GNC canceled the scheduled auction after advising a U.S. Bankruptcy Court that it did not receive any qualified bids other than from an affiliate of its . On October 7, 2020, GNC Holding Inc. ("GNC") reported the closing of its previously disclosed agreement with Harbin Pharmaceutical Group Holding Co., Ltd. ("Harbin") in which, pursuant to a stalking horse agreement, Harbin agreed to acquire substantially all of the assets of GNC and certain of its subsidiaries. Harbin Pharmaceutical Group, which bought GNC for some $770 million, had . Florida Senator and China hawk Marco Rubio just . Under the terms of the agreement H. The full text of the letter is below. On February 13, Harbin Pharmaceutical Group Holdings Co., Ltd., a pharmaceutical corporation incorporated in the People's Republic of China, and GNC Holdings, Inc., a Delaware corporation and "specialty health, wellness and performance retailer," announced a "strategic investment and China joint venture," whereby Harbin will . In September 2020, Senator Marco Rubio asked the Committee on Foreign Investment in the United States to examine the proposed acquisition on data protection and national security grounds.. As of August 2020, Harbin was a 40% owner of GNC Holding Inc., and in September 2020, acquired the company for $770 million. Harbin Pharmaceutical Group Holding Co., Ltd. is advised by White & Case LLP, Clifford Chance, and Junhe LLP. According to the drugmaker, as of February 13, 2019, it had made three payments to subscribe for GNC's 299,950 convertible preference shares, involving a total . Harbin's interest in GNC had already been cleared by CFIUS review in 2018 when the Chinese pharmaceutical company became the supplement player's majority stakeholder. Steven Mnuchin to request a full review by the Committee on Foreign Investment in the United States (CFIUS) of the potential acquisition of GNC Holdings Inc. by Harbin Pharmaceutical Group Co., a Chinese pharmaceutical company. Specializes in health and nutrition related products, including vitamins, supplements, minerals, herbs, sports nutrition, diet, and energy products. The two sides held a meeting on Friday in Harbin, capital of northeast China's Heilongjiang Province. Harbin Pharmaceutical Group GNC (store) Type subsidiary; Total assets: US$ 2.07 billion (2016) Total equity: US$ -95.05 million (2016) Number of employees ~16,800 (2016) Parent: Harbin Pharmaceutical Group: What type of company is GNC? Research Scope. Harbin Pharmaceutical Group, China's largest drug maker, holds of 41 percent voting interest in GNC's stock and was initially established as the stalking horse bidder to support the bankruptcy auction sale. Recently GNC, an 85-year-old supplements seller, filed for bankruptcy, claiming coronavirus lockdowns triggered a "dramatic negative impact . The troubled retailer entered Chapter 11 bankruptcy in June with a "prepackaged" plan that included . GNC Holdings, Inc. (NYSE: GNC) (the "Company") today announced it has reached an agreement regarding a strategic partnership and China joint venture agreement with Harbin Pharmaceutical Group Holding Co., Ltd ("Hayao"), a leading pharmaceutical company in China.Under the terms of the agreement Hayao will invest approximately $300 million in GNC, becoming the single largest shareholder . Harbin Pharmaceutical, GNC's largest shareholder and China's largest drug maker, is now expected to close on the sale by the end of the year. Status: Upcoming/New Filing. A bankruptcy court judge on Thursday approved the sale of troubled Pittsburgh vitamin and health supplements maker GNC Holdings Inc. to China-based Harbin Pharmaceutical . The company is searching for new office space that will be a "better fit for the future," Mr. Burris said at the time. Harbin Pharmaceutical Group In September 2020, the bankruptcy court in Delaware approved the sale of GNC for $770 million to Harbin Pharmaceutical Group. (600664.SH) announced late Sunday that its investment in GNC Holdings, Inc. (GNC) of the United States had caused a loss of 1.165 billion yuan.. Most relevant news about GNC HOLDINGS, INC. GNC Announces New Global Headquarters and Plans to Hire 100+ Employees in Pittsburgh to.. Harbin Pharmaceutical Group Holding Co., Ltd. completed the acquisition of substantiall.. All news about GNC HOLDINGS, INC. AB IGNITIS GRUPE : EU General Court Annuls Ignitis' Designated Supplier Scheme in Lithuani.. GNC Holdings has canceled its planned auction and will move ahead with plans to sell itself to China-based Harbin Pharmaceutical Group, according to bankruptcy court filings.A hearing for the deal is scheduled for Sept. 17, but political figures have voiced concern about a potential sale. Bankruptcy Court Judge Karen Owens approved the health and wellness company's plan to sell its assets to its largest shareholder and original bidder, Harbin Pharmaceutical . GNC, its lenders and China-based Harbin Pharmaceutical Group Holding Co., an affiliate of the company's largest shareholder, have also reached an agreement to sell GNC in a court-supervised . Falling revenue Despite the big news on the corporate structure front, GNC's financial report was disappointing. 3. Elsewhere in Australia, it has partnered Rapid Nutrition and Guardian in India in selling of its products. PITTSBURGH, Feb. 13, 2019 (GLOBE NEWSWIRE) -- GNC Holdings, Inc. (NYSE: GNC) (the "Company"), a leading global health and wellness brand, announced today that Harbin Pharmaceutical Group Co . Sep 17, 2020. Posey's office is now calling for further review, noting the updates . Nutra Manufacturing Nutra Manufacturing is the manufacturing division of General Nutrition Centers (GNC), the largest global specialty retailer of nutritional products; including vitamin, mineral, herbal, sports nutrition, and diet and energy products. BEIJING, June 22 (Xinhua) -- Chinese drugmaker Harbin Pharmaceutical Group Co.,Ltd. In September 2020, Senator Marco Rubio asked the Committee on Foreign Investment in the United States to examine the proposed acquisition on data protection and national security grounds.. In November 2018, the company announced they would be shuttering up to 900 stores over 3 years. GNC Holdings, Inc. (NYSE: GNC) (the "Company") today announced it has reached an agreement regarding a strategic partnership and China joint venture agreement with Harbin Pharmaceutical Group Holding Co., Ltd ("Hayao"), a leading pharmaceutical company in China. GNC had long struggled with . After announcing its bankruptcy, GNC closed around 1,200 stores. Dear Secretary Mnuchin: This will give GNC access to Harbin's pharmacy sales channel, he added. Harbin develops and manufactures pharmaceuticals in China and internationally. Evercore, an investment banking advisory firm, Harbin Pharmaceutical Group, a majority shareholder of GNC Holdings, members of GNC's senior management and other defendants were hit with a civil . "We have been working closely with Josh and Cam since Harbin Pharmaceutical Group Holding Co., Ltd. acquired GNC in 2020, and are impressed by the strides their teams have made in evolving GNC's . On Sept. 10, . Who manufactures GNC? GNC Holdings Inc.'s Chinese investor, Harbin Pharmaceutical Group Co., is considering a potential bid to take the U.S. vitamin and supplement retailer private, people with knowledge of the . GNC said it has agreed in principle with many lenders to sell itself to an affiliate of its largest shareholder, Harbin Pharmaceutical Group Co, for $760 million in a court-supervised auction . which in 2016 carried $1.6 billion in funded debt — a figure it managed to get under $1 billion through a deal with Harbin Pharmaceutical Group that brought in a major . shareholders of GNC who owned Class A Common Stock during February 13, 2018 and June 23, 2020, excluding entities and individuals named as Defendants in this action. GNC Holdings, Inc. (NYSE: GNC) is a leading global health and wellness brand that provides high quality science-based products and solutions consumers need to live mighty, live fit, live long and live well. On August 20, 2020, the US bankruptcy court ruled the stalking horse agreement between Harbin Pharmaceutical Group Holding Co. Ltd. (Harbin) and GNC Holdings Inc. (GNC) to be satisfactory. Meanwhile, The Vitamin Shoppe concluded its selling to Franchise Group Inc. in Dec. 2019, affording the company a better sense of protection as it navigated the global health crisis. Are GNC products real? GNC Holdings has canceled its planned auction and will move ahead with plans to sell itself to China-based Harbin Pharmaceutical Group, according… 1 year ago; GNC To Enter 'Pre-Packaged' Chapter 11 Bankruptcy Process. Downtown-based GNC Holdings Inc. announced two new appointments to top leadership positions following the company's restructuring and sale to China-based Harbin Pharmaceutical Group last year. About GNC . GNC has recently completed a transaction to form a joint venture with Harbin Pharmaceutical Group to strengthen its presence in China's huge supplements market. II. (GNC) of the United States are in talks to form a joint venture to explore the Chinese health products market. "The Chinese government engages in persistent efforts to obtain a broad . GNC completed a $770 million sale of substantially all of its assets via a 363 asset sale to China-based Harbin Pharmaceutical Group Holding Co., Ltd., and was able to emerge from bankruptcy after just over four months. Creates long-term strategic global partnership and establishes . Sale to Harbin Pharmaceutical Group yields stronger balance sheet, optimized store footprint, opportunities for international expansion and brand investment . GNC said it has agreed in principle with many lenders to sell itself to an affiliate of its largest shareholder, Harbin Pharmaceutical Group Co 600664.SS, for $760 million in a court-supervised . global specialty retailer Last week, U.S. Sen. Marco Rubio, R-Fla., sent a letter to U.S. Treasury Sec. GNC, a health and nutrition products retailer . Shares of Pittsburgh-based GNC jumped as much as 16.83% to $2.43 before closing up 10.10% to $2.29, while Harbin's stock rose as much as 1.32% in Shanghai to 3.83 Chinese yuan before closing up 0.79% to 3.81 yuan. Harbin Pharmaceutical is the second biggest drug maker in China. GNC and Harbin Pharmaceuticals received approval in 2018 for the transaction when Harbin became GNC's majority shareholder. HARBIN - China's Harbin Pharmaceutical Group Holding Co, Ltd (Hayao) and GNC Holdings,Inc. Throughout the Chapter 11 proceedings, filed on June 23, GNC and its attorneys worked with unsecured creditors, landlords and other parties to resolve objections before the conflicts . In China, Harbin Pharmaceutical Group Holding is its largest single shareholder. GNC Holdings On June 23rd, 2020 GNC Holdings filed for Chapter 11 (reorganization) bankruptcy. GNC's Future with China Partner. GNC and Harbin Pharmaceutical Announce $300 Million Strategic Investment and China Joint Venture. 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