Ping An Insurance (SHA:601318, HKG:2318) fully withdrew from its joint venture with Shionogi (TYO:4507), making the Japanese drugmaker's Hong Kong unit the sole owner of Ping An-Shionogi, YiCai Global reported March 14.
Shionogi acquired Ping An's 49% stakes in both the Shanghai and Hong Kong joint ventures, dissolving the partnership due to differing business goals, according to the report. While Ping An Insurance focuses on insurance, Shionogi aims to expand drug development in China.
Despite ending the joint ventures, Ping An Insurance retains its equity stake in Shionogi, YiCai Global wrote.
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