Hayao picks 40% stake in GNC, to also form new JV

Harbin Pharmaceutical Group Holding Co Ltd, better known as Hayao, said it will invest about $300 million in GNC Holdings Inc, potentially becoming the single largest shareholder in the US company with a 40-percent stake.

The GNC board will be expanded to 11 members, including CEO Ken Martindale and five each from GNC and Hayao.

New York Stock Exchange-listed GNC is a health and wellness supplements brand with a presence in 9,000 locations across 50 countries. Hayao has a China-wide coverage with retailing network covering 300,000 pharmacies in 2,500 counties.