Traditional pharma firm furthers reform efforts

Mixed-ownership helps Yunnan Baiyao respond quicker to global competition

Yunnan Baiyao, the Kunming-based manufacturer of healthcare products, has had two spectacular decades.

Since 1993, the year it became a listed company, its revenues have gone up 418 times and net profits have risen 240 times. Still, the company decided to create a mixed-ownership structure and to become much more market-oriented, so that it can adapt to internationalization and to the reforms of China's healthcare system.