Ping An Insurance (Group) Co Ltd bought 6.356 million shares from Japanese pharmaceutical company Shionogi Inc as a move to expand into the healthcare sector.
The 2.18 billion yuan (33.53 billion yen) deal will make Ping AN, The seventh-largest shareholder of Shionogi Inc. Founded in 1878, it is a leading pharmaceutical company in Japan dedicating to the development, production, and sales of drugs.
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