Reed Exhibitions and Sinopharm Launch Joint Venture
China National Pharmaceutical Group Corporation (Sinopharm) and Reed Exhibitions, the world’s leading exhibition organizer, reached an agreement on Monday to engage i a major joint venture in the Chinese exhibition industry.
Sinopharm will sell Reed Exhibitions a 50 percent share of its subsidiary, the China Pharmaceutical Exhibition Corporation (CPEC), to establish the new joint venture, which will be called Reed Sinopharm Exhibitions Co. Ltd.
Sinopharm is the leading Chinese company in the research, manufacture and distribution of pharmaceuticals and medical instruments. CPEC, a subsidiary of Sinopharm, is an organizer of trade shows and events for pharmaceutical products, medical devices and other healthcare products. As the world’s largest trade exhibition organizer, UK-based Reed Exhibitions is a subsidiary o Reed Elsevier, a world-leading publisher of scientific, medical, educational, legal and business-to-business content.
“The exhibition industry is a sunrise industry and it has the power to stimulate the growth of othe sectors,” Zheng Hong, Chairperson of Sinopharm said at the press conference Monday. “China’s reform policies have given impetus to the domestic exhibition industry which is expanding at 20 per cent every year and whialso has opportunities worldwide.” Zheng stressed that because it owns 11 well-known exhibitions in the fields of pharmaceutical drugs, medical equipment, and related areas, Sinopharm has built good relations with government, customers, associations and public media, as well as acquiring valuable experience in the organization of shows. Reed Exhibitions runs many large international events with great professional expertise. Therefore, Reed Sinopharm is ideally placed to take advantage of the resources of both parent companies.
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