GNC receives full funding of $300M investment by Harbin Pharmaceutical
GNC Holdings announced that Harbin Pharmaceutical Group Co has completed the final $150 million investment of Hayao's previously announced $300 million strategic investme in the Company. The Company also announced the formation of the Hong Kong-based China e-commerce joint venture with Hayao. As previously announced, Hayao completed the funding of the first $150M of its strategic investment in GNC in two installments: $100M on November 8, 2019 and an additional $50M on January 2, 2019. The formation of the Hong Kong-based China e-commerce joint venture represents the first and most significant step towards the completion of the China joint venture previously announced by the Company. The parties expect to complete the formation of the second, retail-focused joint venture located in China following the completion of certain routine regulatory and legal requirements, expected in the second or third quarter of 2019. The closing of the Hayao Investment represents the culmination of a year-long effort to complete the partnership between Hayao and the Company and enhances the Company's capital position.