Private equity firm Yunfeng Capital has agreed to participate in an RMB10 billion (US$1.6 billion) financing round for China-based pharmaceutical manufacturer Guangzhou Baiyunshan Pharmaceutical Holdings. Baiyunshan’s controlling shareholder, state-owned Guangzhou Pharmaceutical Holdings Limited (GPHL), agreed to contribute RMB3.5 billion (approximately US$571 million), while Yunfeng will invest RMB500 million (approximately US$82 million). Other investors include China Life Insurance, state-owned Asset Development Holdings and private asset manager China Universal Asset Management. All investors are subject to a three year lock-up period upon completion of the transaction. Baiyunshan intends to use the proceeds for research and development and to refinance the company’s beverage unit.