China Medicine Corporation of Guangzhou said Q1 results show a 54% increase in net income ($1.2 million) on revenues that were 39% higher ($7.1 million) than the same quarter a year ago. China Medicine said its improved financial performance was helped by an expansion of its distribution network to include the rural areas of its home base in Guangdong Province. The company was also able to take advance of the online bidding process to increase its provincial distribution rights in Q4 of 2007. More details...

Stock Symbol: (OTCBB: CHME)

ShanghaiBio Corporation, a maker of diagnostic tools that is getting into the CRO business, said it expects to make its IPO sometime during the next year. ShanghaiBio, also known as Shanghai Biochip, claims to be one of the largest biotech companies in China. SBC started by making biochips. In fact, the company is the National Engineering Center for biochip design and engineering in Shanghai. Now, SBC is branching out into the CRO business, primarily in the pre-clinical area, and revenues for this division, though still small, are on the upswing. More details... 

Stock Symbol: (NYSE: WX)

Guangdong Jiaying Pharmaceutical has been approved to make its IPO on the Shenzhen stock exchange. The company will issue 20.5 million shares, which will represent 25% of the outstanding shares after the IPO. The five owners of Jiaying have agreed to a 36-month lockup of their personal holdings in the company. Jiaying plans to raise a total of 175 million RMB ($23.6 million) in the offering, implying a price of 8.5 RMB per share. Jiaying will use the money to expand its production facility and build a distribution center. More details...

After the closing bell yesterday, Benda Pharmaceutical reported the company’s gene therapy for cancer, Gendicine®, was doing well in clinical trials in India. Benda said Gendicine® had “passed major milestones,” and Benda expects the drug to eventually be approved for sale in India during 2008. Nevertheless, Benda sold off 30% in today’s trading, hitting a new 52-week low. ChinaBio(tm) Today found out that the selling came from an unrelated source: the shares from a one-year-old, $12 million PIPE transaction were free to trade today and some investors were cashing out.  More details...

Stock Symbol: (OTCBB: BPMA)

China Pharma, headquartered in Haikou, Hainan Province, has been an outstanding performer of late. In mid-summer the stock had wandered down to the $1.50 level, but then recently – really in the three weeks since very late in September – the shares have rocketed up to over $3.50 each. Today, China Pharma closed up another 5% or 19 cents at $3.72, but it may still represent a bargain. More details... 

Stock Symbols: (OTCBB: CPHI)