GNC shares soar premarket as it reaches deal on $300 million investment by China's Hayao
Shares of vitamin and supplements retailer GNC Holdings Inc. soared more than 13% in premarket trade Wednesday, after it said it has reached a deal with China's Harbin Pharmaceutical Group Co., Ltd., or Hayao, regarding a previously announced $300 million investment. Hayao will fund its investment in three tranches, starting with an initial $100 million to be made by Nov. 9. The money will be used to create joint ventures in Hong Kong and Mainland China. Hayao has secured the required foreign exchange registration. It will invest a second tranche of $50 million by Dec. 28, followed by a final $150 million by Feb. 13, 2019. GNC shares have gained 6.2% in 2018 through Tuesday, while the S&P 500 has gained 3.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.