(Yicai Global) July 24 -- Subsidiaries of Greenland Holdings and Shanghai Pharmaceuticals Holding have struck a deal to work together in the Chinese medicine, pension and health management sectors in Guizhou province.

Greenland Health Industry Group and Shanghai Traditional Chinese Medicine will cooperate to promote various health food and products, daily necessities and beauty products through their pension programs and health management institutions, China Securities Journal reported.

The Shanghai Pharma unit will also help Greenland Health's Guizhou Medicinal Material develop a local market for Chinese medicines and build standardized planting facilities, the report added. Greenland holds a 70 percent stake in Guizhou Medicinal Material after purchasing a 60 percent share then making a capital injection on May 27.

Greenland Health will continue to develop its medical services, traditional Chinese medicine and technology businesses through capital operations, mergers and acquisitions, according to its parent firm.

Editor: James Boynton