Shanghai Pharmaceuticals (SHA:601607, HKG:2607) subsidiary Shanghai Pharmaceutical Holdings will sell a 41% stake in subsidiary Shanghai Pharmaceutical Yiyao Pharmaceutical (Shanghai) for 329.8 million yuan via a public listing, according to a Saturday filing with the Shanghai bourse.

Following the transaction, Shanghai Pharma Holdings' ownership in the unit will drop from 51% to 10% and Shanghai Pharmaceutical Holdings will no longer be part of its financial statements.