Biocytogen Pharmaceuticals (Beijing) (SHA:688796, HKG:2315) plans to raise its capital in its subsidiary, Biocytogen Jiangsu Gene Biotechnology, by 550 million yuan through debt-to-equity conversion, according to a Wednesday disclosure on the Shanghai bourse.

The capital increase will include 165 million yuan as registered capital and 385 million yuan as capital reserve.

After the transaction, Biocytogen Jiangsu's registered capital will increase to 176.1 million yuan from 11.1 million yuan.

The pharmaceutical company's shares dropped less than 3% at the close.