Baicheng Pharmaceutical announced that the company plans to jointly invest and establish a joint venture with the related party Shenzhen Intelligent Pharmaceutical Technology Co., Ltd., with a registered capital of 20 million yuan. The company will invest 14 million yuan of its own capital to hold 70% of the shares, and Smart Drug Technology will invest 6 million yuan to hold 30% of the shares. This related transaction has been reviewed and approved by the board of directors. There is no need to submit it to the shareholders' meeting for consideration, and it does not constitute a major asset restructuring. Once the joint venture is established, it will be included in the scope of consolidated statements.

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