Chindex International sold $14 million of its shares to another Chinese medical concern as part of its plans to form a new joint venture, the company said Friday.
The medical device maker said in June that it was teaming up with Shanghai Fosun Pharmaceutical Co. Ltd. to manufacture and distribute medical devices in China.
Fosun will buy the shares, giving it a 20 percent ownership stake. The joint venture will operate Chindex's Medical Products division and some of Fosun Pharma's medical device businesses.
Chindex will have a 49 percent stake in the joint venture.
Chindex shares rose 46 cents, or 3.5 percent, to $13.55 in morning trading. The stock has traded between $9.94 and $16.25 over the last 52 weeks.