After raising more than US$82 million in venture capital investment last October, Hunan Laobaixing Pharmacy, the largest retail pharmacy chain in China by revenue size, has been on an acquisition spree in order to facilitate its IPO target in 2011.

The company acquired 32 retail pharmacy outlets of Xiangtan Haicheng Pharmacy in Xiangtan, Hunan province for over CNY 20 million at the beginning of this year and made more acquisitions in Guangdong province thereafter. Its acquisition target is 200 retail stores in 2008 and there may be an additional one or two major acquisition deals coming up in the second half.

Hunan Laobaixing now has more than 300 retail pharmacy outlets nationwide and its anticipated revenue this year is between CNY 2.6 and 2.8 billion.