As the financial crisis is hitting the world, Hunan-based Laobaixing Pharmaceutical Chain Stores, the drug retail giant of China, successfully raised more than $82 million, becoming a joint venture company. On January 8, Laobaixing announced it has acquired 32 drugstores of Hunan Xiangtan Haicheng Pharmacy Chain Co. Ltd, marking the first step for penetration into the second-tier markets.