Yunnan Baiyao Group

Yunnan Baiyao Group Co., Ltd is a Chinese pharmaceutical company that develops and manufactures pharmaceutical products (mainly traditional Chinese medicine) and the wholesale and retail of pharmaceutical products.

The Government Pension Fund of Norway has excluded the company from investments since 21 December 2021, since the company "uses and sells body parts from pangolins which is a globally endangered species".

As of 2024 state, individual investors hold 29% of the shares and private companies hold 35%. The three largest shareholders hold 58 per cent of the company's shares.