GNC Surges After $300 Million Investment From China’s Harbin (2)

GNC Holdings Inc., the vitamin retailer that’s been struggling with more than $1 billion of debt, rose as much as 36 percent after lining up a $300 million investment from Harbin Pharmaceutical Group Holding Co. to expand its Chinese operations.

The China-based company, known as Hayao, will become GNC’s single largest shareholder, Pittsburgh-based GNC said in a statement Tuesday. The joint venture will help GNC with the manufacturing, marketing, sale and distribution of its branded products in China. Composed of newly issued convertible perpetual preferred shares, the investment will be used by GNC to repay outstanding debt, among other general ...