Taide Pharmaceutical Co., Ltd agreed to acquire Prometheus Biological Technology Co., Ltd from Guizhou Xinbang Pharmaceutical Co., Ltd. for CNY 31.7 million.
June 14, 2020
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Taide Pharmaceutical (Zhejiang) Co., Ltd agreed to acquire Prometheus Biological Technology Co., Ltd from Guizhou Xinbang Pharmaceutical Co., Ltd. (SZSE:002390) for CNY 31.7 million on June 13, 2020. The company intends to sign an agreement. The parties to the agreement agree and confirm that the Taide pays the Guizhou in two phases in the following manner. In the first period, within fifteen working days after the entry into force of the agreement, Taide pays a 51% of the equity transfer price and the second period is within one year after the completion of the equity transfer, Taide will pay Guizhou the remaining 49% of the equity transfer price. For the period ending December 31, 20219, Prometheus reported total assets of CNY 240.28 million, Total owner's equity of CNY 221.92 million, Operating revenue of CNY 50.3 million, operating loss of CNY 0.76 million, Net loss of CNY 2.25 million. The transaction has been approved by Board of directors of Guizhou.
GUIZHOU XINBANG PHARMACEUTICAL Co., LTD is a China-based company, principally engaged in the research and development, manufacture and distribution of medical products. The Company operates its businesses through three segments. The Pharmaceutical Manufacturing segment is engaged in the manufacture and distribution of Chinese patent medicines, such as Ginkgo Leaves Tablets. The Pharmaceutical Distribution segment includes rapid wholesale business and medicine retail business. The Medical Services segment is engaged in the provision of medical services. It operates its businesses primarily in domestic markets.
GUIZHOU XINBANG PHARMACEUTICAL CO., LTD. 
