Yifeng Pharmacy Chain Co., Ltd. completed the acquisition of a 51% stake in Hunan Jiuzhitang Pharmaceutical Co., Ltd. from Jiuzhitang Co., Ltd..
May 25, 2022
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Yifeng Pharmacy Chain Co., Ltd. (SHSE:603939) agreed to acquire 51% of stake in Hunan Jiuzhitang Pharmaceutical Co., Ltd. from Jiuzhitang Co., Ltd. (SZSE:000989) for approximately CNY 200 million on April 23, 2022. Within 7 working days after the agreement signing, Yifeng Pharmacy Chain Co., Ltd. will pay a deposit of CNY 80 million. After the completion of the transfer, within 7 working days after receiving the Company's payment notice, Yifeng Pharmacy Chain Co., Ltd. will pay CNY 60 million. 4 months after the second payment, after there is no objection to price adjustments (if any), within 7 working days after receiving the Company's payment notice, Yifeng Pharmacy Chain Co., Ltd. will pay the remaining amount. Hunan Jiuzhitang has a total assets of CNY 554 million and net assets of CNY 144 million as of March 31, 2022. This has been approved in the 9th Meeting of Yifeng Pharmacy's 4th Directorate held on April 23, 2022, and does not need the shareholders' approval. This is subject to Jiuzhitang Co., Ltd.'s shareholders' approval.
Yifeng Pharmacy Chain Co., Ltd. (SHSE:603939) completed the acquisition of a 51% stake in Hunan Jiuzhitang Pharmaceutical Co., Ltd. from Jiuzhitang Co., Ltd. (SZSE:000989) on May 26, 2022. Yifeng Pharmacy Chain has settled the part payment and the remaining amount will be settled according to the agreement.
Yifeng Pharmacy Chain Co Ltd is a China-based company principally engaged in the chain retailing of pharmaceuticals, health products, medical equipment and health-related household convenience products. The Company mainly operates through retailing segment. The Company operates direct pharmaceutical chain stores mainly in provinces (or municipalities), including Hunan, Hubei, Shanghai, Jiangsu, Zhejiang and Jiangxi. The retail products of the Company includes pharmaceuticals, medical equipment, health products, health food, personal care products and maternal and child products. The Company is also engaged in the wholesale business through its subsidiary, Hunan Yifeng Pharmaceutical Co., Ltd.