ZKIZ Archives


雅各臣(2633)專區

1 : GS(14)@2016-04-20 16:12:29

https://hk.news.yahoo.com/%E5%87 ... 15534--finance.html

  另外,保濟丸、唐太宗活絡油等中成藥生產商雅各臣科研製藥,昨日向港交所(388)遞交上市申請,擬於主板上市,保薦人為中銀國際;集資所得擬用於收購、擬提升廠房及科研等。雅各臣為本港最大的非專利藥公司,市佔率超過20%,該公司自2012年起為醫院管理局非專利藥最大供應商。
2 : GS(14)@2016-04-20 16:13:26

https://webb-site.com/articles/townhealth.asp
Town Health Warning
19 November 2000

Browsing through our pile of fresh prospectuses the other day (this is our idea of entertainment), we noticed a few unusual aspects to Town Health International Holdings Company Ltd (Town Health). This company bills itself as:
"a management service provider for private medical and dental practices and an integrated healthcare service provider for the general public in Hong Kong".
Great, you might think, another doctor's chain to provide an alternative to Quality Healthcare Asia. Private healthcare is the future, right? We'll tell you why we wouldn't touch this company through three pairs of latex gloves.
The missing shareholder
One thing that caught our eye in the list of "initial management shareholders" was a BVI company called Jacobson Medical Corporation (Jacobson MC). This company was 15% owned by Town Health's executive director Derek Sum Kwong-yip (Mr Sum), and 85% owned by a person known only as "the 85% shareholder of Jacobson" or "the controlling shareholder of Jacobson". This was despite the fact that the mystery person was deemed to be an Initial Management Shareholder and is subject to a 6-month lockup on the shares.
Now whenever we see efforts to avoid disclosure, alarm bells ring. Regular readers will recall that we saw a similar omission from the Panda-Recruit prospectus, and it turned out that the missing link was a director's family trust.
Jacobson MC owns 34,924,479 shares in Town Health, or 8.72% of the company. It acquired them from Dr Cho Kwai Chee, the group's Chairman and Founder, as a result of an exchangeable note which he agreed on 10-Dec-99 to sell to Jacobson MC for $16,440,813. On 30-Sep-00 the note was exchanged for shares. The average price per share is about $0.471.
Mr Sum, a pharmacologist, is also the Managing Director of Jacobson Medical (Hong Kong) Limited (Jacobson HK), which is described as "an associate of Jacobson [MC]". He has also been an executive director of HK-listed printed circuit board maker Suwa International Holdings Limited (Suwa) since 3-Jan-00. Mr Sum was promoted to Vice Chairman of Town Health on 13-Nov-00.
Not only was Jacobson MC an Initial Management Shareholder of Town Health, but the prospectus disclosed that "one of [the] five largest suppliers is controlled by the controlling shareholder of Jacobson [MC]", still without telling us who that controlling shareholder was. Those five suppliers accounted for 51% of the Group's total purchases of pharmaceutical products in the year to 31-Mar-00.
The prospectus continued to make a statement which we later find to be false:
"none of the Directors...has any interest in the Group's five largest suppliers..."
Four weeks later...
On 16-Nov-00, four weeks after Town Health began trading on the GEM, the company announced the proposed acquisition of 80% of Jacobson HK for HK$18.144m in cash. Jacobson HK has net assets of just $1.16m and made a loss after tax of HK$750,913 in the year to 31-Mar-00.
The announcement disclosed that Mr Lau Wing-hung (Mr Lau) was the 85% shareholder of Jacobson MC whom the prospectus had omitted to name. Webb-site.com can also reveal that Mr Lau, who is also known as Johnny Lau Wing-hung, is the Chairman and largest shareholder of Suwa, of which Mr Sum is a director. It's all beginning to make sense.
In addition, it now became clear that the top-five supplier referred to in the prospectus was none other than Jacobson HK, of which Mr Sum is Managing Director. Not only that, but what we are now told is that Mr Sum is beneficially interested in 10% of Jacobson HK. That's a direct contradiction of the statement in the prospectus, that none of the Directors had any interest in any of the Group's five largest suppliers.
In fact, of the 80% of Jacobson HK that is being sold to Town Health, 70% comes from Mr Lau and 10% from Mr Sum. However, one quarter of the payment goes to Mr Sum, so in effect, he's getting a commission of HK$2.268m on Mr Lau's sale, thereby doubling his proceeds.
The IPO raised only HK$38m, net of expenses, so almost half of this amount is being spent on Jacobson HK. We are asked to believe that Town Health and its directors had no intention of making this acquisition when they closed the IPO on 12-Oct-00. What a difference a month makes.
Cheung Kong's blessing
The tiny IPO was massively oversubscribed, and on first glance you might think this was a rare GEM success story. After all, the shares soared from the IPO price of $1.25, reached $4.70 and are now at $2.25. But a lot of this enthusiasm may be attributable to the fact that Li Ka-shing's Cheung Kong (Holdings) Ltd (Cheung Kong) had blessed the deal with an investment of its own money. The IPO was sponsored by CEF Capital and First Shanghai Capital. CEF is 50% owned by Cheung Kong.
Look harder and the story is less impressive. Cheung Kong agreed back on 6-Jul-00 to subscribe 9.9% of the post-float shares, for up to $9.9m. That works out at just $0.25 per share, and the subscription was not completed until 3-Oct-00, just 6 days before the prospectus was published. The payment was to be determined by reference to "the market capitalisation upon listing" - in other words, by reference to the IPO price - and adjusted downwards if necessary. Luckily this turned out to be $1.25, so Cheung Kong paid the full $9.9m and got the shares at a whopping 80% discount.
On top of the share subscription, on 20-Sep-00 Cheung Kong also agreed to subscribe a convertible note in Town Health, to be issued on 17-Oct-00, the day before dealings in the shares began. The note for HK$31,562,500 is convertible until 31-Jul-02 at $0.625 per share, or a 50% discount to the IPO price. If the note is not converted by Cheung Kong, then Town Health has to redeem it on maturity at 125% of principal - in other words, the yield to maturity is about 13.31% per annum. No coupon was specified in the prospectus so we presume it is interest-free. If Town Health fails to redeem the bond, then interest becomes payable at 15% per annum.
The prospectus states:
"the directors of Town Health believe that the establishment and maintenance of a strategic relationship with Cheung Kong... will facilitate the Group in identifying suitable locations for the expansion of the Town Health Centre Network"
We thought that's what estate agents are for. It reminds us of Timeless Software's famous explanation of why they were blowing 40% of their IPO money on the 79th floor of Cheung Kong's development in Sheung Wan.
So there you go - if you think Cheung Kong's endorsement makes Town Health a good deal, well maybe for them, at $0.25 per share, but not at the IPO price. It is high time the public woke up to the idea that what's good for a tycoon is not necessarily good for them. This is not the first time - remember that the Li Ka-shing Foundation was also an investor (at a 26% discount) in iSteelAsia.com, which now trades at 53% below its IPO price.
© Webb-site.com, 2000
3 : GS(14)@2016-04-20 16:13:56

https://webb-site.com/articles/townhealth2.asp
Second Opinion
20 June 2001

It's time for a second look at local medical chain Town Health International Holdings Ltd (Town Health, 8138) which entered our surgery back in November 2000, when we recommended some pretty stiff medicine.
Four weeks after its IPO, the company announced a plan to spend almost half its IPO proceeds on an acquisition of a health products distributor from a related party.
We criticised the Company for failing to disclose in its prospectus the identity of one of the company's Initial Management Shareholders, Johnny Lau Wing Hung (Mr Lau), who is the Chairman of Suwa International Holdings Ltd (Suwa). We pointed out that Town Health's Vice Chairman, Derek Sum Kwong Yip (Mr Sum), is also an Executive Director of Suwa.
Mr Lau and Mr Sum owned 85% and 15% respectively of Jacobson Medical Corporation (Jacobson), which at the IPO held 34.9m shares of Town Health, or 8.72% of the company. We also noted that the original announcement of the deal stated that Jacobson Medical (Hong Kong) Ltd (Jacobson HK), in which Mr Sum had a 10% interest and was Managing Director, was one of the top 5 suppliers to Town Health, which contradicted a prospectus statement that none of the directors had any interest in the top 5 suppliers.
Town Health's response
The day after our article, Town Health put out a "clarification". In a hilarious twist of logic, they said that
"the identity of Mr Lau... was disclosed in the prospectus on an anonymous basis."
Gee, the lawyers must have worked long and hard on that one. The company also stated that (contrary to the first announcement) Jacobson HK is not one of the five largest suppliers of the group. Without actually naming the supplier they were referring to, they said that Mr Lau owns 51% of it and the other 49% is owned by an "independent third party", although Mr Sum is a director of the supplier. They did not mention whether that ownership was the same at the time of the IPO.
Anyway, the Stock Exchange muttered its usual stuff about "reserves the right to take action against the Company, the Directors and any relevant parties for possible breach of the GEM Listing Rules" - and nothing more was said.
You'll be pleased to hear that 18 days later, Town Health announced that the deal was scrapped.
Next Deal
On 9-Feb-01 Town Health announced the purchase of a 46.43% stake in Luxembourg Medicine Co Ltd (Luxembourg) from a BVI company owned by "an individual" who is an "independent third party". In a later circular, the individual was named as "Ms. W.M. Fung". The vendor retained 45.02% while the remaining 8.55% was owned by 6 other "independent third parties".
Luxembourg's principal business is the manufacture and sale of cough syrup under the brand name "Madam Pearl's". According to an import alert by the US FDA, the product contains Codeine, an ingredient specially regulated because of its abuse potential. The product is a registered pharmaceutical in Hong Kong.
The price on the deal was HK$39m in cash, just more than Town Health's net IPO proceeds of $38m, although the company insists that the deal was funded from "internal resources other than the proceeds of [the IPO]". This avoids any implication that there has been a change of intended use of the IPO proceeds.
Luxembourg had audited net assets at 31-Dec-99 of only HK$0.42m, which had risen to $8.01m (unaudited) at 30-Nov-00 (presumably based on 11 months' earnings), meaning that Town Health's share was $3.72m.
The turnover and earnings of Luxembourg had been falling, with net profits down from $21.3m in 1998 to $13.6m in 1999 and an unaudited $8.6m in the 11 months to 30-Nov-00. Despite this slump, Town Health described the business as "promising" and said the consideration was reportedly agreed "having regard to the future growth prospects".
Another deal
On 28-Mar-01 Town Health announced the purchase of a 24% stake in century-old Wai Yuen Tong Medicine Co Ltd (WYTM) from HK-listed Wang On Group Ltd (Wang On).
There's an interesting history to this deal. On 22-Dec-00 Wang On announced that it had agreed to buy a 99.79% stake in WYTM from a BVI company called Bio-Project Ltd (BPL), whose owner was not identified.
WYTM is principally engaged in the business of manufacturing, processing and retailing Chinese medicine which includes products sold under its own brand name "Wai Yuen Tong". Net assets at 31-Dec-99 were HK$35.9m and net earnings were $9.6m in 1998 and $10.3m in 1999.
In fact, Wang On had paid the entire $127m purchase price, or 41.8% of its own net assets, as a "loan" in instalments on 3-Nov-00 and 29-Nov-00, but shareholders did not hear about it until 22-Dec-00 and had not yet approved the deal. They eventually did so on 27-Feb-01. Wang On had breached the Listing Rules by failing to disclose the loan. As usual the Stock Exchange "reserved its right to take further action against the Company and/or its director" and nothing more was said.
Now back to Town Health. In its own announcement, it disclosed the owner of BPL was "Mr Chan Ken". As a result of the deal, Town Health owns 24% of WYTM purchased from Wang On, which retains 75.79%, while 3 individuals own the remaining 0.21%. The purchase price is $30.06m in cash, of which $25.06m came from "internal resources" and the other $5m from the IPO proceeds. Town Health this claimed this was in line with the prospectus plan to utilise $5m to "partially fund the establishment and/or acquisition of not less than three traditional Chinese medicine consultation centers". We think it is a bit of a stretch to relate that to an investment in a medicine maker and retailer.
Earnings of WYTM were $9.45m in 1998 and $9.14m in 1999, rising to $11.56m (unaudited) in the 11 months to 30-Nov-00.
Jacobson Unloads
Now remember Jacobson, the shareholder which held 8.32% of Town Health after the IPO? They were subject to the 6-month lock-up on their holding under the GEM rules (as waived from the original rule of 2 years). The day that lock up expired, Jacobson began to unload its shares, selling 2.644m shares on 18-20 Apr-01 as the price dropped from $1.20 to $0.64, then 2.83m shares on 23-Apr-01, and 1m shares on 24-25-Apr-01. As Jacobson's stake is below the antiquated 10% disclosure threshold, we only know this because the company was forced to announce possible reasons for the market volatility.
Placing
When we issued our wealth warning on this stock on 19-Nov-00, the price was $2.25. Having outlayed $69m of cash on the two acquisitions, of which $64m was from "internal resources", those resouces must have been getting low.
On 3-May-01 Town Health decided it was time to raise more cash from the market, having seen the price slide 78% from our warning to $0.50. They announced a placing of 50m existing shares from the controlling shareholder at $0.45, matched by a subscription of 50m new shares at the same price (less expenses).
The placing by Great China Brokerage Ltd went to a total of 20 placees. A total of 24.5m of these placing shares (49% of the issue) went to employees or directors of the placing agent and their spouses, and unusually, a partial breakdown of the placing list was disclosed in the announcement.
Next, it was announced on 8-May-01 that Jacobson had sold another 13.09m shares, or 3.27% of Town Health.
SFC says No
Now as a result of the placing of 50m existing shares, Origin Ltd, the controlling shareholder of Town Health, saw its stake drop from 49.12% to 36.62%, just above the 35% that it had undertaken to maintain for 12 months after the IPO. It was intended to increase this back to 43.66% by the subscription of the same number of new shares. However, as that is more than a 5% increase, it requires the consent of the SFC under the Takeover Code. This consent is normally given, subject to:
"confirmation from the financial adviser or placement agent of the controlling shareholder of the identity of the placee or placees and whether they are independent".
In other words, to qualify for the waiver, the placing has to at least appear to be with independent placees. Now on 16-May-01 Town Health announced that the SFC was not yet satisfied, and it was extending the deadline for the subscription by 3 weeks, to 7-Jun-01, with the consent of the Stock Exchange, which normally requires these deals to be done within 14 days after the placing. A second extension of 2 more weeks was announced on 7-Jun-01.
Finally, on 14-Jun-01, the SFC told the controlling shareholder that it was not satisfied that the placees of the Placing are independent of the controlling shareholder.
To us, this statement carries the implication that the SFC believes there may be some connection or understanding between one or more placees and the controlling shareholder and it has not been satisfied to the contrary. The SFC is prohibited from commenting on the case.
Accordingly, on 15-Jun-01 Town Health announced that it would scale back the subscription to 34m shares so that Origin's stake only increased by 4.96% to 41.58%, within the 5% limit of the annual "creeper" allowance under the Takeover Code. That means that a bid waiver is no longer required and they don't need to care about what the SFC thinks.
Stock Exchange says Yes
Despite the SFC's ruling, the Stock Exchange has not said that the placing and subscription in any way amounts to a connected transaction. Instead, they have treated it as a normal issue under the general mandate, and the GEM Listing Committee granted approval of the subscription which was completed on 18-Jun-01.
Split Regulation
So let's see: the SFC smells a problem, and says that it is not satisfied that the placees are independent, but the Stock Exchange in effect says that it is satisfied, by granting approval of the listing of the new shares without treating the deal as a connected transaction. The SFC only rarely goes so far as to block a placing, and is likely to have acted with good reason.
This highlights the ongoing rift between the two bodies. Webb-site.com pointed out the problem in an article back in Jul-99 during the merger process which gave rise to Hong Kong Exchanges & Clearing Ltd, the parent of the SEHK.
The Stock Exchange is now one of the World's only for-profit regulators, and should not be in control of the listing process. There is a direct conflict of interest between the short-term maximisation of profits (achievable by minimising regulatory expenditure and relaxing rules to increase listings) and the long-term quality of market regulation. In London, this conflict of interest was recognised and the Listing Authority was transferred from the London Stock Exchange to the Financial Services Authority when the exchange was turned into a for-profit company. Hong Kong has yet to learn that lesson and move the Listing Division to the SFC as we advocate.
Almost a year ago, on 30-Jun-00 the SEHK and SFC closed a consultation period on whether the GEM Listing Rule Waivers should remain in place. Since then, no news has been announced on the results of this consultation, despite several statements by officials that it was coming soon. All you have to go on is the responses of readers of Webb-site.com.
Sources indicate that there is continuing dispute between the powerful GEM Listing Committee of the SEHK, which wants the waivers to stay, and the SFC, which wants a stricter approach. The SFC has the power to approve or reject changes to the Listing Rules under Section 35 of the Stock Exchanges Unification Ordinance, but cannot force changes, which must be proposed by the SEHK under Section 34 of that Ordinance. The SFC can, however, revoke its consent to the existing blanket waivers of the listing rules by the SEHK, which have the same effect as amending them. We believe it should do so until agreement is reached. This has gone on long enough.
It seems clear that so long as we have two different regulators supervising listed companies, one of them for-profit, then market regulation will be inefficient, inconsistent, fractious and slow to reform.
© Webb-site.com, 2001
4 : GS(14)@2016-04-20 16:14:32

http://realforum.zkiz.com/thread ... 5927&authoronly=830
2002-09-24 HJ

康健取巧配股迴避限制  

  過去不乏市場人士對兩個監管機構的執法尺度存疑的例子。以康健國際(八一三八)去年擬以先舊後新配股集資為例,便曾出現證監會質疑該集團承配人的獨立性,但該集團把有關交易「改頭換面」後,卻順利獲港交所(三八八)上市委員會批准。

  康健大股東去年原計劃以先舊後新方式配售五千萬股,每股作價四角五仙,認購者共二十名,其中二千四百五十萬股由該公司職員及包銷商代理董事等人認購。該集團其後分別在五月十六日及六月十四日宣布,證監會不滿意該公司指承配人為獨立人士。

  其後康健透過把配股數目減至三千四百萬股,令大股東在認購新股時的持股量僅提高百分之四點九六,藉以迴避當時每年百分之五自由增購率的限制,因而毋須再尋求證監會批准。

  另一方面,創業板上市委員會並無考慮證監會對康健申請豁免全面收購時的顧慮,而僅按一般議案處理該集團的配股申請。過程難免令人質疑,為何證監會認為事有蹊蹺的交易,竟會獲港交所批准。

  事件的關鍵是,《收購合併守則》及《上市規則》對何謂「關連人士」有不同定義,前者為除非相反證明成立,配售代理與一家公司的控股股東一般被視作一致行動人士;相反,根據《上市規則》,並無有關假設■

2002-06-03 MT
現在寫到一篇咁野已好難
一年「抽水」六次 醫生商人曹貴子:無錢點發展  

  繼「抽水大王」永義國際(1218)官永義後,曹貴子這名字又與集資扯上關係,以一年「抽水」六次,成為新一代的抽水大王。其實,曹貴子原本是一名醫生,也不懂做生意,後來與前東茗主席劉學宏和宏安(1222)主席鄧清河相識後,便懂得做生意之道。

撰文:譚華勤、陳秉植  編輯:麥偉鈞

  永義國際由95年上市至今,先後集資13次,幾乎年年都有伸手行動,不過,上市只有年半的康健國際(8138),扣除新上市半年禁售期,第七個月馬上作出抽水集資行動,頻密度遠勝官永義,一年內竟然作出六次抽水動作,名符其實是新一代抽水大王。

收購雅各臣關鍵人劉學宏曝光

  康健國際主席曹貴子開始時不懂做生意,因他是醫生,終日睇症,後來與幾個醫生合作,便開始醫療中心形式運作。不過,自從透過朋友介紹認識劉學宏,便開始學習做生意,所以,劉學宏可說是他做生意的啟蒙老師。

  劉學宏究竟是甚麼人?原來,康健收購雅各臣,由於交易惹爭拗,這個關鍵人物才曝光。2000年10月康健收購雅各臣香港,由於康健執行董事岑廣業亦持有該公司股份,雅各臣為康健藥品供應商,因此屬於關連交易,當時引起網上分析員David Webb提出指控,質疑這個秘密裙帶關係,雅各臣的大股東便是劉學宏。

  劉學宏是前東茗集團主席,該公司主要生產電子產品,也將資金投資於有潛力的公司上,如品質國際(0243)等,當這些公司成熟後,安排其上市,然後套現,賺取豐厚利潤較核心業務更多,故冠有「公司褓姆」之稱,可見其眼光銳利。

入股位元堂認識鄧清河

  去年3月29日,康健國際以3,006萬元,向宏安集團購入位元堂24%股權,並於今年5月注入得利集團(0897),作價5,200萬元,一年間賺2,200萬元,當年便因此認識鄧清河。鄧清河也是一位懂得盡量利用股票市場集資功能,作為事業發展。

  鄧清河確實有生意頭腦,宏安起初以屋村裝修為主,承包屋村裝修工程,慢慢發覺屋村街市有可為,於是便競投管理屋村街市,去年宏安管理11個街市,利潤高達4,000萬元,平均每個街市利潤400多萬元。故此,他有「街市大王」和「裝修大王」的稱譽。

  其實,從康健近期的收購和利用股票市場集資功能,多少也有劉學宏和鄧清河的影子。

不甘心純做醫療服務業務

  其實,曹貴子一直倡議的綜合醫療中心,源於整個醫療概念發生了變化,過往單以治療為主的經營模式,已經不合時宜,今日所講的是預防、保健、另類治療等。

  「因此,我們想辦間一站式醫藥相關的醫療保健服務,主要是針對政府醫院,基本上的醫院有齊各種專科,好處是收費很便宜,但弊處則不能自己選擇醫生,若然要跟政府競爭,必需要有同等的專科服務,弊處是要付費,但好處是可以自己揀醫生來看,這樣政府與綜合醫療中心比較,彼此只有一點的差別。反觀一間單打獨鬥的診所,根本不能與政府醫院競爭,只有醫生一個因素可以相互匹敵,只要經濟變壞,很多病人都寧願去政府醫院看病。」所以曹貴子不甘心純做醫療服務,亦發展醫藥及保健產品和生物科技相關的醫藥項目。

冇錢怎發展 有錢去擴展

  康健之所以給人「抽水」的感覺,完全由於它在去年 5 月,股份禁售期一過,公司就進行配股,一年間配股數目多達 6 次,使創業板成為上市公司的集資樂園。相信很多投資者都會有這樣的一個疑問,作為一間上市公司,不是應有周詳的發展大計嗎?如要發展,並不是隔兩、三個月就要進行批股集資,給人一種很不周詳的感覺﹗但曹貴子卻有他自己一番的解說。

  「我們批股集資都是用來作為公司的發展,並不是沒有做過ぞ﹗我深信,公司每次發展,都要有錢才可以發展到,絕對不會先發展,然後才問人ゲ錢﹗當然我們亦想過借款,但認為利息太高,風險很大,所以最終我們只考慮批股集資。」但曹貴子特別強調,康健今後的半年來都不會有批股集資的需要,因為他承認過往公司發展實在太急,幸好那時沒有出事,所以今後會慢慢修正公司發展的步伐。

細價股掠水實錄  

  許多散戶執迷不悟,認為一日不沽出的股票,一日都不算輸。結果任由無良公司主席或莊家魚肉而愈輸愈多!還有一些更笨的散戶以為溝淡可以減少虧損,結果一錯再錯! 許多三、四線公司的業務不前,但卻專吸小股東的錢,藉供股、分拆、合併,不斷集資將股東的權益愈攤愈薄。

  小股東遇到供股(尤其是大比例和大折讓供股),不欲供股,便會令股權大幅攤薄(股數大幅增加,但資產只是輕微增加,每股價值便會下跌,除非投資者按比例增持股權),股價在供股後大跌,小投資以為供股就可以博一博,希望低價供股博到反彈,可惜多數失望而回!

  永義國際(1218)上月中再進行供股,這是該公司上市不足 7.5 年的時間內第 14 次集資。遠的不說,單計過去3年,該公司已進行 4 次供股及1次配股。結果,股價愈供愈低,業務又沒有起色。

  另一家創業板公司康健國際(8138)也不遑多讓,自2000年10月上市至今,合共集資6次,平均每兩個半月抽水一次,密度比永義國際更高!當這些公司的小股東實在欲哭無淚! 還有一些散戶以為買股價跌至1仙的股份就只升不跌,但卻忘了有一招叫合併,如互聯控股(0273)上月宣佈50合1,合併後再1供10,結果股價暴跌八成!
5 : GS(14)@2016-04-20 16:17:06

當年雅各臣是康健股東
http://www.hkexnews.hk/listedco/ ... 20010719101843L.htm
6 : GS(14)@2016-04-20 16:17:17

好大件事架
7 : GS(14)@2016-04-20 16:17:50

3886想買,但後來失敗
http://www.hkexnews.hk/listedco/ ... 20001117014047I.pdf
http://www.hkexnews.hk/listedco/ ... 20001209120114G.pdf
8 : GS(14)@2016-04-20 16:20:12

[realblog]http://realblog.zkiz.com/greatsoup38/22185[/realblog]
9 : GS(14)@2016-04-20 16:20:51

[realblog]http://realblog.zkiz.com/greatsoup38/22185[/realblog]
10 : GS(14)@2016-04-20 18:23:50

http://www.jacobsonmedical.com.h ... t-jacobson-medical/
網站
11 : GS(14)@2016-04-21 00:29:43

1. 賣非專利藥,醫管局同診所最大非專利藥供應商,分別佔70%及20%
2. 保濟丸、唐太宗活絡油、飛鷹活絡油供應商
3. 有研發部門
4. 1,000個零售商、900個醫生及貿易商都入貨
5. 一年盈利過億....
6. 醫院管理局佔銷售30%,中藥約15%,餘為一般零售機構
7. 賣藥毛利率46%
8. 之後賣雲南白藥產品
9. 上市前派近2.4億股息
12 : GS(14)@2016-04-21 00:35:42

10. 風險: 招標程序、產品生產質素、產品破損、擴張、發展、主要客戶關係、藥續期、藥競爭、產品需求、分銷商、保險、AR付款、銷售、存貨、倉儲、管理及生產控制、人、香港風險
13 : GS(14)@2016-04-21 00:41:07

11. 1998年劉學宏和另一位岑先生搞呢盤生意,一個有錢一個有經驗就此合作,次年拿到聽診器代理權,之後不斷透過多次擴張及收購合併,如向藥廠收購分鏽公司、買入保濟丸等,成功持續壯大
12. 前後用左接近7億買公司
14 : GS(14)@2016-04-21 00:47:34

13. 好多種藥已是醫管局最大
14. 9個生產設施,大部分有認證
15. 產品覆蓋好大
16. d產品無大加價
17. 中左醫管局3億幾標
18. 西藥分銷商得4個...
19. 原料供應商合作多年
20. 產能使用率要睇甚麼藥,在40%-90%不等
21. 中藥每年加價..
22. 唐太宗活絡油貴
23. 中藥分銷商8個
24. 中藥生產持續擴廠
25. 開始發展澳門和雲南白藥產品.....
26. 1,555員工
15 : GS(14)@2016-04-21 01:07:05

27. 嚴振亮: 1321、95、878、1168、182、687
28. 林誠光: 2277、8315、1250、3366、1418、8305、8059
29. 楊俊文: 952
30. 黃偉明: 1253、1121、638、1259
16 : GS(14)@2016-04-21 01:38:38

31. 畢馬威
32. 2015年降16%,至9,700萬,2016年上半年,盈利增6成,至1.22億,重債
17 : 太平天下(1234)@2016-04-21 09:19:37

蘋果財經頭版去講, 佢廣告大戶?

http://hk.apple.nextmedia.com/financeestate/art/20160421/19579816
18 : GS(14)@2016-04-21 22:45:03

http://hk.apple.nextmedia.com/financeestate/art/20160421/19579816
【本報訊】保濟丸、唐太宗活絡油上市!藥廠「雅各臣科研製藥」日前遞交初步招股文件,擬於主板招股上市(IPO),其產品包括保濟丸、活絡油及除疤膏等。分析認為知名度高股份例必炒一轉,屆時投資者是否入場則要留意定價及估值。
記者:黃翹恩

保濟丸歷史逾百年,創辦人「李眾勝堂」李兆基後人亦曾計劃將業務上市,惜因爭產糾紛作罷,2008年更將李眾勝堂售予雅各臣(見另文)。現時雅各臣董事會內再無直系李家人。

保濟丸活絡油毛利率高
截至2015年3月底,雅各臣收益9.48億元,按年上升2.3%,錄溢利1.14億元,跌38%。中成藥(保濟丸、飛鷹活絡油、唐太宗活絡油)年內只貢獻11.5%收益,毛利率則高達47%。其中保濟丸於2011年銷量已突破500萬盒。
餘下88.5%收益來自售予醫院管理局及其他客戶的「非專利專科藥」,即呼吸系統、心血管科、中樞神經系統、腸胃科及口服糖尿藥等,亦包括德國「秀碧」除疤膏,毛利率39.8%。

港佔雅各臣逾九成收益
雅各臣去年度92.8%收益來自香港。港九藥房總商會副會長劉愛國指保濟丸、活絡油銷情不俗,但最重要畢竟是「賣畀醫院嘅藥」。招股書披露,醫管局為其單一最大客戶,去年度佔收益29.7%。截至本月,全港11間私營醫院均為其客戶,另又透過內部物流部門,向香港逾1,000名私人執業醫生、逾900間藥店、連鎖店及便利店等交付藥物。
劉愛國指,全港約26間藥廠中,雅各臣擁有10間,「好多藥廠做做吓覺得生意唔係幾好、力量唔夠,咪賣畀佢(雅各臣)囉」。雅各臣披露集資所得將用作收購及提升廠房產能的資本投資等。
君陽證券行政總裁鄧聲興認同藥業監管日嚴、加上拓展業務,的確需要集資。他提醒醫藥股中,從事醫療服務(如診所、醫院等)較有吸引力。康宏證券及資產管理董事黃敏碩則認為,市場除關注定價、估值,更留意「百年老字號上市後,會有乜新發展。」



雅各臣主席及行政總裁岑廣業,與2002年辭任康健國際(3886,已轉主板)副主席岑廣業同名,招股書並無相關披露。康健國際上市後,擬收購雅各臣藥業(香港)80%權益,被「股壇長毛」David Webb炮轟招股時並無披露此雅各臣藥業(香港),實由康健上市時管理層股東岑廣業控股,屬於關連交易。
另外,外電引述消息人士,指中國銀行(3988)旗下中銀航空租賃擬於今日進行聯交所上市聆訊,集資最多15億美元(約116億港元)。

■鄧聲興
■鄧聲興
【專家意見】
君陽證券行政總裁鄧聲興:「香港熟悉品牌上市通常反應好,起碼炒一轉,之後就看業務;藥股面對日趨嚴謹監管要求和發展所需,實有集資需要,醫療服務股(連鎖診所)更有吸引力。」

■黃敏碩
■黃敏碩
康宏證券及資產管理董事黃敏碩:「品牌一定係老字號,市場關注定價、估值,以及上市後有否新發展。觀乎內地藥股,定價未必可承受高估值。回顧一眾香港品牌股價表現,視乎承銷團能力。」
19 : GS(14)@2016-04-21 22:45:21

http://hk.apple.nextmedia.com/financeestate/art/20160421/19579828
【本報訊】保濟丸為百年老店,創辦人「李眾勝堂」後人卻屢陷家族股權糾紛,亦曾嘗試將生意上市但不果,至今擬上市的雅各臣,董事會內並無直系李氏族人。

長房子曾告二房盜用公款
南海中醫李兆基於1896年創立李眾勝堂,出品保濟丸,走難來港後保濟丸亦在香港發揚光大。可惜李兆基子李賜豪的兩任妻子,所出子女並不和睦。李賜豪身故後,保濟丸主要管理權交由二房太太李嘉倫及其兒子李偉能管理,但由於遺產管理、股息等問題,長房、二房多次交手。
長房兒子、香港足球總會前主席李亮能於2001年,入稟控二房李嘉倫、李偉能母子盜用公款逾6,000萬元。至2002年,李亮能妻子葉慧璣,反遭小叔李漢能入稟,要求將原屬李漢能母親梁福意位於佛山,價值500萬元的物業資料及收益歸還。具美國化學公會會員資格的二房李偉能,2000年曾找元大證券任包銷商將李眾勝堂上市,最後作罷。據雅各臣招股文件,二房太太李嘉倫08至2010年間,將保濟丸業務92.4%股權售予雅各臣,李嘉倫仍持7.6%股權。
20 : GS(14)@2016-04-21 22:45:43

http://hk.apple.nextmedia.com/financeestate/art/20160421/19579836
【本報訊】保濟丸、唐太宗活絡油雖為港人熟悉品牌,專家指上市初期通常「炒一轉」,但綜合市場上其他知名品牌股份,上市後表現參差,甚至有大孖沙增持,亦會累插六成。

周大福股價累跌63%
君陽證券行政總裁鄧聲興、耀才證券市務總監郭思治均提醒,香港知名品牌上市時通常會炒一轉,之後未必有支持。涼茶股鴻福堂(1446)首日掛牌股價曾飆三成,至今累跌46%。名牌手袋「回收商」米蘭站(1150)首日亦升77%,至今倒跌28.1%。茶餐廳翠華(1314)首日亦曾升過18%,但至今累跌30.4%。至於中式酒樓富臨(1443),首日已跌16%收市,至今累跌31%。
若追大孖沙概念,同樣中伏。新世界(017)創辦人鄭裕彤的「掌上明珠」周大福(1929),招股時已被基金界質疑其盈利預測過高,壓低市盈率,首日股價已比招股價跌8%,至今更累跌62.7%。
不過亦有少數「生還者」,如旅行社EGL東瀛遊(6882)及喉糖股金嗓子(6896),兩股股價硬淨,前者上市至今累升54.7%,後者亦升45.2%。
21 : 200(9285)@2016-04-26 21:27:47

康宏證券及資產管理董事黃敏碩:「品牌一定係老字號,市場關注定價、估值,以及上市後有否新發展。觀乎內地藥股,定價未必可承受高估值。回顧一眾香港品牌股價表現,視乎承銷團能力。」

康宏自己人呀 咁講野想死乎?
22 : GS(14)@2016-09-08 09:32:14

20021樓提及
康宏證券及資產管理董事黃敏碩:「品牌一定係老字號,市場關注定價、估值,以及上市後有否新發展。觀乎內地藥股,定價未必可承受高估值。回顧一眾香港品牌股價表現,視乎承銷團能力。」

康宏自己人呀 咁講野想死乎?


....可能是敵對
23 : GS(14)@2016-09-08 09:32:33

招股書
24 : GS(14)@2016-09-17 00:29:00

https://hk.news.yahoo.com/%E9%9B ... 12671--finance.html

【星島日報報道】保濟丸、唐太宗活絡油製造商雅各臣科研製藥(2633)今天起招股,公司主席、執行董事兼行政總裁岑廣業表示,期望與其中一名基礎投資者合作,以增加零售渠道。雅各臣發行4.375億股股份,招股價介乎每股1.28元至1.72元,最高集資額近7億元,以每手2000股計算,入場費為3474.66元,預計本月21日上市。

  雅各臣科研製藥主席岑廣業稱,有兩名基礎投資者分別為New Heritage Healthcare 和香港榮華藥業集團,分別認購5000萬元及8000萬元的股份。

  岑廣業續指,榮華藥業在港擁有超過30間藥房,有完善零售網絡,期望未來可借其零售網絡拓展中西藥銷售。另一方面,有市場消息指,國際配售部分已經足額。

  雅各臣旗下業務主要分為非專利藥和品牌中成藥,截至今年6月底止,非專利藥有96.9%收益來自香港市場。對於拓展海外市場的策略,岑廣業表示會集中開拓亞太區市場,當中包括PIC/S的成員地區,例如新加坡、澳洲和日本等地,因為非專利藥生產設施已獲得PIC/S的認證,有助開拓此等市場,而所謂PIC/S是國際藥品稽查合作組織的認證制度。

  此外,公司由2012年起每年為醫院管理局非專利藥最大供應商,佔醫管局非專利藥年度採購額70%以上。

  至於內地推廣方面,執行董事嚴振亮表示,隨着保濟丸在內地取得非處方藥批文,將可以在內地賣廣告或用代言人推廣等,銷售亦較以往容易,他相信有助提升保濟丸在內地的銷售,並會以雲南、浙江及廣東等為首批拓展地區,待該些地區打好根基後,再會擴展至其他地區。

  雅各臣集資所得45%擬作收購用途,當中30%用作收購業務及尋找策略聯盟;18%作拓展廠房、增加產能;15%為非專利藥進行臨牀研究。截至今年3月底止,雅各臣營業額為10.83億元,按年增長14.38%,期內純利錄1.52億元,按年增33.93%;毛利率則按年增加4.4個百分點至45%。
25 : GS(14)@2016-09-17 17:56:23

有關最近媒體就本公司香港公開發售作出的報導及於招股章程中提及醫院管理局的名稱及本公司與醫管局的業務關係,本公司謹此聲明,當中披露及發佈的相關資料全部為本公司編製和準備,醫管局並未審核和認可其內容,因此概不就因當中所披露相關資料的準確性及完整性承擔任何責任。
26 : greatsoup38(830)@2016-10-12 04:09:55

買福高國際製藥
27 : GS(14)@2016-11-24 16:51:22

盈利降15%,至5,100萬,輕債
28 : greatsoup38(830)@2016-12-13 09:42:37

董事會欣然宣佈,於二零一六年十二月十二日(交易時段後),買方(本公司的
全資附屬公司)與賣方訂立買賣協議,據此,買方同意購買而賣方同意出售
相當於各目標公司全部已發行股本的銷售股份,總代價為568,000,000港元。
目標集團主要從事以品牌名稱「何濟公」製造、推廣及銷售品牌藥品。
29 : greatsoup38(830)@2016-12-14 08:04:19

買何濟公
30 : 太平天下(1234)@2016-12-14 12:09:08

greatsoup3828樓提及
買何濟公


港牌中成藥空間好大。好多大陸人唔信內地野,要專登過來買。但當然要考慮埋公司管治質素, 都係唔掂住。
31 : GS(14)@2017-01-19 15:16:54

自願公佈
收購香港靈芝藥廠有限公司資產
32 : greatsoup38(830)@2017-02-02 02:45:22

換董事
33 : GS(14)@2017-03-14 17:56:51

有關收購
康寧行有限公司70%股權的須予披露交易
協議
董事會欣然宣佈,於二零一七年三月十三日(聯交所交易時段後),買方(本公
司的間接全資附屬公司)與賣方及擔保人訂立協議,據此,買方有條件同意收
購而賣方有條件同意出售相當於目標公司全部股權70%的銷售股份,總代價
為56,000,000港元。
34 : GS(14)@2017-06-25 16:22:04

盈利增17%,至1.69億,重債
35 : GS(14)@2017-06-25 16:22:54

盈利增17%,至1.69億,重債
36 : GS(14)@2017-06-25 16:24:26

盈利增17%,至1.69億,重債
37 : GS(14)@2017-09-06 09:35:12

根據一般授權發行可換股票據
董 事 會 欣 然 宣 佈,於 二 零 一 七 年 九 月 六 日(交 易 時 段 前),本 公 司 與 各 認 購 方
訂 立 認 購 協 議,據 此,本 公 司 有 條 件 同 意 發 行,而 認 購 方 有 條 件 同 意 認 購 本
金總額為500百 萬 港 元 的 可 換 股 票 據。完 成 須 待 認 購 協 議 所 載 的 條 款 獲 達 成
後 方 可 作 實。認 購 方 各 自 為 獨 立 第 三 方。Jefferies為建議發行可換股票據的 獨 家 配 售 代 理。
38 : GS(14)@2017-11-23 01:29:45

cooperation
39 : GS(14)@2017-11-24 18:34:19

盈利增48%,至7,800萬,輕債
40 : GS(14)@2017-12-26 03:04:31

2633和2196合作
41 : GS(14)@2018-06-14 17:50:44

great
42 : greatsoup38(830)@2018-06-27 00:44:21

盈利增9%,至1.85億,債一般
43 : GS(14)@2018-08-15 12:36:43

認購事項
於二零一八年八月十四日(交 易 時 段 後),本 公 司(作 為 發 行 人)與雲南白藥訂
立 認 購 協 議,以 按 認 購 價 每 股 股 份2.06港元認購200,000,000股 認 購 股 份。
於 本 公 告 日 期,本 公 司 的 法 定 股 本 為50,000,000.00港 元,分 為5,000,000,000股
股 份,其 中1,815,625,000股 股 份 已 發 行。有 附 帶 認 購 權 可 根 據 本 公 司 購 股 權
計劃認購36,100,000股 股 份 的 尚 未 行 使 購 股 權,及 附 帶 換 股 權 可 轉 換 為 最 多
200,000,000股 股 份 的 可 換 股 票 據。
...
有關本公司及認購方的資料
本 集 團 主 要 從 事 製 造、營 銷 及 銷 售 非 專 利 藥 及 品 牌 成 藥。
認 購 方 為 雲 南 白 藥。雲 南 白 藥 於 中 國 成 立,其 註 冊 股 東 為 雲 南 省 國 有 資 產 監 督
管 理 委 員 會、新 華 都 實 業 集 團 股 份 有 限 公 司 及 江 蘇 魚 躍 科 技 發 展 有 限 公 司,於
本 公 告 日 期,其 亦 為 持 有 於 中 國 成 立 的 股 份 有 限 公 司 雲 南 白 藥 集 團 股 份 有 限
公 司(其A股於深圳證券交易所上市(股 份 代 號:000538))41.52%股 權 的 母 公 司。
認 購 人 經 營 範 圍 是 植 物 藥 原 料 基 地 的 開 發 和 經 營;藥 品 生 產、銷 售(限 所 投 資
企 業 憑 許 可 證 生 產、經 營)、研 發; 醫藥產業投資; 生物資源的開發和利用; 中 國
國 內、國 際 貿 易。
意向書
於 二 零 一 八 年 八 月 十 四 日,本 公 司 與 雲 南 白 藥 訂 立 無 法 律 約 束 力 意 向 書(「意 向
書」),據 此,訂 約 方 同 意 於 意 向 書 日 期 起 計 三 個 月 內 就 可 能 業 務 合 作 進 行 可 行
研 究。本 公 司 將 於 有 需 要 時 根 據 上 市 規 則 另 行 刊 發 公 告。
44 : GS(14)@2018-11-24 01:25:10

盈利增20%,至9,300萬,輕債
45 : GS(14)@2019-01-27 17:02:28

雅 各 臣 科 研 製 藥 有 限 公 司(「本公司」或「雅各臣科研製藥」,連 同 其 附 屬 公 司 統
稱 為「雅各臣科研製藥集團」)董 事 會 欣 然 宣 佈,雅 各 臣 科 研 製 藥 的 全 資 附 屬 公
司 雅 各 臣 藥 業(香 港)有 限 公 司(作 為「代理商」)與 麥 迪 森 醫 藥 股 份 有 限 公 司(作 為
「製造商」或「麥迪森醫藥」)於 二 零 一 九 年 一 月 二 十 三 日 訂 立 原 獨 家 代 理 權 協 議
(定 義 見 下 文)的 一 份 補 充 文 件(「新獨家代理權協議」),據 此(其 中 包 括)將 其 獨
家 代 理 亞 妥 明 眼 藥 水(「該產品」)的 區 域 擴 大 至 覆 蓋 中 華 人 民 共 和 國(「中 國」)廣
東 省。
憑 藉 雅 各 臣 科 研 製 藥 集 團 的 地 區 性 商 業 平 台,我 們 時 刻 準 備 並 一 直 積 極 透 過
授 權、技 術 轉 移 或 代 理 品 牌 製 成 品 的 方 式 與 全 球 知 名 製 造 商 進 行 戰 略 合 作,從
而 擴 大 亞 洲 市 場 據 點。
根據代理商與麥迪森醫藥於二零一八年八月二十四日訂立的獨家代理權協議
(「原獨家代理權協議」),代 理 商 獲 委 任 為 該 產 品 於 香 港、澳 門 及 新 加 坡(「協 定
區 域」)的 獨 家 代 理 商,為 期 三 年。根 據 新 獨 家 代 理 權 協 議,在 協 定 區 域 以 外,
麥 迪 森 醫 藥 已 進 一 步 委 任 代 理 商 為 該 產 品 於 中 國 廣 東 省 的 獨 家 代 理 商。自 根
據 原 獨 家 代 理 權 協 議 開 始 業 務 合 作 以 來,香 港 的 註 冊 醫 生 已 為 超 過3,000位 指定患者開出超過20,000盒 的 月 用 裝(30天 用 量)亞 妥 明 眼 藥 水(0.01%),並 已 輸 入
香 港。該 產 品 目 前 正 根 據 註 冊 醫 生 的 處 方 進 口 至 香 港。我 們 相 信,憑 藉 我 們 與
醫 療 專 業 人 員 所 建 立 的 密 切 關 係,加 上 我 們 的 龐 大 銷 售 網 絡,雅 各 臣 科 研 製 藥
集 團 已 作 好 充 分 準 備,發 掘 大 灣 區(包 括 香 港、澳 門 及 廣 東 省)的 市 場 潛 力。
關於亞妥明
亞 妥 明 眼 藥 水 長 久 以 來 一 直 被 眼 科 醫 生 廣 泛 使 用 於 瞳 孔 放 大 及 散 瞳 驗 光。
另提述香港中文大學的香港眼科中心於二零一六年一月至二零一七年十一月
進 行 的「低濃度亞妥明對控制近視惡化的研究」研 究結 論 如 下:0.05%、0.025%
及0.01%三 種 濃 度 的 亞 妥 明 眼 藥 水,隨 對 濃 度 相 關 之 反 應 減 緩 近 視 惡 化。所 有
濃 度 均 具 有 良 好 的 耐 受 性,對 視 力 相 關 的 生 活 質 量 並 無 不 利 影 響。所 使 用 的 三
種 濃 度 亞 妥 明 眼 藥 水 中,0.05%的亞妥明在1年內對等效球鏡控制進展及眼軸
長 度 的 延 長 情 況 最 有 效。Ophthalmology 2018;-:1e12 ª 2018美國眼科醫學會(The
American Academy of Ophthalmology)第126卷 第1期 第113至124頁。
上 文 僅 載 列 研 究 結 論。股 東 及 投 資 者 務 請 閱 讀 研 究 全 文 以 供 參 考。
關於製造商
麥 迪 森 醫 藥 股 份 有 限 公 司 是 該 產 品 的 製 造 商,於 二 零 零 三 年 在 台 灣 成 立,主 要
從 事 眼 科 藥 品 及 藥 物 的 生 產。其 為 信 東 生 技 股 份 有 限 公 司 的 眼 科 與 口 腔 保 健
事 業 關 係 企 業,於 二 零 一 二 年 成 為 台 灣 首 批 通 過PIC/S GMP認證的眼藥製劑製
造 商 之 一。製 造 商 已 擴 展 業 務 至 多 個 海 外 市 場,包 括 美 國、新 加 坡、菲 律 賓、中
國、香 港、澳 門 及 烏 克 蘭。更 多 詳 情,請 瀏 覽 麥 迪 森 醫 藥 股 份 有 限 公 司 的 網 站
(http://www.aimedicine.com.tw)
46 : GS(14)@2019-05-03 08:43:39

本公司董事會(「董事會」)謹此告知本公司股東(「股 東」)及 潛 在 投 資 者,根 據 初
步審閱本集團截至二零一九年三月三十一日止財政年度的未經審核綜合管理
賬 目 及 董 事 會 目 前 獲 得 的 資 料,預 期 本 集 團 截 至 二 零 一 九 年 三 月 三 十 一 日 止
財政年度錄得本公司股東應佔綜合溢利較截至二零一八年三月三十一日止財
政年度增加超過20%。
預期增長主要歸因於本集團非專利藥業務的穩健增長與新獲授權之產品所產
生 的 銷 售 收 益,並 加 上 品 牌 藥 品 的 銷 售 表 現 提 升。經 營 槓 桿 效 應 與 及 成 本 控 制
措 施 所 節 省 的 開 支 亦 有 助 實 現 預 期 盈 利 增 長。本 集 團 投 資 物 業 的 公 平 值 收 益
亦 預 期 在 較 小 程 度 上 對 本 公 司 股 東 應 佔 綜 合 溢 利 的 增 長 作 出 貢 獻。
47 : GS(14)@2019-05-10 04:10:34

茲 提 述 本 公 司 日 期 為 二 零 一 八 年 八 月 十 四 日 的 公 告,內 容 有 關 根 據 一 般 授 權
認購新股份及有關可能業務合作的可行研究的意向書(「該公告」),以 及 本 公 司
日 期 為 二 零 一 八 年 九 月 三 日 的 公 告,內 容 有 關 完 成 根 據 一 般 授 權 發 行 新 股 份。
除 另 有 指 明 外,本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。
本公司獲雲南白藥控股有限公司(「白藥控股」)及雲南白藥集團股份有限公司
(「雲南白藥集團」)告 知,雲 南 白 藥 集 團 將 根 據 中 國 適 用 法 律 吸 收 合 併 白 藥 控 股
(「合 併」),而雲南白藥集團將承受白藥控股的所有資產及負債。於合併完成後,
雲 南 白 藥 集 團 將 為 唯 一 餘 下 實 體,而 白 藥 控 股 將 不 再 以 獨 立 法 人 實 體 存 在。
於 本 公 告 日 期,白 藥 控 股 持 有200,000,000股本公司股份(「股 份」),佔 已 發 行 股 份
總數約9.92%。當 本 公 司 之 股 東 名 冊 完 成 更 新 登 記 後,該200,000,000股股份將由
雲 南 白 藥 集 團 持 有。
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