ZKIZ Archives


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

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

2 : GS(14)@2016-04-20 16:13:26

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

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.
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







2002-06-03 MT
一年「抽水」六次 醫生商人曹貴子:無錢點發展  


撰文:譚華勤、陳秉植  編輯:麥偉鈞




  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。









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。



  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。


  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

http://www.hkexnews.hk/listedco/ ... 20010719101843L.htm
6 : GS(14)@2016-04-20 16:17:17

7 : GS(14)@2016-04-20 16:17:50

http://www.hkexnews.hk/listedco/ ... 20001117014047I.pdf
http://www.hkexnews.hk/listedco/ ... 20001209120114G.pdf
8 : GS(14)@2016-04-20 16:20:12

9 : GS(14)@2016-04-20 16:20:51

10 : GS(14)@2016-04-20 18:23:50

http://www.jacobsonmedical.com.h ... t-jacobson-medical/
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?

18 : GS(14)@2016-04-21 22:45:03





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。


19 : GS(14)@2016-04-21 22:45:21


20 : GS(14)@2016-04-21 22:45:43


21 : 200(9285)@2016-04-26 21:27:47


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


康宏自己人呀 咁講野想死乎?

23 : GS(14)@2016-09-08 09:32:33

24 : GS(14)@2016-09-17 00:29:00

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


  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。





25 : GS(14)@2016-09-17 17:56:23

26 : greatsoup38(830)@2016-10-12 04:09:55

27 : GS(14)@2016-11-24 16:51:22

28 : greatsoup38(830)@2016-12-13 09:42:37

29 : greatsoup38(830)@2016-12-14 08:04:19

30 : 太平天下(1234)@2016-12-14 12:09:08


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

32 : greatsoup38(830)@2017-02-02 02:45:22

33 : GS(14)@2017-03-14 17:56:51

34 : GS(14)@2017-06-25 16:22:04

35 : GS(14)@2017-06-25 16:22:54

36 : GS(14)@2017-06-25 16:24:26

37 : GS(14)@2017-09-06 09:35:12

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

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

40 : GS(14)@2017-12-26 03:04:31

41 : GS(14)@2018-06-14 17:50:44

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

43 : GS(14)@2018-08-15 12:36:43

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。
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。
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

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。
(「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。
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。
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。
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
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
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
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。
(「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。
雅各 2633 專區
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