Sino Biopharmaceutical Limited (SEHK:1177) entered into an agreement to acquire an additional 24% stake in Beijing Tide Pharmaceutical Co., Ltd. from Theresa Y Y Tse and Kwok Suk Lan for HKD 14.3 billion on January 5, 2018. As consideration, Sino Biopharmaceutical Limited will issue 1.01 billion shares. The consideration shares are not subject to lock up requirement. Sino Biopharmaceutical Limited will hold a total of 57.6% stake in Beijing Tide Pharmaceutical Co., Ltd. on closing and Beijing Tide Pharmaceutical Co., Ltd. will become a non-wholly owned subsidiary of Sino Biopharmaceutical Limited. Beijing Tide Pharmaceutical Co., Ltd. Reported net assets of approximately CNY 1.92 billion (HKD 2.26 billion) as at September 30, 2017. The transaction is subject to approval of shareholders’ and Board of Directors of Sino Biopharmaceutical Limited, the whitewash waiver in respect of making a mandatory general offer for Sino Biopharmaceutical Limited being granted, the Stock Exchange of Hong Kong Limited having granted the listing of and permission to deal in consideration shares and the representations and warranties under the agreement remaining true and accurate. The granting of the whitewash waiver is a non-waivable condition precedent to completion. If the conditions are not fulfilled before June 30, 2018 or such later date as may be agreed, the agreement shall lapse. An independent Board committee comprising of independent non-executive Directors of Sino Biopharmaceutical Limited has been established to advise the independent shareholders’ of Sino Biopharmaceutical Limited. The executive has granted the Whitewash Waiver on February 7, 2018 subject to certain conditions. Independent Board Committee of Sino Biopharmaceutical Limited recommended the transaction to shareholders’ on January 26, 2018. The shareholders of Sino Biopharmaceutical Limited approved the transaction in the extraordinary general meeting held on February 12, 2018. Completion is expected to take place on the fifth business day after the conditions have been fulfilled or waived. The transaction is expected to increase the earnings of Sino Biopharmaceutical Group. CCB International (Holdings) Limited acted as financial advisor to Sino Biopharmaceutical Limited and Guotai Junan Capital Limited acted as financial advisor to advise the independent Board committee and the independent shareholders of Sino Biopharmaceutical Limited.