Xiamen jindawei Group Co signed the equity transfer agreement to acquire 28.41% stake in Jiangsu Chengxin Pharmaceutical Co Ltd from Anhui Fengyuan Pharmaceutical Co., Ltd. for CNY 100 million.

Xiamen jindawei Group Co signed the equity transfer agreement to acquire 28.41% stake in Jiangsu Chengxin Pharmaceutical Co Ltd from Anhui Fengyuan Pharmaceutical Co., Ltd. (SZSE:000153) for CNY 100 million on December 1, 2020. As of August 31, 2020, Jiangsu Chengxin had total assets of CNY 337.47 million and net assets of CNY 123.51 million. In 2019, Jiangsu Chengxin generated revenue of CNY 98.3 million, operating loss of CNY 46.1 million and net loss of CNY 46.6 million.

Transaction is not subject to shareholders of Anhui approval. As of December 1, 2020, Board of Directors of Anhui unanimously approved the transaction.