Yifeng Pharmacy Chain Co., Ltd. agreed to acquire 5% stake in Jiuzhitang Co., Ltd. from Li Zhenguo for CNY 430 million.
April 25, 2022
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Yifeng Pharmacy Chain Co., Ltd. (SHSE:603939) agreed to acquire 5% stake in Jiuzhitang Co., Ltd. (SZSE:000989) from Li Zhenguo for CNY 430 million on April 23, 2022. under the terms Yifeng Pharmacy Chain Co., Ltd. will acquire 43.46 million shares for CNY 9.85 per share. Within 3 working days after the agreement signing, Yifeng Pharmacy Chain Co., Ltd will make a deposit of 5% of the transfer price. Within 3 working days from the completion of the transfer, the Company will pay the remaining amount. The transaction has been approved in the 9th Meeting of the Company's 4th Directorate, and does not need the Shareholders' Approval.
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.