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Restructuring Of China General Technology And Henan Topfond Pharmaceutical Group Delayed

This article was originally published in PharmAsia News

Executive Summary

China General Technology and Henan Topfond Pharmaceutical Group are still waiting for the approval of State-owned Assets Supervision and Administration Commission of the State Council for their restructuring (PharmAsia News, Jun. 2, 2008). According to the agreement, China General Technology will inject the initial funds into Topfond when the business registration changes. The delay is putting pressure on the latter's finances, whose liabilities have hit RMB 1.7 billion. When questioned about whether the deal will go through, Topfond expressed confidence in getting the approval as the restructuring represents transfer between state-owned assets. With total equity of RMB 2.6 billion and net assets of RMB 800 million, the firm's assets-liabilities ratio of 65 percent is still within the normal range. (Click here for more - Chinese Language)

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