Fosun Pharmaceutical Buys More Stake In Tongjitang Chinese Medicines
This article was originally published in PharmAsia News
Executive Summary
As at Nov. 17, Fosun Enterprises has purchased a total of 2.5 million American Depository Shares in Tongjitang Chinese Medicines with $9.145 million. This accounts for 7.41 percent of the 135.34 million ordinary shares issued by Tongjitang at the end of last year (PharmAsia News, Oct. 27, 2008). Fosun Enterprises claims its acquisition is for investment purposes. Tongjitang, a TCM manufacturer, has a leading drug that fills the traditional medicinal space for treating osteoporosis. As of last June, the firm's total assets stood at RMB 1.63 billion ($238.79 million), with net equity of RMB 1.23 billion $180.19 million). Its revenue and net profit for the first half of this year were RMB 225.39 million ($33.01 million) and RMB 19.76 million ($2.89 million), respectively. (Click here for more - Chinese Language)