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China General Technology Group To Acquire Topfond Pharmaceutical

This article was originally published in PharmAsia News

Executive Summary

State-owned Assets Supervision and Administration Commission of Zhumadian city has signed an agreement to transfer its 90 percent stake in Topfond Pharmaceutical Group to China General Technology Group, a company controlled by the central government. As Topfond Pharmaceutical Group is Topfond Pharmaceutical's majority shareholder, General Technology Group will indirectly hold 35.65 percent stake in Topfond Pharmaceutical after the equity transfer and become the biggest shareholder of the company. According to the agreement, when SASAC's share in Topfond Pharmaceutical falls below 3 percent or General Technology's fund injection reaches RMB 1 billion, SASAC will transfer all its stake in Topfond to General Technology. (Click here for more - Chinese Language)
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