ࡱ>   '` R"bjbjfrrY' $$$8 D D D8XDEl8vGG"GGGIIIWuYuYuYuYuYuYu$4yh{}u$JvI"IJJ}u GGRvQQQJ~ G$GWuQJWuQQnm$pGG PI[  DOn crhv0vn|O\|@pp|8|$$qI"IQIIIII}u}uP^IIIvJJJJ888(7d 8887888  Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.q\qge兡N gPlQSShandong Xinhua Pharmaceutical Company Limited(a joint stock company established in the People s Republic of China with limited liability)(Stock Code: 0719)ANNOUNCEMENTMAJOR AND CONNECTED TRANSACTIONIN RELATION TO THE XINCAT PHARMACEUTICAL ACQUISITIONThe Board is pleased to announce that the Company proposes to bid in an open tender process at Shandong Property Right Exchange Center (q\qg"u kNf-N_) for the acquisition of the Relevant Equity Interest in Xincat Pharmaceutical from Hualu Holdings and the Board wishes to bid at a price of not more than RMB 112 million. If the Company is successful in the bidding, the Acquisition Agreement will be entered into between Hualu Holdings and the Company.The appraised value of the total equity interest in Xincat Pharmaceutical as per the valuation report prepared by the Valuer for Hualu Holdings was computed based on the income approach. A valuation of assets based on the income app0roach is regarded as a profit forecast under the Listing Rules. Accordingly, the Company is required to comply with Rules 14.62, 14A.56(8) and paragraph 29(2) of Appendix 1B under Rules 14.66(2) and 14A.59(3) of the Listing Rules in relation to profit forecast requirements.Having considered the factors set out in the section headed Waiver application on the disclosure as required under Rules 14.62, 14A.56(8) and paragraph 29(2) of Appendix 1B under Rules 14.66(2) and 14A.59(3) of the Listing Rules in this announcement, the Company has applied with the Stock Exchange for a waiver from strict compliance with Rules 14.62, 14A.56(8) and paragraph 29(2) of Appendix 1B under Rules 14.66(2) and 14A.59(3) of the Listing Rules. Such waiver may or may not be granted. Further announcement will be made by the Company on the result of the waiver application.As at the date of this announcement, Hualu Holdings is the controlling shareholder of SXPGC, a substantial shareholder of the Company holding 36.32% equity interest in the Company. Therefore, Hualu Holdings is a connected person of the Company under the Listing Rules.As one of the applicable ratios of the Xincat Pharmaceutical Acquisition exceeds 25% but are less than 75% as defined in the Listing Rules, if the Company is successful in the bidding, the Xincat Pharmaceutical Acquisition will constitute a major and connected transaction of the Company under Chapter 14 and Chapter 14A of the Listing Rules respectively and will be subject to reporting and announcement requirements and approval by the Independent Shareholders at the EGM by way of poll. SXPGC and its associates shall abstain from voting on the resolution approving the Xincat Pharmaceutical Acquisition.In view of the fact that the Company has published this announcement and proposes to publish a circular for Independent Shareholders information and approval prior to the entering into the Acquisition Agreement, the Company has applied with the Stock Exchange for a waiver from strict compliance with Rules 14.34 and 14A.47 of the Listing Rules. Such waiver may or may not be granted. Further announcement will be made by the Company on the result of the waiver application.An Independent Board Committee comprising all the independent non-executive Directors has been established to advise the Independent Shareholders in relation to the Xincat Pharmaceutical Acquisition and Cinda International has been appointed as the independent financial adviser to advise the Independent Board Committee and the Independent Shareholders in this regard.A circular containing, inter alia, (i) further details of the Xincat Pharmaceutical Acquisition; (ii) a letter of advice from Cinda International to the Independent Board Committee and the Independent Shareholders; and (iii) the recommendation of the Independent Board Committee to the Independent Shareholders in respect of the Xincat Pharmaceutical Acquisition, will be dispatched to the Shareholders as soon as possible.THE XINCAT PHARMACEUTICAL ACQUISITION THROUGH SHANDONG PROPERTY RIGHT EXCHANGE CENTERThe proposed tender Vendor : Hualu HoldingsThe proposed purchaser : The CompanyThe Board proposes to bid in an open tender process at the Shandong Property Right Exchange Center for the acquisition of the Relevant Equity Interest from Hualu Holdings.The current structureAs at the date hereof, Xincat Pharmaceutical was owned as to 80% by Hualu Holdings and 20% by the Company.The proposed considerationHualu Holdings has put up the Relevant Equity Interest for sale through an open tender process at the Shandong Property Right Exchange Center at a proposed price with reference to the appraised value of the total equity interest in Xincat Pharmaceutical as per the valuation report prepared by the Valuer.As at the Valuation Date, the appraised value of the total equity interest in Xincat Pharmaceutical as per the valuation report prepared by the Valuer for Hualu Holdings, which was endorsed by the State-owned Assets Supervision and Administration Commission of Shandong Province (q\qgw W gnj"uvcw{tYTg) for the purpose of sale was RMB222.20 million. Accordingly, the value in relation to the Relevant Equity Interest would be RMB88.88 million. The appraised value of the total equity of Xincat Pharmaceutical was computed based on the income approach. The net profits (both before and after taxation and extraordinary items) of Xincat Pharmaceutical were RMB18.71million and RMB16.36 million for the financial year ended 31 December 2012 and approximately RMB15 million and approximately RMB14 million for the financial year ended 31 December 2013. The original investment cost of the Relevant Equity Interest by Hualu Holdings was approximately RMB33.97 million, being the registered capital contributed by Hualu Holdings in respect of the Relevant Equity Interest of Xincat Pharmaceutical. The registered capital of Xincat Pharmaceutical is RMB84.93 million.The Directors have resolved to bid at a price of not more than RMB112 million in cash having considered various factors, including the historical earnings and future prospects of Xincat Pharmaceutical.If the Company is successful in the bidding, the final consideration will be determined by the bidding result and the Acquisition Agreement will be entered into between Hualu Holdings and the Company for the acquisition of the Relevant Equity Interest. In any event, the final consideration shall not exceed RMB112 million which is the maximum bidding price that the Company will seek the approval from the Independent Shareholders at the EGM. The Company intends to make payment for this acquisition out of its internal resources.Upon completion of the Xincat Pharmaceutical Acquisition, Xincat Pharmaceutical will be owned as to 60% by the Company and 40% by Hualu Holdings.The terms of the proposed Acquisition AgreementIf the Company is successful in the bidding, the Company will enter into the Acquisition Agreement with Hualu Holdings and will purchase the Relevant Equity Interest. The major terms of the proposed Acquisition Agreement will be as follows:ConsiderationThe Directors have resolved to bid at a price not more than RMB112 million. Therefore, the consideration of the Xincat Pharmaceutical Acquisition will not, in any event, exceed RMB112 million.Conditions PrecedentCompletion of the Xincat Pharmaceutical Acquisition is subject to the satisfaction or waiver by the Company of certain conditions precedent, including:the Company and Hualu Holdings having obtained all necessary internal authorisations, consents and approvals;Xincat Pharmaceutical having obtained all necessary internal authorisations, consents and approvals;all relevant filing procedures for the valuation report having been completed;the sale of the Relevant Equity Interest in Xincat Pharmaceutical having completed the open tender process in accordance with the laws and regulations of the PRC and the Shandong Property Right Exchange Center;the Xincat Pharmaceutical Acquisition having obtained all necessary governmental approvals; andthe representations, warranties and undertakings to the Acquisition Agreement given by both parties remaining true and accurate from the date of the Acquisition Agreement to the date of completion.Completion and paymentCompletion will take place and full payment of the consideration shall be made, within 20 working days after the Acquisition Agreement is signed.TENDER PROCESS AT SHANDONG PROPERTY RIGHT EXCHANGE CENTERA summary of the tender process at Shandong Property Right Exchange Center in relation to the Relevant Equity Interest is as follows:Hualu Holdings will specify the proposed selling price and terms of sale.Shandong Property Right Exchange Center will specify a date upon which the Relevant Equity Interest will be openly available for tender.Upon obtaining the Independent Shareholders approval at the EGM in relation to the Xincat Pharmaceutical Acquisition, the Company will then submit the bidding application to Shandong Property Right Exchange Center to bid for the Relevant Equity Interest from Hualu Holdings. Within 2 working days after its qualification as potential transferee being accepted by Shandong Property Right Exchange Center, the Company is required to pay a deposit of RMB20 million to Shandong Property Right Exchange Center for the Xincat Pharmaceutical Acquisition.After the expiration of the period for Hualu Holdings to list the relevant open tender on Shandong Property Right Exchange Center, Shandong Property Right Exchange Center will notify the Company as to whether it has succeeded in the bidding.Within 2 working days of the confirmation of the successful bidding by the Company, the Company will enter into the Acquisition Agreement with Hualu Holdings. Within 2 working days after the entering into of the Acquisition Agreement, the Company has to pay the balance of the purchase price into the account designated by Shandong Property Right Exchange Center.Shandong Property Right Exchange Center is responsible for administering the tender process (including the selection and the finalisation of the successful bidder). It is the intention of the Company to submit the bidding application to Shandong Property Right Exchange Center upon obtaining the Independent Shareholders approval at the EGM in relation to the Xincat Pharmaceutical Acquisition. Further announcement will be made by the Company upon the announcement of the bidding results by Shandong Property Right Exchange Center.The Acquisition Agreement will be entered into between Hualu Holdings and the Company within 2 working days once Shandong Property Right Exchange Center can confirm with the Company that it has succeeded in the bidding. The RMB20 million deposit paid by the Company will be used as part of the purchase price. As the bidding of the Relevant Equity Interest is subject to Independent Shareholders approval, such approval has to be obtained by the Company at the EGM before the Company can enter into the Acquisition Agreement. The Company has applied with the Stock Exchange for a waiver from strict compliance with Rules 14.34 and 14A.47 of the Listing Rules in this regard. Such waiver may or may not be granted. Further announcement will be made by the Company on the result of the waiver application.The Directors are of the view that (i) this announcement provides sufficient information for the Shareholders to make informed decision; (ii) the Company is able to comply with the requirements under Rule 2.13 of the Listing Rules despite the fact that the date of the Acquisition Agreement is not able to be disclosed in this announcement. Further, if the Xincat Pharmaceutical Acquisition is approved by the Independent Shareholders and that the Company is successful in the bidding, the Company will publish an additional announcement to disclose the results of the bidding and the date of the Acquisition Agreement.REASONS FOR, AND BENEFITS OF, THE XINCAT PHARMACEUTICAL ACQUISITIONThe Board considers that the Xincat Pharmaceutical Acquisition is beneficial to the Company for the following reasons:The Xincat Pharmaceutical Acquisition can help to consolidate resources of both the Company and Xincat Pharmaceutical so as to strengthen the business of the Company and is in line with the Companys business development strategy. In particular:through the Xincat Pharmaceutical Acquisition, resources that were allocated to the development of network channeling, branding, research and development and marketing of the preparations can be consolidated;the Xincat Pharmaceutical Acquisition allows the Company to better manage the composition and arrangement of preparation types;the Xincat Pharmaceutical Acquisition allows the Company and Xincat Pharmaceutical to complement each other;the Xincat Pharmaceutical Acquisition helps the Company and Xincat Pharmaceutical to progress and promote business development together so that the business of the Group as a whole can be strengthened; andthe Groups strategic goal to attain significant improvement in the development of preparations so as to change the production method and adjust the composition of the preparations can be achieved.The Xincat Pharmaceutical Acquisition has the effect of reducing connected transactions within the Group. The Xincat Pharmaceutical Acquisition will allow for a streamline intra-group distribution process so as to reduce connected transactions within the Group so as to improve the overall competitiveness of the Group. Further, the Directors are of the view that the terms of the Xincat Pharmaceutical Acquisition are fair and reasonable and in the interests of the Shareholders and the Company as a whole.WAIVER APPLICATION ON THE DISCLOSURE AS REQUIRED UNDER RULES 14.62, 14A.56(8) AND PARAGRAPH 29(2) OF APPENDIX 1B UNDER RULES 14.66(2) AND 14A.59(3) OF THE LISTING RULESThe appraised value of the total equity interest in Xincat Pharmaceutical as per the valuation report prepared by the Valuer for Hualu Holdings was computed based on the income approach. A valuation of assets based on the income approach is regarded as a profit forecast under the Listing Rules. Accordingly, the Company is required to comply with Rules 14.62, 14A.56(8) and paragraph 29(2) of Appendix 1B under Rules 14.66(2) and 14A.59(3) of the Listing Rules in relation to profit forecast requirements. Having considered the factors below, the Company has applied with the Stock Exchange for a waiver from strict compliance with Rules 14.62, 14A.56(8) and paragraph 29(2) of Appendix 1B under Rules 14.66(2) and 14A.59(3) of the Listing Rules:the Company was not involved in preparing the valuation report which was prepared by the Valuer for Hualu Holdings;however, Rules 14.62 and 14A.56(8) assume that the Companys directors made the forecast; andwhile the initial asking price for the bid fixed and disclosed in the tender notice by Shandong Property Right Exchange Center has been based on the valuation report under PRC regulations, the Board of the Company will take into account other factors, including the historical earnings and future prospects of Xincat Pharmaceutical, when it assesses the Xincat Pharmaceutical Acquisition and the maximum price for the bid to be proposed to the Shareholders in the EGM.The waiver mentioned above may or may be granted. Further announcement will be made by the Company on the result of the waiver application.IMPLICATION OF THE LISTING RULESAs at the date of this announcement, Hualu Holdings is the controlling shareholder of SXPGC, which holds 36.32% equity interest in the Company and as such, Hualu Holdings is a connected person of the Company.As one of the applicable ratios of the Xincat Pharmaceutical Acquisition exceeds 25% but is less than 75% as defined in the Listing Rules, if the Company is successful in the bidding, the Xincat Pharmaceutical Acquisition will constitute a major and connected transaction of the Company under Chapter 14 and Chapter 14A of the Listing Rules respectively and will be subject to reporting and announcement requirements and approval by the Independent Shareholders at the EGM by way of poll. SXPGC and its associates shall abstain from voting on the resolution approving the Xincat Pharmaceutical Acquisition.In view of the fact that the Company has published this announcement and proposes to publish a circular for Independent Shareholders information and approval prior to the entering into the Acquisition Agreement, the Company has applied for and has been granted with a waiver from strict compliance with Rules 14.34 and 14A.47 of the Listing Rules.An Independent Board Committee comprising all the independent non-executive Directors has been established to advise the Independent Shareholders in relation to the Xincat Pharmaceutical Acquisition and Cinda International has been appointed as the independent financial adviser to advise the Independent Board Committee and the Independent Shareholders in this regard.A circular containing, inter alia, (i) further details of the Xincat Pharmaceutical Acquisition; (ii) a letter of advice from Cinda International to the Independent Board Committee and the Independent Shareholders; and (iii) the recommendation of the Independent Board Committee to the Independent Shareholders in respect of the Xincat Pharmaceutical Acquisition, is expected to be dispatched by the Company to the Shareholders as soon as possible.GENERAL INFORMATIONInformation of the CompanyThe Company is mainly engaged in the development, manufacture and sales of bulk pharmaceuticals, preparations and chemicals products.Information of Hualu HoldingsHualu Holdings is mainly engaged in the investment of fertilisers, petrochemical industries and investment in sectors which are not prohibited by the state (or the local community). Hualu Holdings is also engaged in asset management. Information of Xincat PharmaceuticalXincat Pharmaceutical is principally engaged in the production and sale of tablets, capsules, granules, dry suspension agent, bulk pharmaceuticals, freeze dried powder for injection.As the Xincat Pharmaceutical Acquisition may or may not proceed, Shareholders and potential investors should exercise caution when dealing in the shares of the Company.DEFINITIONSIn this announcement, unless the context otherwise requires, the following terms shall have the following meanings:Acquisition Agreementthe agreement to be entered into between Hualu Holdings and the Company in respect of the Xincat Pharmaceutical Acquisition associate(s) has the meaning ascribed to it under the Listing Rules Board the board of Directors of the Company Cinda International OT Wnj gPlQS (Cinda International Capital Limited), a licensed corporation to carry out type 1 (dealing in securities) and type 6 (advising on corporate finance) regulated activities as defined under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and the independent financial adviser to advise the Independent Board Committee and the Independent Shareholders in relation to the Xincat Pharmaceutical AcquisitionCompanyq\qge兡N gPlQS(Shandong Xinhua Pharmaceutical Company Limited), a joint stock company incorporated in the PRC with limited liability connected person has the meaning ascribed to it under the Listing Rules Directors the directors of the Company EGMthe extraordinary general meeting to be held to consider and, if deemed appropriate, approve, among other things, the Xincat Pharmaceutical AcquisitionGroupthe Company and its subsidiaries Hong Kongthe Hong Kong Special Administrative Region of the PRCHualu HoldingsocƖW gPlQS (Hualu Holdings Company Limited), a wholly state-owned company, the controlling shareholder of SXPGC Independent Board Committee the independent board committee of the Company comprising all the independent non-executive Directors, 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