ࡱ> )` R9bjbj{{3$  (((8:((t ^)^)t)t)t)333}$h: 7E3^377 t)t) <>>>7 Rt) t)}>7}>>iz " t)R) w(z<q}<1LR0}2=rx,2N$ 34>]55333>^3337777   (   (    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)DISCLOSEABLE AND CONNECTED TRANSACTIONIN RELATION TO XINCAT PHARMACEUTICAL ACQUISITIONINTRODUCTIONReference is made to the announcements of the Company dated 29 January 2014, the circular of the Company dated 3 March 2014 in relation to, among other things, the Xincat Pharmaceutical Acquisition, the announcement dated 18 March 2014 in relation to the poll results of the EGM resolutions and follow up announcements dated 25 August 2014 and 22 September 2014. The Board is pleased to announce that following the successful bidding for 40% of the equity interest in Xincat Pharmaceutical at the bid price of RMB102 million in the open tender process at Shandong Property Right Exchange Center, the Company and Hualu Holdings entered into the Acquisition Agreement on 30 September 2014 pursuant to which, Hualu Holdings agreed to sell, and the Company agreed to purchase, the Relevant Equity Interest for a consideration of RMB102 million payable in cash.THE ACQUISITION AGREEMENT DateThe Acquisition Agreement was signed on 30 September 2014 between the Company and Hualu Holdings.PartiesHualu Holdings as the vendor; andthe Company as the purchaser.Assets to be acquiredThe state-owned equity in Xincat Pharmaceutical, being 40% of the equity interest in Xincat Pharmaceutical.As mentioned in the Circular, 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 was RMB222.20 million. Accordingly, the value in relation to the Relevant Equity Interest was 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 RMB18.71 million and RMB16.36 million for the financial year ended 31 December 2012 and approximately RMB16.56 million and approximately RMB14.08 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.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 and Rule 14A.59(3) of the Listing Rules in relation to profit forecast requirements. The Company has applied to the Stock Exchange for and has been granted a waiver from strict compliance with Rules 14.62, 14A.56(8) and paragraph 29(2) of Appendix 1B and Rule 14A.59(3) of the Listing Rules.For further details, please refer to the asset valuation report prepared by the Valuer set out in Appendix III to the Circular.ConsiderationThe consideration for the Xincat Pharmaceutical Acquisition is RMB102 million, which is below the maximum bidding price previously approved by Independent Shareholders at the EGM. The consideration was determined through a public auction process held on 22 September 2014. A deposit of RMB20 million for the Xincat Pharmaceutical Acquisition has been paid by the Company to Shandong Property Right Exchange Center when the Company submitted the tender offer. Such deposit will be used as payment of part of the consideration. Within 5 working days after the entering into of the Acquisition Agreement, the Company shall pay in cash the remainder of the consideration into the account designated by Shandong Property Right Exchange Center which will in turn transfer the payment to Hualu Holdings.Upon completion of the Xincat Pharmaceutical Acquisition, the Companys interest in Xincat Pharmaceutical will be increased from 20% to 60% and the remaining 40% interest in Xincat Pharmaceutical will continued to be owned by Hualu Holdings.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.In relation to the historical earnings of Xincat Pharmaceutical, the profits after taxation for the years ended 31 December 2011, 2012 and 2013 were RMB22.463 million, RMB16.364 million and RMB14.075 million respectively. The decrease in net profit in 2013 against that in 2012 was due to the effect of tender procurement of certain pharmaceutical products and the decrease in sales of the higher profit margin products. Despite the downward trend in the profits of Xincat Pharmaceutical, the Directors are of the view that the acquisition of the Relevant Equity Interest would allow the Company to fully develop its strength in research and development, consolidate the resources, strengthen the production of new products and achieve costs reduction through advancement in technology. As such, the Directors are of the view that the Xincat Pharmaceutical Acquisition is fair and reasonable and in the interests of the Company and the Shareholders as a whole.The Xincat Pharmaceutical Acquisition has the effect of reducing connected transactions (as defined under the listing rules of the Shenzhen Stock Exchange) within the Group from a PRC perspective. Under the listing rules of the Shenzhen Stock Exchange, Xincat Pharmaceutical would not be regarded as a connected person (as defined under the listing rules of the Shenzhen Stock Exchange) of the Company after it becomes a subsidiary of the Company. The Xincat Pharmaceutical Acquisition will therefore allow for a more streamlined intra-group distribution process so as to improve the overall competitiveness of the Group. However, under the Listing Rules, Xincat Pharmaceutical is still a connected person of the Company under Rule 14A.11(5) upon completion of the Xincat Pharmaceutical Acquisition as Hualu Holdings would be the holder of 40% of equity interest of Xincat Pharmaceutical and a controlling shareholders of the Company.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 Company and the Shareholders as a whole.INFORMATION 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.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.Application has been made to, and approval has been obtained from, the Stock Exchange for the adoption of an alternative percentage ratio pursuant to Rule 14.20 of the Listing Rules in respect of the Xincat Pharmaceutical Acquisition. As the applicable ratios pursuant to Rule 14.07 of the Listing Rules and the alternative percentage ratio in respect of the Xincat Pharmaceutical Acquisition exceed 5% but are below 25%, the Xincat Pharmaceutical Acquisition constitutes a discloseable and connected transaction of the Company under Chapter 14 and Chapter 14A of the Listing Rules respectively and is subject to reporting and announcement requirements and approval by the Independent Shareholders at the EGM by way of poll. In this connection, the Company has sought, and the Independent Shareholders have granted, an advance approval for the grant of the Mandate at the EGM held on 18 March 2014. Please refer to the Circular and the EGM poll result announcement of the Company dated 18 March 2014 for more details.DEFINITIONSIn this announcement, the following expressions shall have the meanings set out below unless the context requires otherwise:Acquisition Agreement the agreement entered into between Hualu Holdings and the Company in respect of the Xincat Pharmaceutical Acquisitionassociate(s) has the meaning ascribed to it under the Listing RulesBoard the board of Directors of the CompanyCircular the circular of the Company dated 3 March 2014 in relation to, among other things, the Xincat Pharmaceutical Acquisition Company q\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 RulesDirectors the directors of the CompanyEGM the extraordinary general meeting held on 18 March 2014 to consider and approve, among other things, the Xincat Pharmaceutical AcquisitionGroup the Company and its subsidiariesHong Kong the Hong Kong Special Administrative Region of the PRCHualu Holdings ocƖW gPlQS (Hualu Holdings Company Limited), a wholly state-owned company, the controlling shareholder of SXPGC Independent Shareholders Shareholders other than SXPGC and its respective associates (as defined in the Listing Rules) Listing Rules the Rules Governing the Listing of Securities on the Stock ExchangeMandate a mandate granted in advance by the Independent Shareholders at the EGM to the Directors to acquire the Relevant Equity Interest at a maximum bidding price of RMB112 millionPRC the Peoples Republic of China, which for the purpose of this announcement shall exclude Hong Kong, the Macau Special Administrative Region of the Peoples Republic of China and TaiwanRelevant Equity Interest the state-owned equity in Xincat Pharmaceutical (being 40% of the equity interest in Xincat Pharmaceutical) RMB Renminbi, the lawful currency of the PRC for the time being Shareholders the shareholders of the Company Stock Exchange The Stock Exchange of Hong Kong Limited SXPGC q\qgeƖW gPNlQS(Shandong Xinhua Pharmaceutical Group Company Limited), a wholly-state owned company which holds and owns 36.32% of the total issued share capital of the Company and is currently the largest shareholder of the Company Valuation Date 30 April 2013 Valuer Beijing Tianjian Xingye Asset Appraisal Co. Ltd. (SN)YePminj"uU0O gPlQS), a valuer commissioned by Hualu Holdings to prepare a valuation report in relation to Xincat Pharmaceutical for the purpose of the sale of the Relevant Equity Interest in an open tender process at the Shandong Property Right Exchange Center Xincat Pharmaceutical q\qgmZSeT gPlQS (Shandong Zibo Xincat Pharmaceutical Company Limited), a company incorporated in the PRC with limited liability Xincat Pharmaceutical the acquisition of the Relevant Equity Interest by the Acquisition Company By Order of the Board Shandong Xinhua Pharmaceutical Company Limited Zhang Daiming Chairman30 September 2014, Zibo, PRCAs at the date of this announcement, the Board comprises: Executive Directors:Mr. Zhang Daiming (Chairman)Mr. Du DepingIndependent Non-executive Directors:Mr. Zhu BaoquanMr. Liu HongweiMr. Chan Chung Kik, LewisNon-executive Directors: Mr. Ren Fulong Mr. Xu Lie Mr. Zhao Bin-Z [ q r s t u  x 0 2 V ξξξΤs]N>4hNCJKHaJhN6CJKHPJ]aJo(hN6CJKHPJ]aJ*hNB*CJOJPJQJ^JaJo(phhN5KHPJ\aJo( h\p.6KHPJ]aJnHtH#hN6KHPJ]aJnHo(tH3jhN5KHPJU\aJmHnHo(tHuhN6CJKHPJ]aJo(hN6CJKHPJ]aJhN6CJKH]aJo('hN6CJKHPJ]aJnHo(tHq s u v w  x 2 X Z \      $7$8$G$H$a$gd4g# $7$8$H$a$gd4g#$a$ $7$8$H$a$$J7$8$H$a$gd\p. $7$8$H$a$C8V X Z \       " # $ 1 2 G W X tgWK<0h3VCJKHPJaJh4g#h;CJKHPJaJh0DyCJKHPJaJh0Dyh0Dy5CJKHPJaJhX5CJKHPJaJh)5CJKHPJaJhf5CJKHPJaJh|5CJKHPJaJh|CJKHPJaJhCJKHPJaJjh|UmHnHuh;CJKHPJaJ h4g#5\h4g#h4g#5\h=h[o(h=hNo(!hNCJKHPJaJnHo(tH                ! 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As the applicable ratios pursuant to Rule 14.07 of the Listing Rules and the alternative percentage ratio in respect of the Xincat Pharmaceutical Acquisition exceed 5% but are below 25%, the Xincat Pharmaceutical Acquisition constitutes a discloseable and connected transaction of the Company under Chapter 14 and Chapter 14A of the Listing Rules respectively and is subject to reporting and announcement requirements and approval by the Independent Shareholders. In this connection, the Company has sought, and the Independent Shareholders have granted, an advance approval for the grant of the Mandate at the EGM.[)O^`dlp{؄لڄ59:DPQWXkw|}ƅɅʅѵѦњъ{њg'h%6hCJKHPJaJnHo(tHhhGshfCJKHPJaJhhGshfCJKHPJaJo(hXCJKHPJaJhfhfCJKHPJaJh3VhfCJKHPJaJhfCJKHPJaJo(hfCJKHPJaJh4g#hfCJKHPJaJhw'?hG3hG3CJPJnHtH&ʅ#hmnw|}҆ֆ'aǸpdUpI=.hJh|CJKHPJaJh|CJKHPJaJhCJKHPJaJhpLhXCJKHPJaJhXCJKHPJaJh0Dyh|CJKHPJaJh3Vh)CJKHPJaJh\rh)CJKHPJaJh)CJKHPJaJhF h)CJKHPJaJhF h|CJKHPJaJhF hfCJKHPJaJh0DyhfCJKHPJaJhfCJKHPJaJh0DyhXCJKHPJaJaekmȇɇ5723456789ŶhNCJPJaJnHo(tHh%6hG3hG3CJaJh4-hG3CJaJnHtHh h|h|h|CJKHPJaJhJh|CJKHPJaJ'h%6hCJKHPJaJnHo(tH896 00&P P. 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