Zhongzhi Pharmaceutical Holdings Plans to Unwind Contractual Agreements to Directly Hold Control Over Subsidiary

MT Newswires Live

Dec 06, 2024

Zhongzhi Pharmaceutical Holdings (HKG:3737) plans to unwind its contractual arrangements with Zhongshan Zhongzhi Chinese Medicine Herb in Pieces as it can now directly hold equity interest in the latter, a Friday Hong Kong bourse filing said.

Zhongzhi Chinese Medicine Herb in Pieces is mainly engaged in the production of traditional and modern decoction pieces in China and is a major Chinese operating subsidiary of the group.

The company was not allowed to hold a direct interest in Zhongzhi Chinese Medicine Herb in Pieces due to the restrictions placed by the Foreign Investment Catalogue and had hence entered into contractual agreements to take management of and economic benefits from it.

As the said restrictions are now lifted in the Catalogue of Restricted Foreign Investment Industries (2024 version) issued by the National Development and Reform Commission on Sept. 8, the company now intends to hold equity interest in the Zhongzhi Chinese Medicine Herb in Pieces.

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