HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

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Event-Driven

Tasly Pharmaceutical Group / Event-Driven

<ul>
<li>Since Tasly's performance growth has long stagnated and Yan Kaijing has no better way to turn the situation around, selling Tasly to SOE and cashing out becomes a good choice.</li>
<li>Upon completion of all approvals (e.g. the SASAC, SAMR, shareholders' meeting of CR Sanjiu, etc.), the deal aims to be completed in 25Q1. We think the deal will get up.</li>
<li>Tasly’s share price should be at least higher than RMB14.85/share based on the cash transfer price. Its P/E would reach 30 in the future after the integration with CR Sanjiu.</li>
</ul>


Since Tasly's performance growth has long stagnated and Yan Kaijing has no better way to turn the situation around, selling Tasly to SOE and cashing out becomes a good choice.
Upon completion of all approvals (e.g. the SASAC, SAMR, shareholders' meeting of CR Sanjiu, etc.), the deal aims to be completed in 25Q1. We think the deal will get up.
Tasly’s share price should be at least higher than RMB14.85/share based on the cash transfer price. Its P/E would reach 30 in the future after the integration with CR Sanjiu.


China Resources Sanjiu Medical & Pharma (000999 CH)

CR Sanjiu (000999.CH) To Acquire Tasly (600535.CH) Update - This Is Already a Done Deal