China Traditional Chinese Medicine Plans to Privatize and Delist, Is the Integration Expectation of an A-Share Traditional Chinese Medicine Company Near?

China Traditional Chinese Medicine (00570. HK), and now the boots are on the ground.

On the morning of February 22, the share price of China Traditional Chinese Medicine surged 22.74%, which was boosted by the news of the company's privatization.

The night before, China Traditional Chinese Medicine officially announced that its controlling shareholder, Sinopharm Group, intends to privatize the company at a price of HK$4.6 per share. Compared with the closing price of HK$3.43 before the suspension, the privatization price premium is about 34.11%. The privatization will cost HK$15.645 billion.

If the privatization is successful, China TCM will be delisted from the Hong Kong stock market.

This is also the first pharmaceutical company in Hong Kong to carry out a privatization transaction this year.

China TCM is mainly engaged in the sales of traditional Chinese medicine formula granules, proprietary Chinese medicines and traditional Chinese medicine decoction pieces, which was listed on the Hong Kong Stock Exchange as early as April 7, 1993.

The fundamentals of Chinese traditional medicine itself are not bad. Recently, the annual report performance forecast released by China Traditional Chinese Medicine shows that the company expects net profit in 2023 to increase by 85% to 95% year-on-year.

The reason for the privatization and delisting of Chinese traditional medicine is related to the long-term sluggish trading volume and stock price performance of the company.

According to the company, the low trading liquidity of the shares may make it difficult for scheme shareholders other than the controlling shareholder to make an on-market sale without adversely affecting the share price. As the trading price of shares has been at a low level and the trading volume is limited, the Company's ability to raise funds from the capital market is restricted, resulting in difficulties in using equity financing to provide available sources of funds for the Company's business development and support the Company's development strategy.

China TCM also stated that if the privatisation is successfully implemented, the Company will be wholly owned by the Offeror, and with the Controlling Shareholder's extensive experience in the Chinese medicine industry and the extensive network and resources of the Investor Group and its state-owned background, the Controlling Shareholder and the Investor Group will enter into a strategic partnership to further develop the Group's existing business and focus on the long-term growth of the Company.

With the privatization of Chinese traditional medicine (TCM), there is also speculation about whether it is expected to integrate with Taiji Group (600129.SH), another A-share listed Chinese medicine company.

Tai Chi Group is also a subsidiary of Sinopharm Group.

According to the official website of Sinopharm Group, its operating income exceeds 700 billion yuan, ranking 80th among the world's top 500 companies and first among global pharmaceutical companies, with more than 1,700 member companies, of which 9 are listed companies. China Traditional Chinese Medicine and Taiji Group are both listed companies in traditional Chinese medicine.

In October 2020, when Sinopharm Group launched its controlling stake in Taiji Group, it promised that within five years after the completion of this transaction, it would gradually solve the problem of competition in the same industry by means including but not limited to asset replacement, asset sale, establishment of joint ventures, change of main business, asset injection, and entrusted management.

On February 22, Yicai also asked Tai Chi Group whether it would be integrated with Chinese traditional medicine.

Taiji Group insiders replied that they have not received any news yet.

On the morning of February 22, Taiji Group's share price fell 3.32% to 40.49 yuan per share.

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div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}