Group 1 - The latest shareholder equity disclosures were made by Lu Group (Vietnam), Superman Intelligence, Tianjie Environment, and Gushengtang on November 18, 2025 [1] Group 2 - Lu Group (Vietnam) maintained its shareholding at 274 million shares, representing 54.62% ownership, slightly up from 54.60% previously [2] - Tai Dong Holding Limited acquired 62.5 million shares in Superman Intelligence, resulting in an 8.74% ownership, up from 0% [2] - Tianjie Environment saw multiple shareholders increase their holdings, with Zheji City Keyuan Enterprise increasing from 40.50% to 43.20%, and other shareholders like Bian Yu and Bian Shu also increasing their stakes to 50.89% and 45.94% respectively [2] - Gushengtang's shareholder Tu Zhiliang increased his holdings from 81.0036 million shares to 81.2736 million shares, raising his ownership from 34.98% to 35.10% [2]

Core Insights - Gushengtang Singapore, a subsidiary of Gushengtang, signed a share transfer agreement to acquire 100% equity of Dazhong Tang PTE. LTD., marking a significant step in the company's overseas expansion strategy in traditional Chinese medicine [1][2] - Dazhong Tang is a major player in Singapore's traditional Chinese medicine sector, operating 14 clinics and possessing a strong local service capability and user trust [1] - The acquisition will enhance Gushengtang's overall revenue by consolidating Dazhong Tang's financial performance into its financial statements [1] Strategic Developments - Gushengtang is accelerating its international expansion in traditional Chinese medicine through a "merger + cooperation + self-built" strategy, particularly focusing on the Singapore market [2] - The recent strategic partnership with 1doc, a digital healthcare platform, involves establishing a joint venture where Gushengtang holds a 70% stake, allowing for the integration of traditional Chinese medicine services within 1doc's existing clinic network [2] - Following the acquisition of Dazhong Tang, Gushengtang will add 14 new clinics, enhancing its operational scale and market coverage in Singapore [2] Long-term Growth Potential - Gushengtang's multi-faceted approach to overseas expansion demonstrates a clear strategic plan and execution capability, aiming to integrate traditional Chinese medicine services internationally while adapting to local markets [2] - The company's dual strategy of deepening domestic operations while accelerating international growth is expected to create new growth opportunities and strengthen its leading position in the global traditional Chinese medicine sector [2]

Group 1 - The recent tensions between China and Japan may impact foreign investment sentiment, as the Chinese government has advised citizens to avoid traveling to Japan and is prepared for substantial countermeasures [1] - The U.S. government has resumed operations, with the non-farm payroll report set to be released on November 20, which could influence market expectations regarding interest rate cuts by the Federal Reserve [1] - The European Union has agreed to eliminate the tax exemption on small packages, primarily targeting the influx of inexpensive Chinese goods [1] Group 2 - The company Guosheng Tang (02273) plans to acquire 100% of Dazhong Tang, expanding its network of Traditional Chinese Medicine clinics in Singapore, which is expected to enhance its overseas market presence [3] - Guosheng Tang has also announced a share buyback plan totaling up to 600 million HKD, aimed at increasing shareholder value [3] - The company has expanded its domestic operations by adding four new branches in cities such as Tianjin and Chengdu, bringing the total number of branches to 87 [3] Group 3 - The innovative drug sector has seen a rebound after two months of decline, with companies like BeiGene and Innovent Biologics reporting positive financial results, indicating a potential for sustained market momentum [4][5] - BeiGene reported a profit of 125 million USD for the first three quarters, with projections of 795 million USD profit by 2026, while Innovent Biologics anticipates reaching breakeven by 2025 [4] - Upcoming academic conferences in December are expected to showcase domestic innovative drugs, further boosting investor interest in the sector [5] Group 4 - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index at 26,572 points, amid concerns over excessive investment in AI and reduced expectations for interest rate cuts [6] - The liquidity in the Hong Kong market is closely tied to U.S. dollar liquidity, with expectations of a shift from quantitative tightening to quantitative easing [8]

Core Viewpoint - Gushengtang Singapore, a subsidiary of Gushengtang, is acquiring 100% equity of DA ZHONG TANG PTE.LTD. to expand its offline medical network and increase market share in Singapore, aiming for synergies with existing operations [1] Group 1 - The acquisition price is determined through fair negotiations and will be funded by net proceeds from placements, idle funds of the group, and Gushengtang Singapore's own funds [1] - After the acquisition, DA ZHONG TANG will become a subsidiary of Gushengtang, and its financial performance will be included in the group's consolidated financial statements [1]

Core Viewpoint - Gushengtang Singapore TCM Healthcare Technologies Holdings Private Limited has entered into a share transfer agreement to acquire 100% equity and related interests of DA ZHONG TANG PTE. LTD., which will become a subsidiary of the company after the completion of the acquisition [1] Group 1 - The acquisition is set to be completed on November 16, 2025, marking a significant expansion for the company [1] - Following the acquisition, the financial performance of DA ZHONG TANG will be consolidated into the group's financial statements [1]

Core Viewpoint - Gushengtang Singapore TCM Healthcare Technologies Holdings Private Limited, a subsidiary of Gushengtang, has entered into a share transfer agreement to acquire 100% equity and related interests of DA ZHONG TANG PTE.LTD., which will become a subsidiary of the company upon completion of the acquisition [1] Group 1: Acquisition Details - The acquisition is part of the company's strategy to expand its offline medical institution network, aiming to increase market share in Singapore and create synergies with other offline medical institutions and online medical platforms [1] - The acquisition price was determined through fair negotiations between Gushengtang Singapore and the seller, taking into account DA ZHONG TANG's historical performance, qualifications, resources, and prospects [1] - The board believes the acquisition price represents a fair and reasonable valuation for DA ZHONG TANG [1] Group 2: Financial Implications - The acquisition cost will be funded through the net proceeds from the company's placement, idle funds of the group, and Gushengtang Singapore's own funds [1]

Core Viewpoint - Gushengtang Singapore is set to acquire 100% equity and related interests of DA ZHONG TANG PTE. LTD., which will become a subsidiary of the company, enhancing its market presence in Singapore and creating synergies with existing healthcare platforms [1][2] Group 1 - The acquisition agreement was established on November 16, 2025, and will integrate DA ZHONG TANG's financial performance into Gushengtang's consolidated financial statements [1] - The acquisition aligns with the company's strategy to expand its offline medical institution network and increase market share in Singapore [1] - The financial terms of the acquisition were determined through fair negotiations, considering DA ZHONG TANG's historical performance, qualifications, resources, and prospects [2] Group 2 - The acquisition cost will be funded through net proceeds from a placement, idle funds of the group, and Gushengtang Singapore's own capital [2]

Core Viewpoint - Gushengtang Singapore is acquiring 100% equity and related interests of DA ZHONG TANG PTE. LTD., which will become a subsidiary of the company, enhancing its presence in the Singapore market and expanding its offline medical network [1] Group 1 - The acquisition agreement was signed on November 16, 2025, between Gushengtang Singapore and the shareholders of DA ZHONG TANG [1] - Following the completion of the acquisition, DA ZHONG TANG will be included in the group's consolidated financial statements [1] - DA ZHONG TANG primarily provides traditional Chinese medicine services and retail pharmaceutical services in Singapore [1] Group 2 - The acquisition aligns with the company's strategy to expand its offline medical institution network through acquisitions [1] - The company anticipates that the acquisition will increase its market share in Singapore and create synergies between DA ZHONG TANG and the group's other offline medical institutions and online medical platforms [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 收購大中堂的股權 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年11月16日，本公司附 屬公司Gushengtang Singapore TCM Healthcare Technologies Holdings Private Limited （「Gushengtang Singapore」）與DA ZHONG TANG PTE. LTD.（「大中堂」）的 股 東 （「賣方」）訂立股權轉讓合同（「股權轉讓合同」），據此，Gushengtang Singapore同 意收購，而賣方同意出售大中堂100%股權及相關權益（「收購事項」）。 於收購事項完成後，大中堂將成為本公司的附屬公司，而大中堂的財務業績將 併入本集團的綜合財務報表。本公司將根據香港聯合交易所有限公司證券上 市規則（「上市規則」）於必要時另行作出公告，以提供有關收購事項的最新進展。 – 1 – 有關大中堂的資料 GUSHENGT ...

Core Viewpoint - The company is accelerating its domestic and international business expansion through strategic acquisitions and partnerships, demonstrating strong confidence in future growth [1][2]. Domestic Expansion - The company has added 4 new branches through acquisitions since July 2025, increasing the total number of branches to 87, enhancing regional service capabilities [1]. - Significant acquisitions include: - Acquiring Shenzhen Tianyuan Hospital, which facilitates access to medical insurance coordination, enhancing competitive advantage in the Shenzhen market [1]. - Acquiring Tianjin Ping An Clinic, entering the fourth largest traditional Chinese medicine market in China, which opens new revenue growth opportunities in the Beijing-Tianjin-Hebei region [1]. International Expansion - The company has formed a strategic partnership with Singapore's 1doc to establish a joint venture, with the company holding 70% ownership and responsible for operations [1]. - This collaboration leverages 1doc's existing network of clinics in Singapore to facilitate rapid scaling and effective patient conversion in the context of integrated Chinese and Western medicine [1]. Share Buyback - Since initiating the buyback plan on September 1, 2025, the company has conducted 42 buyback transactions, totaling 8.14 million shares and approximately HKD 247 million in investment [2]. - The board has approved an additional buyback authorization of up to HKD 300 million, bringing the total buyback scale to HKD 600 million, the highest in the company's history [2]. Financial Outlook - The company expects strong earnings growth, with projected net profits of RMB 400 million, RMB 518 million, and RMB 664 million for 2025-2027, representing year-on-year increases of 30.5%, 29.4%, and 28.2% respectively [2]. - The current stock price corresponds to a PE ratio of 15.8, 12.2, and 9.5 for 2025-2027, with a target price of HKD 49.09 based on a 20x PE for 2026 [2].