Core Viewpoint - Koyuan Pharmaceutical has announced the termination of its plan to issue shares for asset acquisition and fundraising, citing changes in the overall market environment since the initial announcement of the transaction [1] Group 1: Termination of Asset Acquisition - Koyuan Pharmaceutical's board approved the termination of the share issuance for asset acquisition and related fundraising on November 28, 2025 [1] - The company intended to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group Co., Ltd. from 38 trading parties, including Lino Investment Holding Group Co., Ltd. and Lino Group Co., Ltd. [1][2] - The decision to terminate the restructuring was made after careful consideration and discussions with relevant parties, aiming to protect the long-term interests of all shareholders [1] Group 2: Fundraising Details - Koyuan Pharmaceutical planned to raise up to 25 million yuan through the issuance of shares to no more than 35 qualified investors, which would not exceed 100% of the transaction price for the asset acquisition [2] - The total transaction price for the acquisition was set at 358,061.77 million yuan [2] - The independent financial advisor for this transaction was CITIC Securities [2] Group 3: Share Issuance and Financials - Koyuan Pharmaceutical's public offering raised a total of 854,883,000 yuan, with a net amount of 764,921,774.32 yuan after deducting issuance costs, which was 41,492.18 million yuan more than originally planned [4] - The funds raised were intended for projects including the technical transformation of raw material production lines and drug research and development [4] - The total issuance costs amounted to 89,961,225.68 yuan, with CITIC Securities receiving 73,939,470 yuan as underwriting and sponsorship fees [4]

科源制药(301281.SZ)跳空低开，盘中一度跌近7%，低见27.3元刷新阶段新低，总市值30.22亿元。消息上，科源制药上周五晚发布公告，公司董事会已审议 通过终止发行股份购买资产及募集配套资金事项，同时撤回相关申请文件。公司表示，终止系因市场环境变化，为维护全体股东长期利益作出的审慎决策， 一个月内不再筹划重大资产重组。业绩方面，今年前三季度营业收入3.03亿元，同比下降8.5%；归母净利润3147万元，同比下降20.7%。 ...

Group 1 - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors [4] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [4] - Yongtai Energy's actual controller Wang Guangxi received a notice of investigation from the China Securities Regulatory Commission for matters unrelated to the company [4] Group 2 - Shenzhou Pharmaceutical's controlling shareholder plans to reduce its stake by no more than 3% [4] - Zhenhua Group intends to increase its stake in China Jushi by 550 million to 1.1 billion yuan [4] - Jihong Co., Ltd. and its concerted parties plan to reduce their stake by no more than 2.93% [4] Group 3 - XJ Electric won a 1.518 billion yuan procurement project from the State Grid [4] - China XD Electric's subsidiaries collectively won procurement projects from the State Grid worth approximately 2.98 billion yuan [4] - Chaozhuo Aerospace's actual controller will change to the Hubei Provincial State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [4] Group 4 - Huakong Saige terminated its specific object stock issuance [5] - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding 20 billion yuan [5] Group 5 - Blue Sail Medical's board proposed to lower the conversion price of "Blue Sail Convertible Bonds" [6] - ST Lifang's stock will be subject to delisting risk warning and will be suspended from trading on December 1 [7] - Cambrian elected Chen Tianshi as chairman [8]

Core Viewpoint - Koyuan Pharmaceutical's acquisition of Shandong Hongjitang Pharmaceutical Group has been terminated after over a year of planning due to changes in the overall market environment, impacting both companies' future prospects [4][5][6]. Group 1: Acquisition Details - Koyuan Pharmaceutical announced the termination of the acquisition of 99.42% of Hongjitang's shares, which was valued at approximately 3.581 billion yuan [5]. - The company had planned to issue shares to 38 counterparties, including Linuo Investment and Linuo Group, to finance the acquisition [5]. - The termination was decided after careful consideration and discussions with all parties involved, aiming to protect the long-term interests of shareholders [5][6]. Group 2: Impact on Koyuan Pharmaceutical - The termination of the acquisition means Koyuan Pharmaceutical's plans to optimize product layout and reduce operational costs will not materialize [6]. - Koyuan Pharmaceutical's revenue and net profit have declined in the first three quarters of the year, with revenue at approximately 303 million yuan, down 8.52%, and net profit at about 31.47 million yuan, down 20.69% [9]. - The expected financial benefits from the acquisition included a projected revenue increase to 1.745 billion yuan in 2024, a 276.34% rise, and a net profit increase to 168 million yuan, a 177.86% rise [9]. Group 3: Hongjitang's Market Position - This marks the second failed attempt for Hongjitang to achieve a "backdoor listing" [7]. - Hongjitang specializes in the research, production, and sales of traditional Chinese medicine and health products [7]. - The company has faced challenges in entering the capital market, with previous attempts at IPOs in 2021 and 2024 not succeeding [8]. Group 4: Future Prospects - Following the termination, Hongjitang's entry into the capital market is delayed, potentially affecting its valuation and market confidence [8]. - Future strategies for Hongjitang may include pursuing independent IPOs or seeking mergers with other companies in the industry to achieve a backdoor listing [8].

Core Viewpoint - Koyuan Pharmaceutical has decided to terminate the issuance of shares for asset acquisition and related fundraising due to changes in the market environment, aiming to protect the long-term interests of all shareholders [1] Group 1: Termination of Acquisition - The board of Koyuan Pharmaceutical has approved the termination of the share issuance for acquiring 99.42% of Hongjitang for a consideration of 3.58 billion yuan and raising up to 700 million yuan in supporting funds [1] - The termination is described as a prudent decision to maintain the long-term interests of shareholders, with no significant adverse impact on the company's current operations [1] Group 2: Business Performance - For the first three quarters of the year, Koyuan Pharmaceutical reported revenue of 303 million yuan, a year-on-year decrease of 8.5%, and a net profit attributable to shareholders of 31.47 million yuan, down 20.7% [2] - The company's operating cash flow net amount was 27.24 million yuan, showing a year-on-year increase of 14.1% [2] Group 3: Strategic Developments - Koyuan Pharmaceutical's subsidiary, Linuo Pharmaceutical, has had its intelligent manufacturing project for injectables included in the list of major industrial projects for the province's new and old kinetic energy conversion in 2025 [2] - The intelligent manufacturing project, completed on September 28, covers an area of approximately 46,000 square meters and includes key areas such as quality inspection and R&D buildings, high-end injectable production workshops, and a comprehensive intelligent warehouse [2] - The project aims to leverage industrial internet, artificial intelligence, and big data technologies to create a comprehensive smart control system from R&D to production, meeting the standards of China GMP, US FDA, and EU GMP [2][3] Group 4: Future Outlook - Koyuan Pharmaceutical plans to use the inclusion of its project as an opportunity to increase innovation investment and empower industrial upgrades, contributing to the high-quality development of the pharmaceutical industry in Shandong Province [3]

Core Viewpoint - Koyuan Pharmaceutical announced the termination of its plan to issue shares for asset acquisition and related fundraising, withdrawing its application documents [1][2]. Group 1: Transaction Details - The company intended to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group Co., Ltd. from 38 trading parties, including Linuo Investment Holding Group Co., Ltd. and Linuo Group Co., Ltd. [1][2]. - The transaction was valued at approximately 3.581 billion yuan, excluding the fundraising amount [2]. Group 2: Business Implications - The acquisition was expected to extend Koyuan Pharmaceutical's main business into traditional Chinese medicine and health products, enhancing operational efficiency and reducing costs [2]. - The company aimed to create a large-scale, well-known health platform in the pharmaceutical industry, improving its overall strength and value [2]. Group 3: Reason for Termination - The termination was due to changes in the overall market environment since the initial announcement of the transaction, leading to a decision made in the interest of all shareholders [2].

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

格隆汇11月28日丨科源制药(301281.SZ)公布，公司原拟向力诺投资控股集团有限公司、力诺集团股份 有限公司等38名交易对方发行股份购买其持有的山东宏济堂制药集团股份有限公司99.42%股份。同 时，公司拟向不超过35名符合条件的特定对象发行股份募集配套资金。 自公司筹划并首次公告本次交易以来，公司严格按照相关法律法规及规范性文件要求，积极组织交易各 相关方推进本次重组工作。但鉴于市场整体环境情况较本次重组筹划之初发生了一定变化，为维护公司 全体股东长期利益，经公司与交易各相关方友好协商、认真研究和充分论证，基于审慎性考虑，决定终 止本次重组事项。 ...

证券日报网讯 11月28日晚间，科源制药发布公告称，近日，公司收到中信建投证券发来的通知，鉴于 原独立财务顾问主办人孙林先生工作变动，不再担任本次交易的独立财务顾问主办人。本次独立财务顾 问主办人减少后，中信建投证券原委派的独立财务顾问主办人杨慧泽先生、王辉先生将继续担任本次交 易的独立财务顾问主办人，履行本次交易的相关职责。 （文章来源：证券日报） ...

Core Viewpoint - The company has decided to terminate its plan to issue shares for the acquisition of a 99.42% stake in Shandong Hongjitang Pharmaceutical Group Co., Ltd. and to withdraw related application documents [1] Group 1 - The company initially intended to issue shares to 38 counterparties, including Linuo Investment Holding Group Co., Ltd. and Linuo Group Co., Ltd. [1] - The company planned to raise supporting funds by issuing shares to no more than 35 qualified specific objects [1] - The board of directors has approved the resolution to terminate the share issuance for asset acquisition and related transactions [1]