SPG(SH:600529) Sou Hu Cai Jing·2025-07-18 07:44Core Viewpoint - The acquisition of Shandong Luzhong Investment Co., Ltd. by China International Pharmaceutical Co., Ltd. and its Hong Kong counterpart is under review by the State Administration for Market Regulation, indicating a significant shift in control within the pharmaceutical packaging industry in China [2][3]. Group 1: Acquisition Details - China International Pharmaceutical Co., Ltd. and its Hong Kong subsidiary will increase their stake in Shandong Luzhong Investment, which specializes in pharmaceutical packaging, with the new ownership structure resulting in a joint control arrangement [2]. - Post-acquisition, China International will hold 36% and China International Hong Kong will hold 15% of Luzhong Investment, while Luzhong Holdings will retain 49% [2]. - The ultimate controller of both China International and its Hong Kong subsidiary is China National Pharmaceutical Group, which will indirectly hold 51% of Luzhong Investment after the transaction [2]. Group 2: Impact on Related Companies - Following the completion of the equity change, the indirect controlling shareholder of Shandong Pharmaceutical Glass Co., Ltd. will shift from Luzhong Holdings to China International, with the actual controller changing from the Yiyuan County Finance Bureau to China National Pharmaceutical Group [4]. - China International will consolidate Luzhong Investment into its financial statements and will indirectly hold 19.5% of Shandong Pharmaceutical Glass through Luzhong Investment, making it the indirect controlling shareholder [4]. Group 3: Company Performance - Shandong Pharmaceutical Glass, established in 1970 and listed in 2002, has developed a comprehensive product system in the pharmaceutical packaging industry [6]. - The latest annual report indicates a revenue of 5.125 billion yuan for 2024, a year-on-year increase of 2.87%, and a net profit of 943 million yuan, reflecting a growth of 21.55% [6]. - The company's stock price as of July 18 was 22.59 yuan, with a market capitalization of approximately 14.991 billion yuan and a TTM P/E ratio of 15.85 [7].