Core Viewpoint - Fosun Pharma (1652.HK) announced the sale of its wholly-owned subsidiary, Fosun Smart Energy Technology Co., Ltd., for 73 million yuan to Henan Xisheng Industrial Development Co., Ltd. This strategic move aims to streamline resources and refocus on its core pharmaceutical business [1][4]. Group 1: Transaction Details - The buyer, Henan Xisheng, is primarily engaged in property leasing and management, equipment leasing, enterprise engineering, and private equity investment [4]. - Fosun Smart Energy was established in February 2023 with a registered capital of 50 million yuan, focusing on the installation and operation of photovoltaic power generation systems [4]. - The sale price of 73 million yuan is expected to yield a profit of 1.3 million yuan for Fosun Pharma, with net proceeds of approximately 72.8 million yuan allocated for general working capital [4]. Group 2: Business Context - Fosun Smart Energy operates three photovoltaic systems with installed capacities of approximately 6.089 MW, 6.387 MW, and 14.886 MW [4]. - The photovoltaic business is not a core focus for Fosun Pharma, which is primarily centered on its pharmaceutical operations [4]. - The company has been experiencing losses since 2022, with net losses of 34.61 million yuan in 2022, 36.28 million yuan in 2023, and an expected loss of 189 million yuan in 2024 [5]. Group 3: Recent Developments - On September 15, Fosun Pharma received approval for its Metformin and Ertugliflozin tablets, which are intended to improve blood sugar control in adults with type 2 diabetes [5]. - Following this approval, the company's stock price surged over 400% on September 16, reaching a new high for 2023 [5]. - The approval of this product, although a generic drug, has bolstered Fosun Pharma's confidence in its core pharmaceutical business and may have influenced the decision to divest from non-core operations [5].
福森药业拟7300万元出售全资子公司100%股权 剥离光伏发电业务