超10亿元！上海医药“抛售”合资药企股权

Core Viewpoint - Shanghai Pharmaceuticals announced the intention to publicly transfer 30% of its stake in China-U.S. Shanghai Bristol-Myers Squibb Pharmaceutical Co., Ltd. (hereinafter referred to as "China-U.S. Bristol-Myers Squibb") through a property rights transaction, with a minimum listing price of 1.023 billion yuan [1][4]. Group 1: Company Overview - China-U.S. Bristol-Myers Squibb, established in 1982, is a well-known Sino-U.S. joint venture pharmaceutical company with a registered capital of 18.44 million USD. The shareholding structure includes Bristol-Myers Squibb (China) Investment Co., Ltd. holding 60%, Shanghai Pharmaceuticals holding 30%, and China National Pharmaceutical Group Asset Management Co., Ltd. holding 10% [2][5]. - The company has launched nearly 30 products in China, covering prescription drugs for cardiovascular, metabolic, and antibiotic treatments, as well as over-the-counter products like pain relievers and multivitamins [2][5]. Group 2: Financial Performance - In 2016, China-U.S. Bristol-Myers Squibb achieved a historical peak with revenues of 4.724 billion yuan and a net profit of 622 million yuan. However, the company's operational performance has declined since then [2][5]. - For the year 2024, the company reported revenues of 1.795 billion yuan and a net profit of 248 million yuan. In the first three quarters of 2025, revenues further declined to 1.096 billion yuan, with a net profit of only 87.11 million yuan [2][5][7]. Group 3: Share Transfer and Market Strategy - In September 2025, it was reported that Bristol-Myers Squibb signed an agreement to sell its 60% stake in China-U.S. Bristol-Myers Squibb to an affiliate of Hillhouse Capital. This move is aimed at allowing Bristol-Myers Squibb to focus on key growth areas while leveraging local manufacturing and market advantages [3][6]. - The transfer of 30% of the stake by Shanghai Pharmaceuticals indicates a potential comprehensive adjustment in the shareholding structure of this over 40-year-old joint venture pharmaceutical company. The minimum price for the stake transfer is set at 1.023192 billion yuan, reflecting a strategic decision to maximize asset value and protect the interests of all shareholders, especially minority shareholders [3][6].