Group 1 - BMS is selling a 60% stake in its China joint venture, Shanghai BMS, to an affiliate of Hillhouse Capital, with the deal expected to close in early 2026 [1][4] - The divested assets include several products manufactured and sold exclusively in mainland China, such as Baraclude, Bufferin, and Theragran [1][4] - This divestiture is part of BMS's strategy to focus resources on core areas and optimize its business layout [1][4] Group 2 - Shanghai BMS was established in 1982 as the first Sino-American joint venture pharmaceutical company in China, predating other joint ventures like Xi'an Janssen and MSD [3] - The trend of foreign pharmaceutical companies exiting joint ventures in China is increasing, as the policy environment allows for wholly-owned operations [3][6] - Shanghai BMS has faced declining performance due to intensified competition and price reductions from centralized procurement, leading to a strategic decision to sell its business [4][6] Group 3 - In 2016, Shanghai BMS reported a record revenue of 4.72 billion yuan, but recent years have seen a decline in performance due to competition and pricing pressures [4] - The divestiture aligns with BMS's broader transformation plan, as the company reported a 2.48% year-over-year revenue decline in its latest financial report [4]

Group 1 - The core point of the announcement is that Chongqing Huason Pharmaceutical Co., Ltd. has received the Supplementary Application Approval Notice for Orlistat Capsules from the National Medical Products Administration, indicating a change in the marketing authorization holder [1][2] - Orlistat Capsules are currently the only approved oral treatment for obesity or overweight patients (BMI ≥ 24) in China, primarily working by reducing fat absorption from food [2][3] - The company has transitioned to self-branding "Quchang" for the sales operation of Orlistat Capsules after reaching an agreement with its partner to change the marketing authorization back to the partner while still allowing the company to produce the product [2][3] Group 2 - The company has also received re-registration approval notices for eight other drugs, ensuring their normal production and sales, which include Cang'erzi Nasal Inhalation Capsules and Spirulina Capsules among others [6][12] - Cang'erzi Nasal Inhalation Capsules are recognized as a classic medication for nasal diseases and are included in the national medical insurance list, indicating a strong market position [9] - Spirulina Capsules have shown significant effects in enhancing immunity and regulating blood lipids, supported by multiple clinical studies, which may enhance the company's product portfolio and market competitiveness [10][11]