Changchun Hi-Tech Technology Industry Finished 5.6 Billion RMB Acquisition of GeneScience Pharmaceuticals

According to Pharm Net, On June 10, 2019, Changchun Hi-Tech Technology Industry used 5.6 billion RMB to purchase 29.5% of stocks from GeneScience Pharmaceuticals. Before this transaction, Changchun Hi-Tech Technology Industry already holds 70% of stocks in GeneScience Pharmaceuticals. Upon completion of this transaction, Changchun Hi-Tech Technology Industry will hold 99.5% of stocks in GeneScience Pharmaceuticals.

After the high price acquisition, GeneScience Pharmaceuticals made a performance commitment that the net profit for 2019, 2020 and 2021 will not fall below 1.56 billion RMB, 1.94 billion RMB, and 2.32 billion RMB respectively. GeneScience Pharmaceuticals' main business is the development, production and sales of biopharmaceuticals and Chinese medicine.

GeneScience Pharmaceuticals is the pioneer of the recombinant human growth hormone in China. It currently has the largest recombinant human growth hormone production line in Asia. It is the only long-acting, water-based and powder-based recombinant human growth hormone production base in the world.

From 2016 to 2018, GeneScience Pharmaceuticals' net profit was 496 million, 686 million, and 1.132 billion RMB respectively. From this information, we can know that Changchun Hi-Tech Technology Industry would improve their profits greatly in the future.

Changchun Hi-Tech Technology Industry was established in June 1993. The company was listed on the Shenzhen Stock Exchange on December 18, 1996. The company's main business is the production and sales of biopharmaceuticals and Chinese medicines.