Shanghai Pharmaceuticals' controlling entity sees shareholding shift

Shanghai Pharmaceuticals Holding Co. announced an equity adjustment on October 15, 2025. Its de facto controller, Shanghai Municipal State-owned Assets Supervision and Administration Commission (Shanghai SASAC), transferred its entire equity interest in Shanghai Industrial Investment (Holdings) Company Limited (SIIC) to Golden Bell International Holdings Limited (Golden Bell). Golden Bell is a wholly-owned subsidiary of Shanghai Shangshi, established in Hong Kong in May 2025 with a registered capital of HK$1m.

Following this adjustment, Shanghai Shangshi's stake in Shanghai Pharmaceuticals increased from 25.303% to 38.487%. Despite this change, Shanghai SASAC remains the company's de facto controller, and there will be no change in the controlling shareholder. The transaction is exempt from a mandatory tender offer under Article 63(1)(i) of the Measures for the Administration of the Takeover of Listed Companies and will not trigger a mandatory general offer obligation under Hong Kong's Code on Takeovers and Mergers.