Tonghua Dongbao to sell stake in Tebao Bio

Tonghua Dongbao Pharmaceutical (SSE:600867) announced plans to sell 23,187,600 shares, or 5.70%, of its holding in Xiamen Tebao Bioengineering Co. Ltd. The sale will reduce Tonghua Dongbao's stake in Tebao Bio to 16.03%. The transaction is valued at CNY 1,301,288,112, with a price of CNY 56.12 per share. The buyer is Tibet Trust Co., Ltd., acting on behalf of the "Tibet Trust-Golden Tong No. 35 Collective Fund Trust Scheme." The sale aims to support Tonghua Dongbao's strategic shift towards innovative drug development. The transaction is subject to shareholder approval, regulatory clearance from the Shanghai Stock Exchange, and completion of share transfer registration. The company advises investors to be aware of the risks associated with the deal.