CSPC Innovation's asset purchase review suspended by Shenzhen Exchange

CSPC Innovation Pharmaceutical (SZSE:300765) announced that the Shenzhen Stock Exchange (SZSE) has suspended the review of its proposed transaction involving the issuance of shares and cash payment to acquire 100% equity in CSPC Group Bioclon Biopharmaceutical (Shandong) from several subsidiaries. The suspension is due to the financial information included in the application documents exceeding its validity period, requiring updated submissions. The SZSE's decision aligns with regulations governing significant asset restructuring. While the review is paused, CSPC Innovation emphasized that this does not represent a material impediment to the transaction. The company will expedite the update of financial data and resubmit the application to the SZSE to resume the review process. CSPC Innovation cautions investors that the transaction remains subject to regulatory approvals and involves inherent uncertainties.