Summary by Futu AI
SHANGHAI FUSTAR PHARMACEUTICALS (GROUP) CO., LTD. (HEREINAFTER REFERRED TO AS “FUSTAR PHARMACEUTICALS”) ANNOUNCED ON 11 JULY 2024 THAT IT HAS REACHED THE PREREQUISITES FOR THE PRIVATIZATION OF ITS SUBSIDIARY SHANGHAI FUHUNG HANLIN BIOTECHNOLOGY CO., LTD. (HEREINAFTER REFERRED TO AS “FUHONG HANLIN”, STOCK CODE: 02696). THIS PRIVATIZATION PROPOSAL IS CARRIED OUT BY ABSORPTION COMBINED METHOD, PROPOSED BY SHANGHAI FUSTAR NEW DRUG RESEARCH CO., LTD. (HEREINAFTER REFERRED TO AS “FUSTAR NEW MEDICINE”) UNDER THE SUBSIDIARY OF FUSTAR PHARMACEUTICALS. According to the announcement, a sufficient letter of intent was received by 4 pm on 10 July 2024 for the holding to reach 2% of the minimum acceptance criteria. HOWEVER, THE CONTRACTOR RESERVES THE DISCRETION OF THE FINAL DECISION ON WHETHER TO SUBMIT A PROSPECTIVE SHARE OPTION OFFER. The Merger Agreement remains a possibility and is subject to the fulfilment of the implementing conditions set out in the Joint Announcement or its subsequent exemption. FUSTAR PHARMACEUTICALS REMINDS SHAREHOLDERS AND POTENTIAL INVESTORS TO EXERCISE CAUTION WHEN TRADING SECURITIES.