Head Pharma IPO Terminates Review

The prospectus shows that the main products are the research and development, production and sales of chemical raw materials and pharmaceutical intermediates, the main products are psilocybin (sodium), axiovir, clopidogrel, gixitamandandandandandand and D-ethylestend and other raw materials and intermediates, mainly used in anti-inflammatory analgesia, antiviral, anti-tumor, cardiovascular, broad-spectrum antibacterial veterinary drugs and other drugs productionOn April 26, 2018, Chetoe Pharmaceuticals submitted a prospectus declaration to the CSRCFive months later, the initial feedback from Head Pharma was released on September 30, 2018Thereafter, on October 26, 2018, the prospectus for the IPO was updatedfor the head of the pharmaceutical, once because of the shareholders of the nine Ding line of attentionIssues such as the company's gambling agreement with the Jiuding System have also attracted the attention of the SFC at one timeit is understood that in February 2013, The company made a resolution at the first interim shareholders' meeting in 2013, agreeing to increase its capital by Yinke Jiuding, Baoshou Jiuding, Sheng Shi Jiuding, XingXian Jiuding, Zhishi Jiuding, Zhuo Xing Jiuding (jointly known as "Nine Ding System")increase capital at the same time, the actual controller of the car head pharmaceutical, the actual controller of the car head pharmaceutical company and the nine ding system signed a supplementary agreement to increase capital and shares, the performance of the car head pharmaceutical 2012-2015 made a commitment, and agreed that if the head pharmaceutical company did not achieve the performance commitment, Jiuding Department has the right to ask the head pharmaceutical real controller to make cash compensationHowever, due to the decline in the performance of the company in 2013, and the next three years of performance commitments are expected to be difficult to achieveTo this end, the agreement in August 2014 signed a supplementary agreement to increase capital and share expansion, the agreement agreed that before the head of the pharmaceutical company to the new three boards to submit the listing application, the company's controller to the nine Ding system free transfer of a part of the shares as performance compensation for gamblingIt should be noted that in this supplementary agreement, it also includes a listing to bet, i.ea tripartite agreement, if head pharmaceutical did not submit the listing filing materials and obtain acceptance by December 31, 2015, or did not complete the Listing of A-shares by December 31, 2016, or any substantial obstacles to the listing of the Company's A-shares, then Nine Ding is entitled to require the company's controller to purchase its shares in the car headhowever, in 2017, the three parties of The Carhead Pharmaceuticals, the Company's Real Controller and the Jiuding Department signed a supplementary agreement on the increase of capital and the expansion of shares, and agreed that since the date when The Company's Head Pharmaceuticals submitted the listing declaration materials to the CSRC and was accepted, the nine-ding system agreed that the company's controller would no longer assume the obligation to repurchase shares under Article 2 "Exit Arrangement" of the Supplemental Agreement on The Increase of Capital And Share Expansionin the initial feedback, for the issue of gambling agreement, the CSRC has asked the head pharmaceutical sponsors and lawyers to verify and explain the historical evolution, the company, controlling shareholders, actual controllers and other parties signed the case of the gambling agreement, whether it has been lifted, whether the conditions are suspended, whether there are other gambling agreements, whether the head pharmaceutical and actual controllers whether the non-fulfilment of the obligations should be fulfilledfor the reasons for the termination of the IPO review and whether there are plans to continue to list and other related issues, Beijing Business News reporter to the head of the pharmaceutical to send an interview letter, but as of the press release, the other side did not give a reply.