Magic Pharmaceuticals intends to transfer a 30.16 per cent stake in Jilin Kangzheng

, Magic Pharmaceuticals announced today that its wholly-owned subsidiary, Magic Pharmaceuticals, intends to transfer its 30.16 percent stake in Jilin Kangzheng, the controlling sun company. The details are as follows:The wholly-owned subsidiary of Shanghai Magic Pharmaceutical Investment Management Co., Ltd. (the "Company" or the "Company"), Guizhou Magic Pharmaceutical Co., Ltd. ("Magic Pharmaceuticals"), holds a 30.16% stake in Jilin Magic Kangzheng Pharmaceutical Co., Ltd. ("Gilling Kangzheng"), which is the company's controlling sun company. Magic Pharmaceuticals intends to negotiate the share transfer price and transfer its 30.16% stake in Jilin Kangzheng to other natural shareholders of Jilin Kangzheng, which is audited as of December 31, 2020, on the basis of the equity and net asset value attributable to the parent company. This equity transfer does not constitute an associated transaction and does not constitute a major asset reorganization as stipulated in the Measures for the Administration of Major Asset Reorganization of Listed Companies.According to the announcement, the reason for the transfer of equity is: Jilin Kang Zheng's main business is engaged in Chinese medicine, chemical preparations, antibiotics, medical equipment wholesale agent sales. As the local market environment changes in recent years, so does its business model. After many research and evaluation by the company's management level, from the perspective of the strategic development of magic medicine, it is proposed to transfer the magic pharmaceutical company's stake in Jilin Kangzheng. (Sina Pharmaceutical News
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