Dongcheng Pharma(002675.SZ): Terminates Spin-off Listing of Subsidiary LNCRT on HKEX Main Board
- The board approved at its twenty-second meeting on 13 October 2026 terminating the spin-off listing of Yantai Lannacheng Biotechnology on the HKEX Main Board and withdrawing the related application documents; under the 2025 second extraordinary general meeting authorisation, no shareholder approval is required.
- LNCRT first submitted its H Share listing application on 29 September 2025 and re-submitted it on 12 June 2026; the original spin-off proposal was approved by the board and supervisory committee on 28 August 2025 and by the 2025 second extraordinary general meeting.
- The Company said operations are stable and orderly and the termination will not have a material adverse effect, and undertakes not to plan any material asset restructuring, including spin-off listings, within one month after the announcement.
NewTimeSpace News: Yantai Dongcheng Pharmaceutical Group Co., Ltd. (stock code: 002675) announced on 15 October 2026 that its board resolved at the twenty-second meeting of the sixth session held on 13 October 2026 to approve the resolution on terminating the spin-off and listing of its subsidiary Yantai Lannacheng Biotechnology Co., Ltd. on the Main Board of The Stock Exchange of Hong Kong Limited, and withdrawing the related listing application documents. Under the authorisation granted at the Company's 2025 second extraordinary general meeting, the matter does not require approval by the shareholders.
The Company had previously held the thirteenth meeting of the sixth session of the board and the eleventh meeting of the sixth session of the supervisory committee on 28 August 2025 to approve the spin-off proposal and other related resolutions and to seek shareholder authorisation for the board and its authorised persons to handle the spin-off matters, which were approved at the Company's 2025 second extraordinary general meeting. On 29 September 2025, LNCRT submitted its application to the Stock Exchange for the issue and listing of H Shares on the Main Board, with the application materials published on the Stock Exchange website on the same day; in line with the timetable for the spin-off, LNCRT re-submitted its application on 12 June 2026, with the application materials published on the same day.
The Company said that since planning the spin-off listing it had actively advanced the matter, engaged intermediaries to conduct due diligence, and strictly fulfilled its decision-making procedures and information disclosure obligations. Based on comprehensive consideration of changes in the external environment and the development plans of the Company and LNCRT, and in the spirit of safeguarding shareholders' interests and being accountable to shareholders, the Company decided after prudent discussion and assessment to terminate the spin-off. The Company said its production and business operations are stable and orderly, that the termination is a prudent decision made after comprehensive weighing of multiple factors and actual circumstances, and that it will not have any material adverse effect on production, business operations and continued development. The Company undertakes that it will not plan any material asset restructuring matters (including spin-off listings) within one month after the announcement of the termination.
