More than two years have passed since the failed acquisition, and the 60% equity stake in Jinan Pingjia is once again on the property rights trading market, now with a minimum listing price of 24 million yuan. The final transaction price will ultimately depend on market bidding results.
After a three-year hiatus, the 60% stake in Jinan Pingjia Pharmacy Co., Ltd. has reappeared on the property rights trading market. In July, the transfer of Jinan Pingjia's 60% equity was pre-disclosed on the Shanghai United Assets and Equity Exchange, with the transferor being Tianjin Tasly Pharmaceutical Commercial Co., Ltd. (referred to as "Tasly Pharmaceutical"). On September 2, the project was officially disclosed, and the minimum transfer price was set at 24 million yuan.
Notably, several years ago, this same 60% stake was part of a high-premium merger and acquisition deal, with a proposed transaction price of 154 million yuan. Now, the identical stake is listed at a baseline price of only 24 million yuan, marking a significant drop from the previous valuation.
Public records show that Jinan Pingjia was established on June 12, 2003, with a registered capital of 10 million yuan and a registered address at No. 79 Yingshan Road, Shizhong District, Jinan. Its legal representative is Dong Hongbing. Currently, Tasly Pharmaceutical and Dong Hongbing hold 60% and 40% stakes, respectively, with the former's holding being the subject of this listing. Tasly Pharmaceutical is a subsidiary of China Resources Co., Ltd.
According to the listing conditions, the 24 million yuan is the baseline price, and the transaction payment must be made in a single lump sum. The announcement specifies that prospective buyers must demonstrate "sound financial status and payment capability" as well as "good commercial credit with no record of poor operations."
One of the main reasons this listing has drawn attention is the strike in contrast with the previous high valuation. In September 2023, Shuyu Civilian Pharmacy Corp., Ltd. (301017.SZ) announced a plan to acquire 100% of Liaoning Tasly Pharmacy Chain Co., Ltd. and 60% of Jinan Pingjia for 715 million yuan in cash, with the 60% stake in Jinan Pingjia valued at 154 million yuan at the time. An appraisal as of March 31, 2023, assessed the 100% equity value of Jinan Pingjia at 260.71 million yuan, representing an appreciation rate of 1099.54%.
However, that transaction fell through. At the end of December 2023, the deal was terminated after the parties failed to reach an agreement on supplementary matters. The company stated that "the conditions for continuing this major asset restructuring are not yet fully mature" and decided to halt the restructuring based on prudence. Now, more than two years on, the 60% stake is back on the trading market with a drastically lower baseline price, with final pricing still subject to market forces.
The financial performance of Jinan Pingjia has also shifted. According to the audited report for fiscal year 2025 disclosed by the exchange, the company posted revenue of 264 million yuan, total profit of 3.09 million yuan, and net profit of 2.18 million yuan. Its total assets stood at 150 million yuan, total liabilities at 135 million yuan, and owners' equity at 15.49 million yuan. However, as of July 31, 2026, revenue reached 152 million yuan, but the company swung to a loss, with total profit of -606,200 yuan and net profit of -593,500 yuan. Total assets were 125 million yuan, total liabilities were 110 million yuan, and owners' equity was 14.89 million yuan. In other words, the first seven months of this year have already resulted in losses.
As a pharmaceutical retail enterprise established over two decades ago, Jinan Pingjia primarily engages in drug wholesale and the sale of Class III medical devices. According to the exchange information, it currently employs 413 people. The acquirer must commit to continuing existing labor contracts with employees after the transfer. As of now, the project remains in the information disclosure phase, which runs until September 30. Whether a buyer will emerge and the final transaction price are still pending the outcome of the bidding process.