According to the announcement, since the end of 2003, Sanjiu Group, a large state-owned pharmaceutical enterprise directly managed by SASAC, has been in an insolvent state due to internal management problems, and its production and operation are unsustainable, resulting in a serious debt crisis.
From June 5438, 2006 to February 2006, China Resources Group, as a potential strategic investor of Sanjiu Group, submitted the reorganization plan of Sanjiu Group to the relevant departments. In July 2007, the State-owned Assets Supervision and Administration Commission of the State Council approved the overall arrangement of assets and liabilities reorganization of Sanjiu Group in the Reply on Issues Related to the Reorganization of Sanjiu Group, and China Resources Medicine acquired XinSanjiu and increased its capital to 4 billion yuan for the acquisition of effective assets of Sanjiu Group by XinSanjiu.
In August 2007, China Resources Group incorporated China Resources Medicine in Hong Kong. In September 2007, China Resources Medicine acquired 0/00% equity of Sanjiu Group/KLOC, which was approved by the Ministry of Commerce. June 5438+October 2008 10, the State Council SASAC issued the Notice on the Merger of Sanjiu Enterprise Group into China Resources (Group) Co., Ltd., and Sanjiu Group was merged into China Resources Group and became a wholly-owned subsidiary.