Dory Pharmaceuticals' tender offer period expires, trading will be suspended starting February 25

This article is reprinted from: Securities Times

Source: Securities Times 2026-02-25 A003 Edition

Author: Zang Xiaosong

Securities Times Reporter Zang Xiaosong

Dory Medicine (301075) announced on the evening of February 24 that Wang Qingtai and Cao Xiaobing have made partial tender offers to all shareholders of the company. The offer price is 32.07 yuan per share, and the proposed acquisition is for 19.44 million shares, accounting for 24.30% of the company’s total share capital. As of February 24, the deadline for this tender offer has expired. Since the results of this tender offer require further confirmation, the company’s stock will be suspended from trading starting from the opening of the market on February 25 (Wednesday) and will resume trading on the market opening day after the announcement of the tender offer results.

On October 13, 2025, Dory Medicine’s original controlling shareholder, Tibet Jiakang Times Technology Development Co., Ltd. (hereinafter referred to as “Tibet Jiakang”) and its concerted action partner, Zhoushan Qingchang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as “Zhoushan Qingchang”), signed a “Share Transfer Agreement” with the transferees Wang Qingtai, Cui Zihao, and Cao Xiaobing. Tibet Jiakang and its concerted action partner Zhoushan Qingchang transferred a total of 23.68 million unrestricted circulating shares of the company (accounting for 29.60% of the company’s total share capital) to Wang Qingtai and his concerted action partners Cui Zihao and Cao Xiaobing through agreement transfer.

Meanwhile, Wang Qingtai and Cao Xiaobing plan to further increase their holdings in the listed company through partial tender offers, proposing to acquire an additional 19.44 million shares (accounting for 24.30% of the company’s total share capital). Wang Qingtai and Cao Xiaobing stated that this move is based on confidence in the future development of the listed company, and aims to leverage their operational management experience and industry resources to support the company’s growth.

After the completion of this share transfer on December 5, 2025, Wang Qingtai, Cui Zihao, and Cao Xiaobing will collectively hold 29.60% of the company’s shares and voting rights. Tibet Jiakang and Zhoushan Qingchang will hold a total of 11.98% of the voting rights. The company’s controlling shareholder and actual controller will change to Wang Qingtai, Cui Zihao, and Cao Xiaobing.

On January 21, 2026, Dory Medicine disclosed the tender offer report submitted by Wang Qingtai and Cao Xiaobing. The acquirers issued partial tender offers to all shareholders except themselves and their concerted action partners, with an offer price of 32.07 yuan per share and a proposed acquisition of 19.44 million shares, representing 24.30% of the company’s total share capital. The tender offer period is from January 22, 2026, to February 24, 2026. According to previous disclosures, Tibet Jiakang intends to declare its 19.44 million shares of the listed company as pre-accepted under the tender offer, and has committed that these pre-acceptances are irrevocable and will not be disposed of during the tender offer period.

Dory Medicine mainly engages in the research, development, production, and sales of chemical drug formulations, intermediates, and raw materials. In 2022, 2023, 2024, and from January to September 2025, the company achieved operating revenues of 401 million yuan, 334 million yuan, 241 million yuan, and 137 million yuan respectively; net profits attributable to shareholders of the listed company were 20.5022 million yuan, 18.8507 million yuan, -62.6667 million yuan, and -79.7277 million yuan.

Wang Qingtai’s major business is Hebei Tianwang Bicycle Technology Co., Ltd. According to official information, the company was established in 2015, currently has 10 modern bicycle production lines, a factory area of 350,000 square meters, over 600 employees, with an annual output value exceeding $90 million, and a planned annual production capacity of over 5 million complete bicycles, including children’s bikes, school bikes, stunt bikes, folding bikes, mountain bikes, and electric bikes.