Baili Tianheng's major shareholder with over 5% stake completes the reduction plan; Bory Medical's actual controller nominates daughter as director | Pharmaceutical Morning Brief

｜ April 2, 2026, Thursday ｜

NO.1** Bai Li Tian Heng Shareholder OAP III (HK) Limited Completes Its Share Reduction Plan for Shareholdings of More Than 5%**

On April 1, Bai Li Tian Heng announced that, due to its own capital needs, OAP III (HK) Limited plans to reduce its holdings of the company’s shares by no more than 4,128,738 shares through centralized bidding, with a reduction ratio of no more than 1.00% of the company’s total share capital. The company recently received a notice letter from OAP III (HK) Limited, titled “Notice Letter Regarding the Results of the Share Reduction.” During the period from February 9, 2026 to March 30, 2026, OAP III (HK) Limited reduced the company’s shares by 4,128,738 shares through centralized bidding, representing 1% of the company’s current total share capital. This share reduction plan has been fully implemented.

Commentary: During the reduction period, the company’s share price fluctuated slightly and remained generally stable overall, indicating that the market has fully digested expectations. For the company, there is no substantive impact on control, operations, or the pipeline. However, as an early investor that has continuously exited, combined with the company’s high R&D spending and the fact that performance has not yet stabilized, it will still strengthen the market’s cautious assessment of valuation and realization timing.

NO.2** San Li Pharmaceutical Signs a “Drug Marketing Authorization Holder Transfer Agreement”**

On April 1, Guizhou San Li Pharmaceutical Co., Ltd. announced that it signed a “Drug Marketing Authorization Holder Transfer Agreement” with Guizhou Han Fang Pharmaceutical Co., Ltd. Han Fang Pharmaceutical will transfer to the company the marketing authorizations and related rights for 16 drug products, including cisplatin sodium chloride injection, which it holds. The transfer consideration (including tax) is RMB 2.0 million.

Commentary: San Li Pharmaceutical acquired Han Fang Pharmaceutical’s 16 drug MAH rights at a tax-inclusive price of RMB 2.0 million. The core is the broad-spectrum anti-cancer chemotherapy drug cisplatin sodium chloride injection. The remaining 15 products are bundled as a bonus, making the value proposition outstanding. Cisplatin is included in the national health insurance formulary and essential drugs list; its clinical position is solid. It can quickly fill the company’s oncology pipeline, offsetting the performance pressure brought by slower demand for the core traditional Chinese medicine product “Kaihoujian.”

NO.3** Bo Rui Bio: Actual Controller Nominates His Daughter as Director**

On April 1, Bo Rui Bio’s evening announcement stated that the actual controller nominated Stephanie Yuan (Yuan Fennie) as a director. According to the biography, Stephanie Yuan (Yuan Fennie) was born in November 1997, holds U.S. nationality, and graduated from Harvard Medical School (Harvard Medical School), where she obtained a master’s degree in immunology. She obtained her bachelor’s degree in biochemistry and cell biology from the University of California, San Diego (University of California, San Diego). Currently, she is a partner at the HLC Fund, which has invested in many pharmaceutical and healthcare companies, such as Mindray Medical, as well as Joinn Laboratories and other firms.

Commentary: In essence, this is a key step in intergenerational succession for a family business: Yuan Jiandong holds 26.83% of the shares, and the nomination is likely to pass. However, at 28 years old, Yuan Fennie has no real-economy management experience, is a foreign national, and the company’s net profit in 2025 saw a year-on-year decline of 71.18%. Against this backdrop, introducing a “young master” may cause small and medium shareholders to worry about independence, operating capability, and potential transfer of benefits.

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