A growing number of domestic listed pharmaceutical companies have recently disclosed asset disposal announcements, planning to sell partial or full equity stakes in their controlled subsidiaries. Industry analysts indicate that this wave of concentrated asset sales is not a passive risk-clearing exercise but rather a strategic choice by drugmakers to proactively optimize their asset structures. By divesting non-core and underperforming assets, these companies can lock in gains from listed investments when market conditions are favorable, channeling the recovered capital into innovative drug research and development and their primary business lines to enhance competitiveness.

Humanwell Healthcare has completed the full divestiture of its stake in Lifestar Health, sealing the exit to double down on its core operations. On September 5, the company announced that the sale of its 16.34% equity interest in Lifestar Health Industry Co., Ltd. has concluded, with all transaction proceeds, net of withholding income tax and stamp duty, received in full. The actual amount credited reached RMB 955 million. Following this transaction, Humanwell Healthcare no longer holds any equity in Lifestar, completely shedding the owner of the well-known consumer health brand. Many retail investors may be unfamiliar with the name "Lifestar," but most recognize "Jissbon," one of its flagship brands. This entity, previously held for years by Humanwell Healthcare, was not a "distressed asset" requiring divestment. Data shows that in 2025, Lifestar generated operating revenue of RMB 3.159 billion and net profit of RMB 421 million, with both metrics achieving positive growth, marking it as a quality profit-generating asset delivering consistent cash flow. The logic behind voluntarily selling a profitable consumer asset lies in Humanwell Healthcare's long-standing "refocus on core business" strategy. Industry analysis points out that for pharmaceutical enterprises with limited resources, R&D funding and management attention are extremely scarce, making it impossible to maintain competitive advantages across all tracks simultaneously. The two-health consumer products sector, where Jissbon operates, relies heavily on brand management, distribution networks, and marketing. In contrast, Humanwell Healthcare's current strategic focus is to channel all resources into pharmaceuticals such as anesthetics, central nervous system treatments, and steroid hormones, where it has already built deep competitive barriers. While both businesses are profitable, developing both would dilute resource allocation. In fact, Humanwell Healthcare began divesting Lifestar years ago, transferring 40% of its equity in 2020 to gradually reduce its focus on the consumer segment. This full exit finalizes the "refocus" strategy, completely stripping non-core assets to concentrate all resources on its primary pharmaceutical operations.

Fosun Pharma has reduced its stake in Gland Pharma to ease financial pressure. On September 4, the company announced that its subsidiary, Fosun Pharma Singapore, conducted a combined sale of 9.897 million shares, or 6% of total equity, in Indian injectables leader Gland Pharma through block trades and competitive bidding. The total consideration was approximately USD 294 million. Gland Pharma is a globally competitive manufacturer of sterile injectables, supplying products extensively to regulated markets in Europe and the US, with operations spanning complex injectables, oncology formulations, and ophthalmology preparations, along with CDMO services and a robust portfolio of FDA-approved ANDAs. After this transaction, Fosun Pharma's stake in Gland Pharma decreased from 51.76% to 45.76%. Although it dipped below the 50% consolidation threshold for the first time, Fosun Pharma remains the controlling shareholder, and Gland Pharma will continue to be consolidated into its financial statements. This key overseas manufacturing asset has not been fully divested. In 2017, Fosun Pharma's acquisition of Gland Pharma was a landmark event in Chinese pharmaceutical companies' global expansion. At the time, China's generic drug consistency evaluation policy was being rolled out nationwide, creating bottlenecks in production capacity upgrades and registration qualifications for Western markets. Acquiring mature overseas assets became a critical path for top drugmakers to overcome growth limitations. Fosun Pharma ultimately paid approximately USD 1.091 billion for a 74% controlling stake, making it one of the largest cash acquisitions by a Chinese drugmaker in the overseas healthcare sector. The deal filled Fosun Pharma's capacity gaps in sterile injectables, provided direct access to mature registration channels for Western markets, and established a key node in a global pharmaceutical supply chain covering both China and India. It also fueled a wave of overseas M&A by domestic drugmakers in subsequent years, shifting the industry from domestic competition to global positioning. Since 2024, Fosun Pharma has executed two rounds of minor stake reductions, adhering to a strategy of "retaining core control while realizing value in the secondary market," balancing the strategic value of its overseas manufacturing base with improving group liquidity. The USD 294 million raised will primarily fund innovative R&D, share buybacks, and repayment of interest-bearing debt, further optimizing the group's capital structure.

Junshi Biosciences is channeling proceeds back into its domestic core innovation pipeline. In late August, the company disclosed a restructuring of its overseas platform equity, proposing to transfer 656,300 shares of TopAlliance to Particle Future Venture Fund I, L.P. and Great Valley Creek LLC for USD 15 million, with both entities subscribing to new shares for a combined USD 5 million. The pre-money valuation is set at USD 20 million. After completion, Junshi Biosciences' stake in TopAlliance will drop from 100% to 20%. TopAlliance, established as Junshi Biosciences' key overseas operational vehicle, holds exclusive commercialization rights for toripalimab (Tuoyi) in Singapore, Hong Kong SAR, the EU, and other potential future approved markets, serving as a vital platform for launching its PD-1 monoclonal antibody overseas. The platform has been loss-making, with 2025 revenue of RMB 60.19 million and a net loss of RMB 40.92 million. In the first half of 2026, as overseas commercialization advanced, losses narrowed significantly. The capital raised from this transaction will directly support Junshi Biosciences' domestic core innovation pipelines without negatively impacting near-term operating results, while also improving its asset-liability structure and reducing cash flow pressures. By retaining partial overseas commercial rights to its key product, the company achieves a "light-asset operation with risk sharing" strategic objective.

Duirui Pharmaceutical has initiated a series of asset sales. The company has faced operational difficulties in recent years. In 2023, it posted operating revenue of approximately RMB 232 million and a net loss attributable to shareholders of approximately RMB 51 million. In 2024, revenue was about RMB 217 million with a net loss of RMB 43 million, and in 2025, revenue was around RMB 198 million with a net loss of RMB 42 million. Traditional formulation business revenue continues to face pressure, and annual losses remain stable, providing clear justification for starting a batch of non-core asset disposals in 2026 as part of a transformation toward peptide API production. On August 26, the company announced plans to transfer 100% equity in its subsidiary Hubei Duirui to Xizang Jiakang Shidai Technology Development Co., Ltd. for RMB 77.2645 million. The company stated that this transaction will shrink its formulation business layout, free up capital to secure its cash flow, reduce future financial burdens, and accelerate the return to profitability. Additionally, since the beginning of this year, Duirui Pharmaceutical has transferred 69% equity in Xiamen Ruidilian to related party Xizang Jiakang Shidai, marking the first batch of non-core asset disposals. To divest low-efficiency formulation-related operations, it also transferred 100% equity in Hubei Hairuidi to the same related party.

From an industry perspective, this round of concentrated asset disposals by domestic drugmakers is an inevitable outcome of multiple structural factors. The era of aggressive expansion is over, as centralized procurement normalization and sustained medical insurance cost controls weigh on traditional distribution models. Many non-core businesses, including regional retail pharmacies and low-efficiency commercial subsidiaries, generate net margins below 1%, failing to match the high profitability of pharmaceutical manufacturing. In this context, drugmakers are widely adopting "refocus" strategies, reallocating resources from non-core consumer, low-margin distribution, and non-essential overseas assets into innovative drug R&D and advantageous pharmaceutical segments. This represents a common industry-wide strategic choice.