Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (02196) announced a planned spin-off for its subsidiary Fosun Adgenvax (Chengdu) Biopharmaceutical Co., Ltd. (together with its subsidiaries, Fosun Adgenvax Group) on the Main Board of The Stock Exchange of Hong Kong Limited. According to the announcement issued on January 22, 2026, the proposal has been approved by the board of Shanghai Fosun Pharmaceutical, subject to further approvals and market conditions.

Fosun Adgenvax operates as the vaccine business platform within Shanghai Fosun Pharmaceutical’s broader healthcare portfolio. The initial offering size will be no more than 25% of the enlarged total share capital, with an over-allotment option of up to 15% of that amount. The new H shares to be issued will carry a nominal value of RMB1.00 per share, offered to investors globally through a combination of public offering in Hong Kong and international placing.

Upon completion, Fosun Adgenvax is expected to remain a subsidiary of Shanghai Fosun Pharmaceutical, and its financial results will continue to be consolidated. The group expects strengthened financing capacity and expanding operations at Fosun Adgenvax to support long-term overall profitability, although the net profit attributable to the parent may initially fluctuate.

Shanghai Fosun Pharmaceutical emphasized that the proposed spin-off is still subject to shareholder approval, filings with the China Securities Regulatory Commission, and approval from the Hong Kong Stock Exchange before it proceeds. The announcement provides no assurance on the final timeline and advises caution when dealing in the company’s shares.