On 28 November 2025, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (Fosun Pharma, 02196.HK) disclosed three continuing connected transactions involving CQ Pharma Holdings (000950.SZ) and Fosun International (00656.HK). These include: (1) a mutual supply framework agreement with CQ Pharma Holdings effective from 1 January 2026 to 31 December 2028, (2) framework tenancy agreements with Fosun International for 2026, and (3) a mutual supply framework agreement with Fosun International for 2026.

Under the CQ Pharma Mutual Supply Framework Agreement, both sides may supply and purchase pharmaceutical products, raw materials, and services. The announced annual caps for these transactions across 2026, 2027, and 2028 total up to RMB1,485 million, RMB1,802 million, and RMB2,122.4 million respectively. Meanwhile, the one-year framework tenancy agreements between Fosun Pharma and Fosun International set annual caps of RMB60 million as tenant and RMB8 million as landlord for 2026. Additionally, the Fosun International Mutual Supply Framework Agreement provides for the supply of medical products, consultancy, and various other services, with a total annual cap of RMB205 million for 2026.

According to the announcement, these transactions follow normal commercial terms and comply with Hong Kong’s connected transaction requirements, including review by independent non-executive directors and annual disclosure. Fosun Pharma indicates that the arrangements align with the group’s business operations and growth needs, while remaining exempt from shareholder approval requirements under applicable listing rules.