YiChang HEC ChangJiang Pharmaceutical (HKG:1558) shares fell 4% Thursday afternoon after the company and Sunshine Lake Pharma announced an extension of the long-stop date for their proposed merger to Dec. 31, according to a Wednesday Hong Kong bourse filing.
The delay was attributed to the need for additional time to complete regulatory procedures.
In the statement, the companies said the China Securities Regulatory Commission had completed its filing process for the proposed listing of Sunshine Lake Pharma's H-shares. This partially fulfills one of the three preconditions for the merger by absorption.
However, approval from the Listing Committee of the Hong Kong bourse remains outstanding.
The long-stop date was extended to allow sufficient time for the vetting process to be completed by both the Hong Kong stock exchange and the Securities and Futures Commission.
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