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Tongrentang Allays Competition Concerns After Cachet Stake Acquisition

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Beijing Tongrentang (SHA:600085) issued a formal undertaking to address potential horizontal competition issues after becoming a controlling shareholder following its acquisition of a 28.48% stake in Cachet Pharmaceutical (SHE:002462).

The company said Cachet's pharmaceutical wholesale and logistics business is "significantly different" from Tongrentang's traditional Chinese medicine production and sales, according to a Wednesday aftermarket filing with the Shanghai bourse.

"Therefore, Cachet does not constitute horizontal competition with a material adverse impact on Tongrentang," the company added.

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