Navigation Links
China Nepstar Chain Drugstore Reports One-time Non-recurring Penalty Payment
Date:8/4/2010

SHENZHEN, China, Aug. 4 /PRNewswire-Asia-FirstCall/ -- China Nepstar Chain Drugstore Ltd. (NYSE: NPD) ("Nepstar" or "the Company"), the largest retail drugstore chain in China based on the number of directly operated stores, today announced that the State Administration of Foreign Exchange imposed on the company a one-time non-recurring penalty in the amount of RMB25.5 million (US$3.8 million) for the conversion of approximately US$349 million net proceeds from the initial public offering into Renminbi in January 2008 without evidence of business operations at the time of the conversion by Nepstar Commerce Ltd, Nepstar Electronics Ltd, Nepstar Wisconsin Trading Ltd, and Nepstar Jinfu Logistics Ltd, the four investment holding companies wholly owned by the Company in mainland China, the four being the recipients of China Nepstar's IPO proceeds as foreign investment. The conversion was made at an average exchange rate of 1 U.S. dollar to RMB7.33. The Company is expected to make the payment of the penalty within 15 days.

The Company will host a conference call to address questions related to the penalty on August 4, 2010 at 9:00 a.m. Eastern Daylight Time / 9:00 p.m. Beijing Time. Interested parties may participate in the conference call by dialing +1- 877-407-9210 (North America) or +1-201-689-8049 (International) approximately five to ten minutes before the call start time.

About China Nepstar Chain Drugstore Ltd.

China Nepstar Chain Drugstore Ltd. (NYSE: NPD - News) is China's largest retail drugstore chain based on the number of directly operated stores. As of March 31, 2010, the Company had 2,559 stores across 74 cities, one headquarter distribution center and 13 regional distribution centers in China. Nepstar uses directly operated stores, centralized procurement and a network of distribution centers to provide its customers with high-quality, professional and convenient pharmacy services and a wide variety of other merchandise, including OTC drugs, nutritional supplements, herbal products, personal care products, family care products, and convenience products including consumables. Nepstar's strategy of centralized procurement, competitive pricing, customer loyalty programs and private label offerings has enabled it to capitalize on the robust economic growth in China and to take advantage of the demographic trend in China to achieve a strong brand and leading market position. For further information, please go to http://www.nepstar.cn

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's strategic operational plans and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

    For more information, please contact:

    In China:
     Lucia Qian
     China Nepstar Chain Drugstore Ltd.
     Vice President, IR
     Tel:   +86-755-2641-4065
     Email: qianrt@nepstar.cn

    In the United States:
     Dixon Chen
     Grayling
     Investor Relations
     Tel:   +1-646-284-9403
     Email: dixon.chen@grayling.com

     Ivette Almeida
     Grayling
     Media Relations
     Tel:   +1-646-284-9455
     Email: ivette.almeida@grayling.com


'/>"/>
SOURCE China Nepstar Chain Drugstore Ltd.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. HUYA Bioscience Intl Announces Clinical Trial Milestones in China for Promising New Anti-Arrhythmic Compound; Data Supports Desirable Safety Profile
2. HUYA Bioscience Intl Announces World-Class Clinical Advisory Team for New Anti-Arrhythmic Compound Sourced From China
3. HUYA Bioscience Intl Announces First Pre-IND Outcome for a Development Stage Compound Sourced From China - HBI-8000, Promising New Cancer Compound
4. HUYA Bioscience Intl Announces Pre-IND Outcome for HBI-3000 - Promising Anti-Arrhythmia Compound Sourced From China
5. China Sky One Medical, Inc. Announces 26 New Drugs in Clinical Trials
6. RHEI Pharmaceuticals Announces the Initiation of the Final Clinical Study for Approval of Tibozole in China
7. Varian Medical Systems to Exhibit Cancer Treatment and X-ray Imaging Technologies at China Med Exhibition
8. China Sky One Medical, Inc. Achieves Significant Breakthrough in Research for Sudden Cardiac Death (SCD) Early Examination Kit
9. China Animal Welfare Law Under Review While 36,000 Dogs Culled
10. China-Biotics, Inc. Prices $69 Million Public Offering of Common Stock
11. Clifford Chance Advises Pfizer on Conditional Clearance in China of Its Merger with Wyeth
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/4/2017)... DIEGO , May 4, 2017  The American ... and Scientific Meeting— OBP Medical , a leading global ... the launch of a new extra-small size and first-in-market ... ER-SPEC vaginal specula. Already available in small, medium, ... makes OBP Medical,s line of single-use lighted specula the ...
(Date:5/4/2017)... May 4, 2017  A new tight-tolerance microextrusion ... other highly-engineered materials, is being launched by Natvar, ... been developed in recent years to service a ... surgical applications. More expensive materials such as glass ... tubing due to their ability to consistently hold ...
(Date:5/3/2017)... 2017 A Catheterization Laboratory is an ... facility. Commonly referred to as cath lab, this ... imaging technology to give physicians visual access to ... spaces, a team of physicians perform life-saving procedures ... intervention, congenital heart defect closure, stenotic heart valves, ...
Breaking Medicine Technology:
(Date:5/24/2017)... ... May 24, 2017 , ... Dr. Alan I. Benvenisty, MD is dual ... City. He is known for his distinguished expertise and experience in the diagnosis and ... sub-specialty training in treating renovascular disease and aortic aneurysm . He is known ...
(Date:5/24/2017)... ... May 24, 2017 , ... Drs. Nicholas Rallis and Chris ... spent 10 years as clinical instructors for the reputable Full Mouth Rehabilitation continuing ... the program, private practitioners receive cutting-edge clinical training and learn how to perform ...
(Date:5/24/2017)... DC (PRWEB) , ... May 24, 2017 , ... ... Center for Global Policy Solutions is vehemently opposed to Donald Trump’s budget, “A ... formula for despair that inspires fear, demonizes the poor, marginalizes underserved populations, undermines ...
(Date:5/24/2017)... ... May 24, 2017 , ... ... in which the endometrial lining of the uterus spreads into the pelvic ... experiencing painful intercourse, painful periods, pelvic pain, or irregular bleeding may have ...
(Date:5/24/2017)... (PRWEB) , ... May 24, 2017 , ... If you are thinking of a visit ... interested in business architecture, October is the perfect time to visit. , Business Architecture Associates ... à la carte offering for individuals, as a 4-½ day package for individuals, and as ...
Breaking Medicine News(10 mins):