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Tongjitang Chinese Medicines Company Announces Closing of Merger and Intent to Delist from the NYSE
Date:4/15/2011

SHENZHEN, China, April 15, 2011 /PRNewswire-Asia-FirstCall/ -- Tongjitang Chinese Medicines Company ("Tongjitang" or the "Company"; NYSE: TCM), announced today the completion of its acquisition by Hanmax Investment Limited, a British Virgin Islands business company ("Hanmax"), and Fosun Industrial Co., Limited, a company incorporated in Hong Kong ("Fosun"). As a result of the acquisition, the Company became a wholly owned subsidiary of Hanmax and Fosun. Hanmax is an affiliate of Mr. Xiaochun Wang, chairman of the board of directors and chief executive officer of the Company.

Under the terms of the agreement and plan of merger, which was adopted by the Company's shareholders at a special meeting held on March 31, 2011, each outstanding ordinary share of the Company (other than shares held by Hanmax or Fosun or any of their respective subsidiaries or shares as to which shareholders have validly exercised and have not effectively withdrawn or lost their appraisal rights under Section 238 of the Cayman Companies Law) was automatically converted into the right to receive $1.125 in cash, without interest and less any applicable taxes, and each American Depositary Share, or ADS (each of which represents four ordinary shares) (other than ADSs held by Hanmax or Fosun or any of their respective subsidiaries), was automatically converted into the right to receive $4.50 in cash per ADS without interest and less any applicable taxes.

Shareholders and holders of ADSs of record will receive a letter of transmittal and instructions on how to surrender their ordinary shares or ADSs in exchange for the merger consideration. Shareholders and holders of ADSs should wait to receive the letter of transmittal before surrendering their shares or ADSs.

The Company also announced today that it requested that trading of its ADSs on the NYSE be suspended. The Company requested an applicatio
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SOURCE Tongjitang Chinese Medicines Company
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