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Tongjitang Chinese Medicines Company Reports First Quarter 2010 Financial Results
Date:6/18/2010

onciliation table provided below for additional details.

Balance Sheet

As of March 31, 2010, the Company had cash and cash equivalents of RMB 208.1 million ($30.5 million). This compares to RMB 237.6 million as of December 31, 2009 and RMB 488.4 million as of March 31, 2009.

Business Updates

On April 8, 2010, the Company announced that it received a letter proposing to acquire all of the outstanding ordinary shares of the Company, including ordinary shares outstanding in the form of American Depositary Shares ("ADSs"), in a transaction under Cayman Islands law that would, if the proposal is accepted, result in the Company becoming a privately-held company. The proposal was from Hanmax Investment Limited, a company controlled by Mr. Xiaochun Wang, chairman of the Company's board of directors (the "Board") and chief executive officer of the Company, and Fosun Industrial Co., Limited, a company incorporated in Hong Kong. On April 12, 2010, the Company announced that it established a special committee of the Board ("Independent Committee"), comprised of the Company's three independent directors, to evaluate the proposal. On June 1, 2010, the Independent Committee announced that Morgan Stanley Asia Limited has been appointed as its independent financial advisor. In addition, the Independent Committee retained Sheppard, Mullin, Richter & Hampton LLP to serve as its United States law counsel and Thor
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SOURCE Tongjitang Chinese Medicines Company
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