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Tongjitang Chinese Medicines Company Reports Second Quarter 2010 Financial Results
Date:8/18/2010

Investment Limited, a company controlled by Mr. Xiaochun Wang, Chief Executive Officer and Chairman of Tongjitang, and Fosun Industrial Co., Limited, which holds 32.1% of Tongjitang's outstanding ordinary shares (collectively, the "Bidding Parties"). If accepted, Tongjitang will become a privately-held company. On April 12, Tongjitang announced the establishment of a special committee of the board of directors (the "Independent Committee"), comprised of Tongjitang's three independent directors, to evaluate the proposal. On June 1, the Independent Committee announced that Morgan Stanley Asia Limited has been appointed as its independent financial advisor. In addition, Independent Committee retained Sheppard, Mullin, Richter & Hampton LLP to serve as its United States law counsel and Thorp Alberga to serve as its Cayman Islands law counsel.

On April 1, 2010, Hanmax Investment received a commitment letter issued by CITIC Ka Wah Bank Limited for a US$30 million term loan facility to fund the proposed purchase of the publicly held Tongjitang shares. This letter expired on April 30. On June 4, 2010, Hanmax Investment received another commitment letter from CITIC Bank International Limited ("CBI"), which expired on June 30. On July 21, 2010, Hanmax Investment received a new commitment letter from CBI authorizing a term loan facility up to US$25 million to fund the proposed acquisition of Tongjitang's outstanding ordinary shares. The commitment under the July 21 commitment letter will expire upon the earlier to occur of execution of definitive credit facility documents or September 24, 2010, subject to extension by CBI. More information is available via a Schedule 13D/A filed with the SEC on August 2, 2010. Hanmax Investment and CBI are in the process of negotiating credit documents.

Conference Call

Tongjitang's management team will hold a conference call on Thursday, August 19, at 8:00
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SOURCE Tongjitang Chinese Medicines Company
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