•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Lian SGP Holding Pte. Ltd., an indirect subsidiary fully owned by China’s Livzon Pharmaceutical Group, is currently recording an approximate 18% loss following its acquisition of Imexpharm Joint Stock Company. The gap between the public tender price and Imexpharm’s on-exchange price has driven the decline. Lian has purchased more than 104.5 million Imexpharm shares, formally becoming the parent company of Vietnam’s leading pharmaceutical enterprise.
Compared with the initial registered volume, Lian bought about 15.5 million fewer shares. After the transaction, Lian increased its ownership from 0% to 67.87% of Imexpharm’s charter capital. However, on May 5, the market did not record any trades with such a volume, suggesting that the transfers may have been conducted off-exchange.
The transaction followed Lian’s public tender announced in mid-January 2026. At that time, Lian registered to publicly bid for more than 120 million IMP shares, equivalent to 77.94% of charter capital. The bid price was 57,400 dong per share, or about 6.9 trillion dong. Based on the bid price and the acquired volume, the deal value reached nearly 6,000 billion dong, valuing Imexpharm at 8.8 trillion dong.
Using Imexpharm’s market price on May 12 of 46,750 dong per share, Lian’s position is roughly 18% in the red.
After the deal, Imexpharm’s largest shareholders are Lian SGP Holding Pte. Ltd. with 67.87% and Vietnam Pharmaceutical Corporation (DVN) with 22.04%.
Livzon is a large Chinese pharmaceutical group founded in 1985, with registered capital of over 935 million yuan. The group focuses on R&D, production, and development of pharmaceuticals, generics, traditional Chinese medicine, and raw materials, operating in more than 30 countries including the United States, the European Union, Korea, Japan, and Southeast Asia.
Livzon’s plan to acquire Imexpharm was announced in late May 2025 under a share purchase agreement. Based on the shareholding structure, Livzon planned to acquire shares from three major holders: SK Investment (nearly 73.5 million shares, about 47.69%), Sunrise (over 15 million shares, about 9.75%), and KBA Investment (nearly 11.4 million shares, about 7.37%).
Imexpharm, founded in 1977 and based in Dong Thap, is known for high-quality antibiotics and operates 11–12 EU-GMP lines across three plant clusters.
The acquisition comes amid a broader trend of foreign investment in Vietnam’s pharmaceutical industry. Other large drugmakers that have moved into foreign hands include Dược Hậu Giang and Pymepharco. Taisho Pharmaceutical (Japan) holds 51.01% of Dược Hậu Giang, while STADA Service Holding B.V (Germany) holds 89.73% of Pymepharco.
At Imexpharm’s 2026 annual general meeting, CEO Ms. Tran Thi Dao said Livzon has strong R&D capabilities, including injectable medicines approved by the U.S. FDA. Livzon Pharmaceutical Group is among China’s top-25 pharmaceutical companies.
For 2026, Imexpharm targets revenue of 3,200 billion dong, up about 10% year on year. Pre-tax profit is expected to reach 502 billion dong, up 12.5%, which would be the highest annual profit in the company’s history if achieved.
By the end of Q1 2026, Imexpharm reported revenue of 546 billion dong, down 8% year on year, while pre-tax profit reached 103 billion dong. The company said it has completed 17% of the annual revenue plan and nearly 21% of its full-year profit target.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
