On February 9, China Resources Pharmaceutical (03320.HK) issued an announcement on the Hong Kong Stock Exchange, stating that its wholly-owned subsidiary, China Resources Pharmaceutical Investment Co., Ltd., plans to sell its 17.87% stake in Hefei Tianmai Biotechnology Development Co., Ltd. (hereinafter referred to as "Tianmai Biotechnology") through a public listing on the Shanghai United Assets and Equity Exchange, with a listing price of RMB 1.42 billion.
Looking back at the history of cooperation between China Resources Pharmaceutical and Tianmai Biotechnology, their partnership began in 2016, when the number of diabetes patients in China continued to rise, leading to a surge in demand for insulin as a core treatment drug. At the same time, China Resources Pharmaceutical was also seeking to expand into the biopharmaceutical field.
Against this backdrop, China Resources Pharmaceutical signed a strategic agreement in December 2016 to acquire a 20% stake in Tianmai Biotechnology, thus officially entering the insulin industry. According to its official website, Tianmai Biotechnology was founded in 2010 and is an innovative company dedicated to the introduction and development of diabetes-related products and technologies, providing comprehensive disease management services for diabetes patients.
Among Tianmai Biotechnology's numerous R&D pipelines, ORMD-0801, targeting oral insulin, is undoubtedly a core asset. For diabetic patients, insulin therapy often involves a lot of preparation work, such as regular injections, refrigerated storage, and dose adjustments, leading to low adherence and even resistance from many patients. Compared to injectable insulin, oral insulin has advantages in convenience and safety, and therefore, the development of oral insulin has long been a focus of attention for pharmaceutical companies worldwide.
However, this highly anticipated product ultimately failed to fill the market gap. In December 2025, the official website of the National Medical Products Administration showed that Hefei Tianhui Biotechnology Co., Ltd., in which Tianmai Biotechnology holds a stake, received a drug notification for its application for recombinant human insulin enteric-coated capsules (ORMD-0801), meaning it failed to be approved for marketing. This incident was also regarded by the market as one of the triggers for China Resources Pharmaceutical's sale of Tianmai Biotechnology.
From its early aggressive expansion aimed at covering the entire pharmaceutical industry chain, to last year's intensive asset "slimming" and personnel adjustments, China Resources' post-investment management capabilities in the pharmaceutical sector have increasingly attracted industry attention. With the dust settling on a series of integration actions last year, the performance of China Resources Pharmaceutical this year will become the most direct touchstone for testing the effectiveness of its reforms.

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