Tianjin Zhongxin Pharm Group

[Shiyi]

Shanghai Industrial Holdings has emerged as part of a conglomerate buying the shares in TPH (holder of Tianjin Zhongxin shares and other pharmaceutical businesses via a JV. Tianjin Bohai, an SOE is the seller.

12月19日上午，上实集团和天津泰达控股旗下津联控股在万丽天津宾馆举行天津医药集团混改签约仪式，标志着天津医药集团混改取得重大成果

Please note the article seems to have a typo on the date saying it is 2月19日上午. I am pretty sure it is 19th Dec.

上海上实是上实集团境内国资运营平台，为参与天津医药集团项目混改，上海上实牵头，携手多家混合所有制企业成立津沪深公司，注册资本50亿元。

https://www.siic.com/gb_news_single.php?...%20%201015

The company has since made a general offer for shares both on A shares and S Shares

https://links.sgx.com/FileOpen/TJZX%20-%...eID=642931

"Conditional S Shares Chain OfferThe  S  Shares  Chain  Offer  will  be  conditional  upon  the  Offeror  and  the  Purchaser  having received, by the close of the Chain Offers, valid acceptances in respect of such number of Offer Shares, which when taken together with the Shares owned, controlled or agreed to be acquired by  the  Offeror,  the  Purchaser  and  TPH and  parties  acting  in  concert  with  the  Offeror,  the Purchaser and TPHbefore or during the Chain Offers, will result in the Offeror, the Purchaser and TPH and parties acting in concert with the Offeror, the Purchaser and TPHholding more than 50% of the Shares (excluding anyShares held in treasury) as at the close of the S Shares Chain Offer.Accordingly,  the  S  Shares  Chain  Offer  will  not  become  or  be  capable  of  being  declared unconditional as to acceptances, unless at any time prior to the close of the Chain Offers, the Offeror  and  the  Purchaser  have  received  valid  acceptances  in  respect  of  such  Offer  Shares which, when taken together with the Shares owned, controlled or agreed to be acquired by the Offeror, the Purchaser and TPH and parties acting in concert with the Offeror, the Purchaser and TPH before or during the Chain Offers, will result in the Offeror, the Purchaser and TPH and parties acting in concert with the Offeror, the Purchaser and TPHholding such number of Shares carrying more than 50% of the voting rights attributable to the maximum potential issued share capital(excluding any  Shares held in treasury)of the Company. For  this purpose, the "maximum  potential  issued  share  capital  ofthe  Company"  means  the  total  number  of Shares  which  would  be  in  issue  had  all  outstanding  instruments  convertible  into,  rights  to subscribe for, and options in respect of, the Shares (including pursuant to the 2019 Restricted A-Share Incentive Scheme) (other than those acquired or agreed to be acquired by the Offeror, the Purchaser and TPH) have been exercised as at the date of such declaration."

Seems like a lowball offer for S shares. Their intention is to take out the A shares completely and unconditionally.

Can anyone advise whether they need to appoint an IFA for this general offer for S Shares? Is there precedence for taking out shares at different prices over different exchanges?