Henlius (2696): Here Comes The Scrip Option

• Shanghai Fosun Pharmaceutical (Group) (2196 HK)'s (SFP) "Merger by Absorption" HK$24.60/share cash Offer for H-shares not held in Shanghai Henlius Biotech (2696 HK), tentatively includes a scrip alternative.

• The first hurdle for the share option - valid letters of interest from those shareholders wishing to rollover - was secured yesterday. SCP still has the discretion on providing scrip.

• But if SFP had any lingering doubts whether to offer scrip, that was answered earlier this week with the emergence of a substantial shareholder who is typically a pre-IPO investor.