On the evening of July 29, China Resources Double-Crane Pharmaceutical Co., Ltd. (CR Double-Crane) released a major asset acquisition proposal, planning to acquire 23.50% of the shares of Lier Chemical in cash, with a total transfer price of RMB 5.656 billion and a per-share transfer price of RMB 30.07.
The acquisition funds come from self-owned and self-raised capital, with self-owned funds accounting for no less than 50%. CR Double-Crane has committed that it will not transfer the acquired shares within 60 months and will not pledge them within 36 months.
Upon completion of the transaction, the controlling shareholder of Lier Chemical will change from Jiuyuan Group to CR Double-Crane, and the actual controller will change from the China Academy of Engineering Physics to China Resources (Holdings) Co., Ltd.
CR Double-Crane, founded in 1939, is ultimately controlled by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). It is the chemical pharmaceutical platform under China Resources Pharmaceutical, primarily engaged in new drug R&D, formulation production, pharmaceutical sales, pharmaceutical equipment, and active pharmaceutical ingredients (APIs). In 2025, it achieved operating revenue of RMB 11.001 billion, total profit of RMB 1.911 billion, and net profit attributable to parent company shareholders of RMB 1.647 billion.
Lier Chemical was established in 1993 by the China Academy of Engineering Physics and listed in 2008. It is China’s largest producer of chloropyridine‑based pesticide technical materials and formulations, and a major manufacturer of glufosinate‑ammonium and glufosinate‑P technical materials. It has seven production bases and a complete industrial chain, with products exported to more than thirty countries and regions.
By the end of 2025, Lier Chemical had total assets of RMB 16.124 billion, net assets of RMB 7.889 billion, and full‑year revenue of RMB 9.008 billion, representing 94.79%, 67.81%, and 81.88% of CR Double-Crane’s corresponding figures, respectively, meeting the criteria for major asset restructuring.
The core intention behind this cross‑industry acquisition from pharmaceuticals to pesticides is the industrial implementation of synthetic biology technology. CR Double-Crane has been laying out biomanufacturing since 2022, established a Synthetic Biology Research Institute in 2023, and has built seven major technology platforms covering pharmaceuticals, health food, agrochemicals and veterinary drugs, new materials, and other fields. Multiple technological breakthroughs have been achieved, and several products are about to enter the market.
In the area of synthetic biology pesticides, CR Double-Crane has already developed a pipeline of insecticides, fungicides, and biostimulants, but lacks a large‑scale production carrier.
Lier Chemical, in turn, has established a synthetic biology manufacturing platform with full‑chain capabilities from engineering strain construction, pilot‑scale testing, to commercial‑scale production. The company is deeply embedded in the global supply chains of international giants such as Bayer, BASF, and Corteva, and has mature product registration systems and overseas operation networks in the United States, Brazil, Southeast Asia, and beyond.
Through this transaction, CR Double-Crane can rapidly bring its pipeline products into mass production, while Lier Chemical can leverage CR Double-Crane’s technical and management expertise to enhance its competitiveness. The latter’s continuous‑flow chemical process technology and chemical intermediate reserves can be integrated with CR Double-Crane’s synthetic biology capabilities, creating dual advantages in both biological and chemical technologies.
Additionally, Lier Chemical is the world’s second company to master the integrated technology of pyridine catalytic chlorination systems. This technology is a core barrier for chloropyridine‑based pesticides and can also be applied to the production of pyridine‑based pharmaceutical intermediates. The hydrocyanic acid process for glufosinate‑ammonium and the chiral resolution technology for glufosinate‑P are similarly transferable to chiral drugs and cyano‑containing pharmaceutical intermediates. CR Double-Crane’s GMP systems and safety and environmental protection standards are also applicable to Lier Chemical’s production systems.
