Just over two months ago, it fell through again. Baihua Pharmaceutical is seeking a "change of ownership" once more.

On the evening of March 30, Bloomfield Pharmaceutical (rights protection) released an announcement stating that the company’s controlling shareholder and actual controllers, Mi Zaiqi, Mi Enhua, and Yang Xiaoling, are in the process of planning a share transfer by agreement, which may result in a change in the company’s controlling interest. The company’s stock has been suspended from trading starting from March 31.

Image source: the company announcement

And more than two months earlier, on the evening of January 6, these three actual controllers had just announced that the previous round of control-right change “had fallen through.”

Planning another change in control rights

In December 2024, Mi Zaiqi became Bloomfield Pharmaceutical’s new actual controller by acquiring Hualing Industrial and Trading. The company’s actual controller changed from Mi Enhua and Yang Xiaoling (a couple) to Mi Zaiqi, Mi Enhua, and Yang Xiaoling (three individuals), who together hold 20.71% of the company’s total share capital.

On the evening of December 26, 2025, Bloomfield Pharmaceutical first announced that it was planning a change in control rights. The company’s stock was suspended from trading starting from December 29, 2025. However, less than half a month after the announcement was released, on the evening of January 6, 2026, the company announced the termination of the matter, because the controlling shareholder and actual controllers and the counterparty “did not reach a consensus on major matters related to the change in control rights.” Affected by this, after Bloomfield Pharmaceutical resumed trading, its stock price hit the daily limit down for two consecutive trading days.

Image source: Tonghuashun

However, only two months have passed, and the company’s actual controllers have once again initiated a control-right transfer process. Judging from the period of shareholding, the three actual controllers are jointly steering Bloomfield Pharmaceutical, though it has been just over a year.

Weak performance growth

Bloomfield Pharmaceutical’s predecessor was “Baihuacun.” After multiple rounds of transformation, including department store retail, IT, and coal chemical industry, in 2016 the company entered the pharmaceutical R&D CRO track by acquiring Nanjing Huawei Pharmaceutical.

However, after acquiring Huawei Pharmaceutical, the company recorded successive goodwill impairment losses—impairment of 622 million yuan in 2017 and 908 million yuan in 2018, with total impairment exceeding 1.5 billion yuan over two years. In 2019, the company’s controlling shareholder changed to Hualing Industrial and Trading, and in 2022 the company changed its name to “Bloomfield Pharmaceutical.”

Based on the data from the latest annual report, Bloomfield Pharmaceutical’s predicament remains. In 2025, the company achieved operating revenue of 388 million yuan, up slightly by 0.66% year over year; net profit attributable to shareholders was 40.6879 million yuan, down 1.91% year over year. Net cash flow from operating activities also fell sharply by 62.11%, to only 30.4186 million yuan.

The survival pressure on Bloomfield Pharmaceutical has also been further intensified. Industry insiders said that, currently, the domestic CRO industry is undergoing adjustments—innovation drug R&D investment is becoming more rational, and the structure of downstream demand has changed; at the same time, industry concentration continues to rise, leading companies expand their advantages through mergers and acquisitions and integration, squeezing the survival space of mid-sized and small CRO companies.

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