Global Pharm

An investment in a fast-growing pharmaceutical distribution company headquartered in Shenzhen, China. The business is focused on building an integrated industry chain model with four business units, namely, Traditional Chinese Medicine (“TCM”) herbs cultivation, TCM processing, pharmaceutical distribution and retail chain. The company has been achieving high growth via a continuous track record of successful acquisitions and integrating businesses to achieve synergies and margin expansion.

The investment was made in a redeemable convertible bond issued by Global Pharm. Global Pharm has entered into an redemption agreement of the bond at an IRR of 25% and overdue amounts are subject to penalty interest of 26% per annum, compounded on a daily basis.