Office to office
Overview:2012continuestobeatoughridewithsilverlinings 2
GZPharm(0874.HK):Reorganization 2
NTPharma(1011.HK):Businesschange,scenarioanalysisfor2012 6
Sinobiopharm(1177.HK):Strong2011result,restructureforTide 10
ShanghaiPharma(2067.HK):ExpectlessM&Agrowthin2012 12
ChinaPharm(1093.HK):Bulkindustrycontinuestosuffer 13
TheUnitedLab(3933.HK):Antibioticwoes,rightsissuance 14
Nepstar(NPD):Closingdownmoreinefficientstores 15
DisclosureAppendix 16
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