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| Further Diversifies the Group's Business and Adds New Income Streams |
HONG KONG, Jan 20, 2017 - (ACN Newswire) - Sino Harbour Holdings Group Limited ("Sino Harbour" or the "Group") (Stock code: 1663) is pleased to announce that it has set up a new subsidiary Guangxi Gangrun Bio Technology Limited ("Guangxi Gangrun") in order to tap the emerging stem cell industry in Guangxi Zhuang Autonomous Region in the PRC. Guangxi Gangrun is held by Zhejiang Sino Harbour Bio Technology Limited ("Zhejiang SH"), the Group's indirect wholly-owned subsidiary, together with Zhejiang Gene Stem Cell Biotech Company Limited ("Zhejiang GSCB") and Mr. Mao Jianfeng in the proportion of 60%, 30% and 10% respectively. The principal activities of Guangxi Gangrun include the storage of biological resources, genetic testing technology services, production and sale of cell products, development, transfer and consultation services of cell and genetic products, cell extract, cell culture reagents and diagnostic reagents, etc.
Guangxi Gangrun has been established following the signing of a technology cooperation framework agreement between Jiangxi Sino Harbour Technology Limited, the immediate holding company of Zhejiang SH, The Maternal and Child Health Hospital of Guangxi Zhuang Autonomous Region ("Guangxi M&C Hospital") and Zhejiang GSCB on 28 October 2016. The three parties of the agreement are to utilise their respective expertise and resources to participate in the stem cell industry, aiming to build Guangxi M&C Hospital into a leading international stem cell base. Meanwhile, Guangxi Gangrun has a preferential right to be involved in the stem cell technology development of Guangxi M&C Hospital. Dr. Dai Yifan, Supervisor of Guangxi Gangrun, and Dr. Zhao Xiang, Technical Director and Executive Director, are renowned international experts in the industry. The Group utilizes this cooperation to lure high-end talents.
Guangxi M&C Hospital is a provincial Class Three Grade A hospital, the highest rank in the PRC. Zhejiang GSCB engages in the business of commercialisation of stem cell technology in the PRC. It is one of the implementation units of the National High-tech R&D Program of the PRC implemented by the Ministry of Science and Technology and has expertise in stem cell technology including liquid separation, extraction, cultivation and enlargement of stem cells.
Mr. Wong Lui, Executive Director of Sino Harbour, said, "The introduction of the two-child policy and an increasingly ageing population are driving the growth of the biomedical industry in the PRC market. This trend reinforced by favourable industry-supportive policies has attracted the attention of various sectors to biomedical and stem cell research. To capture the huge potential in the biomedical industry, we have been expanding our medical- and pharmaceutical-related businesses. Following the subscription of 30% equity interest in Zhejiang Davi Pharmaceutical Co., Ltd. in November 2015 and the signing of a strategic cooperative framework agreement to enter the bio technology and healthcare industries in Guangdong Province in February 2016, the establishment of the new subsidiary in Guangxi to tap the growth of the stem cell industry will further enrich the Group's business portfolio and serve as a strong driver to propel its future development.
Guangxi enjoys a prime geographical location adjacent to ASEAN member countries including Vietnam, Thailand and Myanmar, making it a region with strong economic growth momentum in Asia during recent years. We believe the new subsidiary can realise its geographical advantage to explore cooperative development opportunities with ASEAN countries. Looking ahead, we are continuing to explore development opportunities in the biomedical sector so as to expand our existing presence and generate long-term stable returns on investment for our shareholders."
Contact:
Strategic Financial Relations Limited
Vicky Lee / Sophie Du / Kyla Yao
Tel: 2864 4834 / 2114 4901 / 2114 4914
Fax: 2527 1196
Email: vicky.lee@sprg.com.hk
sophie.du@sprg.com.hk
kyla.yao@sprg.com.hk
Topic: Press release summary
Source: Sino Harbour Holdings Group Limited
Sectors: Daily Finance, Real Estate & REIT, BioTech
https://www.acnnewswire.com
From the Asia Corporate News Network
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