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HONG KONG, Dec 15, 2015 - (ACN Newswire) - Sino Harbour Holdings Group Limited ("Sino Harbour" or the "Group") (Stock code: 1663) is pleased to announce that Sino Harbour Bio Technology Limited ("SH BioTech HK"), the Group's wholly-owned subsidiary, entered into a joint venture agreement (the "JV Agreement") with Zhejiang University of Technology Assets Operation Limited("Uni Assets Ltd") and Irvine Pharmaceutical Services, Inc. ("IPS") to incorporate a New Company in the PRC, named "Zhejiang IPS Pharmaceutical Technology Co., Ltd.", to enter the pharmaceutical inspection industry.
The New Company shall have a registered capital of RMB64.00 million (equivalent to approximately HK$76.89 million). SH BioTech HK will be injecting a capital of RMB38.40 million (equivalent to approximately HK$46.13 million) in cash to subscribe for a 60% equity stake in the New Company (the "Subscription") and upon the completion of the Subscription, the New Company will be a subsidiary of the Group. Uni Assets Ltd will be injecting a capital of RMB12.80 million to subscribe for a 20% equity stake in the New Company and IPS will be injecting its intangible assets in an aggregate fair value of RMB12.80 million in return for a 20% equity stake of the New Company.
The New Company will establish a service centre, for pharmaceutical services including third-party pharmaceutical quality research and standard inspection, customized synthesis, prescription technology, new drug research, drug safety evaluation and clinical trial in the PRC and the Asian-Pacific region (the "Pharmaceutical Centre"), and enable the Pharmaceutical Centre to pass the relevant FDA inspection and/or audit so that the Pharmaceutical Centre will be qualified to issue testing and analytical reports according to the regulations promulgated and enforced by the FDA. Subject to FDA's satisfactory review, the Pharmaceutical Centre will be one of the first batch of approved qualified laboratories in the PRC.
The New Company shall develop a trading platform to assist pharmaceutical products from the PRC to enter into the markets in the USA, Canada and the European Union; involve in the drug quality standards and the third-party arbitration services; provide training on FDA related services and standards for Chinese drug manufacturing enterprises; provide services of FDA application and advices for Chinese drug manufacturing enterprises; and establish branch offices in major pharmaceutical regional centres in the PRC, to expand its market share.
Furthermore, the Collaborative Innovation Centre of Yangtze River Delta Region Green Pharmaceuticals ("YRD Innovation Centre") and the Zhejiang University of Technology ("ZH Tech University") shall cooperate with the New Company to expand its influence and market share as well as provide sufficient technology and human resources support to the New Company.
Regarding the joint venture, Mr. Wong Lui, the Executive Director of Sino Harbour, said, "Following our subscription of Zhejiang Davi Pharmaceutical to diversify our business into the pharmaceutical industry in late November, we are further expanding our business scope to the pharmaceutical inspection industry to increase income sources by capturing the business opportunities arising from a huge market demand and potential in the medical treatment industry which is expected to grow rapidly. The demand for pharmaceutical services for high-end pharmaceutical products in the PRC and favourable government initiatives on third party's inspection institutes are also facilitating growth of the industry. With the strong background and support of our JV partners, I am fully confident in the development of the new business."
About Sino Harbour Holdings Group Limited
Sino Harbour is actively diversifying its business into pharmaceutical related industries. On 27 November 2015, the Group has entered into a subscription agreement in Zhejiang Davi Pharmaceutical Co., Ltd.. The Group is also an early-mover in developing high potential PRC property projects and the emerging overseas property market.
About Uni Assets Ltd
Uni Assets Ltd is an asset management company established by ZH Tech University in November 2002. ZH Tech University is a reputable comprehensive university in the PRC. The YRD Innovation Centre, which is led by ZH Tech University and associated with several reputable pharmaceutical enterprises and research organisations, is one of the fourteen collaborative innovations centres selected into "The Enhancement Program of Innovation Ability for Institutions of Higher Education" in the first batch nationally. Moreover, the YRD Innovation Centre is the only pharmaceutical collaborative innovation centre among the fourteen collaborative innovation centres. "The Enhancement Program of Innovation Ability for Institutions of Higher Education", also called the "2011 Program", was jointly implemented by the Ministry of Education and the Ministry of Finance of the PRC. The 2011 Program advocates the improvement of the innovation capabilities of the institutions of higher education through the collaboration of institutions of higher education, enterprises and government authorities.
Hangzhou IPS is wholly-owned by Uni Assets Ltd, which is a pharmaceutical research, development and analytical services company. The principal activities of Hangzhou IPS include pharmaceutical quality test technology development, pharmaceutical technology consultancy service and medical device quality inspection technology development.
About IPS
IPS is a reputable pharmaceutical development and manufacturing company established in 1988 under the laws of California, the USA. IPS is a pharmaceutical inspection company approved by the review of FDA with a package of services under the regulations enforced by FDA, which includes pharmaceutical analysis and inspection, drug device testing, analytical chemistry and biopharmaceutical development. The founder and chief executive officer of IPS has over 30 years of experience in pharmaceutical science and biochemistry and has extensive knowledge of FDA regulation. If the Pharmaceutical Centre is qualified under the review requirements of FDA, IPS can issue the inspection reports accredited by FDA for the pharmaceutical inspection performed by the Pharmaceutical Centre.
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Topic: Press release summary
Source: Sino Harbour Holdings Group Limited
Sectors: Daily Finance, Daily News
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