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HONG KONG, Jan 4, 2023 - (ACN Newswire) - Sihuan Pharmaceutical Holdings Group Co., Ltd. (Sihuan Pharmaceutical; 0460:HK) is pleased to announce that Jilin Huisheng Biopharmaceutical Co., Ltd. (Huisheng Biopharmaceutical), a non-wholly owned subsidiary, has successfully completed a capital increase with Jilin Baixing Bairong Investment Center (Limited Partnership)* (Baixing Bairong), JiLin Province Private Equity Co., Ltd. (JLPE), and Jilin Province Technology Investment Fund Co., Ltd. (JLTI) in a A+ finance round by way of capital increase ("this capital increase").
Pursuant to the capital increase agreement, the A+ round investors subscribed for the additional registered capital of RMB38,666,667 of Huisheng Biopharmaceutical at a consideration of RMB580 million (equivalent to approximately HK$650 million). After the completion of capital increase, the registered capital of Huisheng Biopharmaceutical increased to RMB 372 million, and the overall post-investment valuation was RMB 5.58 billion, of which the Group's shareholding in Huisheng Biopharmaceutical is approximately 61.29% and the Series A+ Investors' shareholding in Huisheng Biopharmaceutical is 10.4% in total.
The lead investor, Baixing Bairong, is a special investment fund co-sponsored by Shanghai Angju Asset Management Co., Ltd., JLPE, Changchun Equity Investment Fund Management Co., Ltd. and other investors. It is a high-quality enterprise in Jilin Province provide focused support.
The funds from this capital increase will be mainly used in the future for the marketing promotion of listed products of Huisheng Biopharmaceutical and its subsidiaries, the clinical advancement of products under research, supplementing operating liquidity. Huisheng Biopharmaceutical's successful completion of this capital increase reflects the recognition of all investors for Huisheng Biopharmaceutical's R&D strength and industrialization capabilities, and their confidence and anticipation of the value creation of the company's full product pipeline in the field of diabetes and complications and its broad market prospects in the future.
Dr. Che Fengsheng, Chairman and Executive Director of Sihuan Pharmaceutical, said: "We are excited to see that Baixing Bairong and many well-known institutions have recognized the strategic plan of Sihuan Pharmaceutical and the prospects of Huisheng Biopharmaceutical. Sihuan Pharmaceutical adheres to the two-wheel drive strategy of independent innovation and R&D and incubation of high-growth new businesses, follows the development trend of the industry, insists on leadership of innovation and continues to increase the Group's R&D investment, so as to realize the transformation and development of Sihuan Pharmaceutical to innovation and create the new pattern of an international pharmaceutical technology company. Huisheng Biopharmaceutical is a biopharmaceutical company under Sihuan Pharmaceutical, a large domestic pharmaceutical and medical aesthetics group, focusing on the field of diabetes and complications. We believe that this round of financing can further help Huisheng Biopharmaceutical to build a biopharmaceutical company covering the whole industrial chain integrating R&D, production and sales, providing diabetic patients with a full range of comprehensive and integrated treatment solutions, serving patients and making health easier."
The spokesperson of Baixing Bairong TIAN YUAN said: "In recent years, the prevalence of diabetes has continued to rise, which has become a major global challenge faced by individuals, families and society. It is a great honor to participate in the A+ round of financing of Huisheng Biopharmaceutical. We highly recognize Huisheng Biopharmaceutical's full product deployment in the field of diabetes drug research and development and the treatment of complications, and are fully optimistic about the company's future value. Baixing Bairong will continue to help Huisheng Biopharmaceutical grow into a biopharmaceutical leader with comprehensive solutions for diabetes and complications, benefiting patients around the world."
Topic: Press release summary
Source: Sihuan Pharmaceutical Holdings Group Ltd.
Sectors: BioTech, Healthcare & Pharm
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From the Asia Corporate News Network
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