Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited and Time Medical System inked cooperative letter of intent in Guangzhou to form JV with investment of CNY 300 million to build local medical device R&D and production base with independent intellectual property, 60% to 40% held by both sides with cash and technology injection. Besides cooperation in making and selling medical devices, they reached consensus in research and development. TM agreed to move R&D base in Hong Kong to Guangzhou.

Guangzhou Baiyunshan can participate in construction and development of the R&D base after removal.