Sinocare Inc. completed the acquisition of remaining 64.98% stake in Changsha Sinocare Health Management Co., Ltd. from Great Wall Guorong Investment Management Co., Ltd., Jiantou Jiafu Investment Co., Ltd., and Jiantou Huawen Investment Co., Ltd.
January 10, 2018
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Sinocare Inc. (SZSE:300298) entered into an agreement to acquire remaining 64.98% stake in Changsha Sinocare Health Management Co., Ltd. from Great Wall Guorong Investment Management Co., Ltd., Jiantou Jiafu (Shanghai) Investment Co., Ltd., and Jiantou Huawen Investment Co., Ltd. for approximately CNY 530 million on June 30, 2017. Under the terms of the transaction, Sinocare Inc. will issue 35.79 million shares as consideration. Great Wall Guorong Investment Management Co., Ltd., Jiantou Jiafu (Shanghai) Investment Co., Ltd., and Jiantou Huawen Investment Co., Ltd. will transfer 26.49%, 26.49%, and 12% stakes respectively. The transaction is subject to approval from the China securities regulatory Commission. The transaction has been approved by the internal decision making authorities of Jiantou Jiafu (Shanghai) Investment Co., Ltd., Great Wall Guorong Investment Management Co., Ltd. and Jiantou Huawen Investment Co., Ltd., 10th session of the 3rd directorate meeting and shareholders’ meeting of Sinocare Inc. As of November 16, 2017 and January 10, 2018, the transaction has been approved by China securities regulatory Commission. Shareholders of Sinocare Inc. approved the transaction. Zhang Gang and Luo Hui of CITIC Securities Company Limited acted as financial advisors, Du Lili and Guo Xin of Grandway Law Offices acted as legal advisors, and Ding Jingdong and Hu Licai of ShineWing Certified Public Accountants (Special General Partnership) acted as accountants to Sinocare Inc.
Sinocare Inc. (SZSE:300298) completed the acquisition of remaining 64.98% stake in Changsha Sinocare Health Management Co., Ltd. from Great Wall Guorong Investment Management Co., Ltd., Jiantou Jiafu (Shanghai) Investment Co., Ltd., and Jiantou Huawen Investment Co., Ltd. on January 11, 2018.
Sinocare Inc. is a China-based company principally engaged in the research, development, production and distribution of blood sugar monitoring systems. The Company mainly provides micro blood instant blood sugar monitoring systems including blood sugar testing instruments and related blood sugar testing strips, as well as blood sugar testing systems and mobile blood sugar instruments, among others. The Company also provides diabetes management information systems. It distributes its products within domestic market and to overseas markets under the brand name of SANNUO.
Sinocare Inc. completed the acquisition of remaining 64.98% stake in Changsha Sinocare Health Management Co., Ltd. from Great Wall Guorong Investment Management Co., Ltd., Jiantou Jiafu Investment Co., Ltd., and Jiantou Huawen Investment Co., Ltd.