The board of Yip's Chemical Holdings Limited (SEHK:408) announced the spin off of 94.99% stake in Bauhinia Ink Company Limited on May 28, 2020. Bauhinia Ink Company Limited will be listed on Shenzhen Stock Exchange. Transaction is subject to approval by CSRC, the Shenzhen Stock Exchange and other authorities, approval by the independent shareholders of Yip's Chemical Holdings and PRC regulatory approvals for the listing of and permission to deal in the A shares to be issued by Bauhinia Ink. Yip's Chemical Holdings Limited had made an application to The Stock Exchange of Hong Kong Limited for the Spin-off. The deal is approved by shareholders of Yip's Chemical Holdings Limited. Bauhinia Ink submitted the listing application for the share listing to Shenzhen Stock Exchange on January 27, 2021. Optima Capital Limited acted as financial advisor for Yip's Chemical Holdings Limited. Tricor Secretaries Limited acted as the scrutineer at the EGM for Yip's Chemical Holdings Limited.

The board of Yip's Chemical Holdings Limited (SEHK:408) cancelled the spin off of 94.99% stake in Bauhinia Variegata Ink & Chemicals (Zhejiang) Co., Ltd. on August 5, 2022.