Jenscare Scientific-B (09877) Announces Proposed Sale of 22.48% Equity Stake in Beijing Huayi Shengjie Medical Technology for RMB 500 Million

Zhitong Finance APP reported that Jenscare Scientific Co., Ltd.-B (09877) announced that at the board meeting held on November 28, 2023, the board resolved to present a special resolution at the extraordinary general meeting of shareholders to consider and approve the proposed equity transfer agreement entered into with the buyer, Shanghai Lingqie Medical Technology. The company (as the seller) has conditionally agreed to sell, and the buyer has conditionally agreed to acquire the sale shares (representing approximately 22.48% of the entire issued share capital of the target company, Starway Medical Co., Ltd.), for a consideration of RMB 500 million (equivalent to approximately HKD 547 million).

The target company has a registered capital of approximately RMB 1.11 billion and is mainly engaged in the research, development, manufacturing, and sales of interventional medical devices for congenital heart disease, including patent foramen ovale occluders, ventricular septal defect occluders, patent ductus arteriosus occluders, and atrial septal defect occluders.

The sale will enable the Group to realize the accumulated investment value in the investee company over a period of time and provide an opportunity to enhance the Group's financial flexibility at present. The proceeds from the sale will be used for the Group's general working capital and future business opportunities.