MicroPort Announces Proposed Spin-off of Endovascular MedTech Subsidiary HeartMate Medical for STAR Market Listing

Beijing News (Reporter Li Yunqi): Amid the fervor surrounding listings on the STAR Market, an increasing number of companies have announced their bids to list on this board. On the evening of April 4, Hong Kong-listed MicroPort Medical issued an announcement stating that it proposes to spin off its subsidiary, MicroPort Endovastec, and list its shares independently on the STAR Market of the Shanghai Stock Exchange.

MicroPort further stated that the Hong Kong Stock Exchange has confirmed that MicroPort may proceed with the proposed spin-off. On April 3, MicroPort Endovascular Tech submitted an application to the STAR Market. “As planned, MicroPort Endovascular Tech will conduct a new share offering for its listing. Upon completion of the proposed spin-off and listing, the Company is expected to continue to consolidate the financial results of MicroPort Endovascular Tech into the Group’s financial statements.”

MicroPort Endovascular Tech is primarily engaged in the business of interventional products for the aorta and peripheral vessels. Established in August 2012, it provides a comprehensive range of products and services for the endovascular treatment of abdominal and thoracic aortic aneurysms, peripheral vascular diseases, aortic dissections, and other artery-related conditions.

As of the announcement date, MicroPort holds a 61.7897% equity interest in MicroPort Endovascular MedTech. Upon completion of the proposed spin-off and listing, MicroPort will remain the single largest shareholder of MicroPort Endovascular MedTech and retain control over the company.

The Board of Directors of MicroPort believes that the listing of MicroPort Endovascular on the STAR Market will enable the Group to have an independent financing platform and an expanded shareholder base for the business of aortic and peripheral vascular interventional products under MicroPort Endovascular, thereby enhancing its financing capabilities and reducing the overall direct impact of the liabilities of the aortic and peripheral vascular interventional products business on the Group.

“The STAR Market is another segment of the Shanghai Stock Exchange, established with the purpose of focusing on advanced technology enterprises. Listing on the STAR Market will allow MicroPort Endovascular Tech to directly access mainland China’s capital markets for fundraising, providing funds for its current operations and future expansion without relying on the company, thereby accelerating expansion and improving its operational and financial performance, thus offering better returns to shareholders of MicroPort Endovascular Tech and the company’s shareholders.”

By Li Yunqi, The Beijing News; Edited by Wang Jinyu; Proofread by He Yan