Qingdao Haier Biomedical (SHA:688139) plans to merge with and absorb subsidiary Shanghai RAAS Blood Products through the issuance of shares, according to a Shanghai Stock Exchange disclosure on Monday.
RAAS produces and sells blood products, vaccines, diagnostic reagents and testing instruments.
Both parties signed a letter of intent for the potential merger, the Chinese biomedical cold chain storage manufacturer said.
Haier Biomedical suspended the trading of its shares amid the announcement of the plan.
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