Zhejiang Medicine (SHA:600216) directors approved the spin-off of subsidiary Zhejiang Xinma Biopharmaceutical and separate listing on the Hong Kong Stock Exchange, according to a Thursday filing with the Shanghai bourse.
The spin-off is seen to widen Xinma's financing channels, optimize resource allocation, and help with its stable and sustainable development, the filing said.
The proposed spin-off and listing will not result in a change of control over Xinma, the filing said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments