APT Medical (SHA:688617) plans to waive its preemptive rights in the transaction where Vice Chair Cheng Zhenghui will acquire 25% of controlling subsidiary Haoying Medical for 112.5 million yuan.
Post-transaction, the medical device maker will retain 63.48% ownership and control of Haoying Medical, according to a Thursday filing with the Shanghai bourse.
Cheng holds a 16.68% stake in APT Medical.
Shares of the company rose 4% in recent trade.
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