Summary by Moomoo AI
XINJIE PHARMACEUTICALS INTERNATIONAL HOLDINGS LIMITED (XIN PHARMACEUTICALS) ANNOUNCED ON 16 MAY 2024 AN AGREEMENT WITH AN INDEPENDENT THIRD PARTY YUEN YU WENYONG TO ACQUIRE 16% OF THE ISSUED SHARE CAPITAL OF TARGET COMPANY CHINA MEJIAN PHARMACEUTICAL GROUP CO., LTD. AT A PRICE OF HK$17,280,000. The transaction will enable Novi Pharmaceuticals to further expand its pharmaceutical product manufacturing, sales and distribution business in China. According to the Listing Rules, this acquisition constitutes a major transaction and is subject to notice, announcement and shareholder approval. The Company will hold an Extraordinary General Meeting on or before June 21, 2024 and is expected to send the relevant circular. Target Group had an unaudited revenue of HK$92,790 thousand in 2023 and a profit before tax of HK$9,763 thousand. Upon completion of the transaction, Novi Pharmaceuticals will hold a 16% stake in the target company.