[ET Net News Agency, 15 May 2018] Shanghai Fosun Pharmaceutical (02196) said it entered
into a joint venture contract with subsidiary Jiangsu Wanbang Cloud Health Technology Co.,
Ltd., Shanghai Fosun Health Industry Holding Company Limited (SFHIH), and Haitun
(Shanghai) International Trading Co., Ltd. in relation to the establishment of a joint
venture company with a registered capital of Rmb18 million.
Fosun Pharmaceutical proposed to make cash contribution in the amount of Rmb4.5 million,
representing 25% of the equity interest in the JV. Wanbang Cloud Health proposed to make
cash contribution in the amount of Rmb0.9 million, representing 5% of the equity interest
in the JV.
Upon its establishment, the JV will utilize the resources and professional advantages of
each of the parties to the JV, focus on the maternal and infant industry as driven by the
upgrading of household consumption, further meet the needs of children, babies and
maternity groups and Chinese young families for professional knowledge and services
including maternal and infant care and parenting, and further enhance the Group's planning
in the massive health industry.
SFHIH is a subsidiary of Fosun High Tech, the controlling shareholder of Fosun
Pharmaceutical. Haitun International is primarily engaged in import and export of goods
and technical services including but not limited to the sale of goods such as food, daily
necessities, clothing, shoes and hats, cosmetics, toiletries and electronic appliances.
(HL)