Zhejiang Medicine: New Code Biotech introduces strategic investors to implement Series C financing, waiving preemptive rights

Recently, Zhejiang Medicine announced that its subsidiary, Zhejiang Xinma Biopharmaceutical Co., Ltd. (hereinafter referred to as “Xinma Biotech”), plans to implement Series C financing and introduce six strategic investors: Langfang Xinhui Silver Hair Economy Equity Investment Partnership (Limited Partnership), Jiaxing Puhua Jian’an Venture Capital Partnership (Limited Partnership), Dongguan Xinxing Strategic Industry Investment Partnership (Limited Partnership), Jiaxing Mingzhou Changlong Equity Investment Partnership (Limited Partnership), Shaoxing Binhai New Area Biopharmaceutical Industry Equity Investment Fund Partnership (Limited Partnership), and Hangzhou Zexin Jiuhao Venture Capital Partnership (Limited Partnership) (hereinafter collectively referred to as “Series C Investors”).

In addition, Xinma Biotech’s employee shareholding platform, Shaoxing Benyi Buji Enterprise Management Partnership (Limited Partnership) (hereinafter “Shaoxing Benyi Buji”), plans to increase its investment at the same time.

The Series C Investors intend to subscribe to an additional registered capital of RMB 5,605,021 in Xinma Biotech, and Shaoxing Benyi Buji plans to subscribe to RMB 560,000 of the new registered capital. Zhejiang Medicine and other existing shareholders of Xinma Biotech will waive their preemptive rights or other priority rights regarding this capital increase.

After this capital increase, Zhejiang Medicine’s direct ownership stake in Xinma Biotech will change from 45.9186% to 37.6347%. Xinma Biotech remains a controlling subsidiary of the company and continues to be included in the company’s consolidated financial statements.

(Zhejiang Medicine Announcement)

(Edited by: Yang Yan, Lin Chen)

Keywords: Healthcare