SHENZHEN, China, June 15,
2023 /PRNewswire/ -- Addentax Group Corp. ("Addentax"
or the "Company") (Nasdaq: ATXG), an integrated service provider
focusing on garment manufacturing, logistics services, property
management and subleasing, and epidemic prevention supplies, today
announced that it is in advanced discussion with its Company's
Chairman and Chief Executive Officer, Mr. Hong Zhida, to acquire Mr
Hong's partial stake in Shanghai Bao Pharmaceutical Company Limited
("Bao Pharma"), via Shenzhen Grandway Capital Management Co., Ltd.
("Grandway Capital). Grandway Capital will act as a fund
manager.
As of May 2023, Bao Pharma
possesses 74 patents and is consistently making progresses on its
key pipelines. Its Recombinant IdeS Protease has secured Clinical
Trial approvals from the United State FDA, China National Medical
Products Administration and New Zealand Medicines and Medical
Devices Safety Authority in 2022. Other key pipeline products,
including Recombinant Human Hyaluronidase and recombinant human
Follicle-Stimulating Hormone, have respectively completed Phase III
clinical trials.
Mr Hong invested in Bao Pharma, via Grandway Capital in 2020. On
August 25, 2022, Bao Pharma received
USD100 million in a round of funding
led by Shenzhen Oriental Fortune Capital Co., Ltd. The transaction
included participation from Finnova Capital, Haitong Innovation
Private Fund Management Co., Ltd., Shanghai Sun Rock Capital
Management Co., Ltd., Center Laboratories, Inc.
Mr. Zhida Hong, the Chairman and
Chief Executive Officer of Addentax, stated, "Our group is now
aggressively diversifying its business to other cutting edge areas,
including biotech and electric vehicles etc. In addition to our
traditional garment and logistics businesses, I believe that our
new venture will soon generate extra revenue to this group and
maximize the shareholders' interests."
About Addentax Group Corp.
Addentax Group Corp. is an integrated service provider
specializing in garment manufacturing, logistics services, property
management, subleasing, and epidemic prevention supplies. Its
apparel manufacturing business includes sales to wholesalers and is
based in China. The logistics
business, which includes delivery and express services, covers 79
cities in 7 provinces and 2 municipalities in China. The property management and subleasing
business provides relevant services to clothing wholesalers and
retailers in the apparel market. The epidemic prevention supplies
business includes manufacturing and distributing quarantine
products, as well as reselling supplies purchased from the third
parties in domestic and overseas markets. More information please
visit the website: https://www.addentax.com/.
Safe Harbor Statement
All statements other than statements of historical fact in
this announcement are forward-looking statements in nature within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve known and unknown
risks and uncertainties and are based on current expectations and
projections about future events and financial trends that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Words or phrases
such as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions are intended to identify
such forward-looking statements. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to consider risk
factors, including those described in the Company's filings with
the SEC, that may affect the Company's future results. All
forward-looking statements attributable to the Company and its
subsidiaries or persons acting on their behalf are expressly
qualified in their entirety by these risk factors. The
forward-looking events discussed in this press release and other
statements made from time to time by us or our representatives, may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties, and assumptions about us. We
are not obligated to publicly update or revise any forward-looking
statement, whether as a result of uncertainties and assumptions,
the forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives might not occur.
Company Contact:
Public Relations Contact:
Addentax Group Corp.
Phone: + (86) 755
86961 405
cyseah@zgyingxi.com
Investor Relations
Contact:
Sherry
Zheng
Weitian Group
LLC
1-718-213-7386
shunyu.zheng@weitian-ir.com
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SOURCE Addentax Group Corp.