Xintai Medical is also another company that Lepu Medical has split up recently. And on the evening of June 25, Lepu Medical just withdrew its application to spin off its controlling subsidiary, Lepu Diagnostics, to be listed on the Science and Technology Innovation Board (STB), due to the issue of possible competition in the same industry.
Previously in April, LP Biotech also just submitted a prospectus to the Hong Kong Stock Exchange, also ready to be listed in Hong Kong.
This shows that the spin-offs of many companies in the "Lepu family" are continuing, and are making frequent impacts on the capital market.
In the evening of June 25, Lepu Medical withdrew its application to spin off its subsidiary, Lepu Diagnostics, to be listed on the Science and Technology Innovation Board (STB). LPMC said in the announcement that the in vitro diagnostics segment consists of LP Diagnostics (self-produced diagnostic reagents), Yantai Aidekang (large-scale testing equipment), Aipuyi Biologicals and other legal entities, and that the termination of the application is mainly to solve the problem of in vitro diagnostics and other in vitro diagnostics-related enterprises may exist in the same industry competition, and to further rationalize and integrate the business linkage between the segments.
Beginning in 2019, LPMC fused all subsidiaries involved in the IVD (in vitro diagnostic products) business into LP Diagnostics, which is mainly engaged in the research and development, production and sales of in vitro diagnostic reagents and instruments.
In July 2020, LPMC announced that it intended to spin off its controlling subsidiary, LP Diagnostics, to be listed on the Science-Based Innovation Board.
At that time, LPMC said that after spinning off LP Diagnostics for listing, it will become an independent listing platform for in vitro diagnostic business, and will broaden its financing channels and enhance its capital strength through listing on SGX-STEM, so as to improve the profitability of LP Diagnostics.
Leopold Medical said that the termination of the spin-off and listing process of LP Diagnostics will not adversely affect the production and operation; the strategy of spinning off LP Diagnostics will not be stopped, and it will be launched again when the conditions are ripe.