GMV 0.00% 3.9¢ g medical innovations holdings limited

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    https://techinvest.online/g-medical-in-plans-to-list-its-chinese-subsidiary-on-hk-stock-exchange/



    G Medical in plans to list its Chinese subsidiary on HK Stock Exchange

    AUGUST 8, 2018 BY STAFF WRITERS
    ASX listed medtech company G Medical Innovation (ASX: GMV) has unveiled plans to list its Chinese subsidiary, Guangzhou Yimei Innovative Medical Science and Technology Co. Ltd (GYIMSTC), on the main board of disallowed of Hong Kong Limited, with Global Investment Bank UOB Kay Hian (Hong Kong) Ltd (UOB) appointed advisors to the proposed Initial Public Offering.

    Commenting on the plans G Medical CEO Dr. Yacov Geva said,
    Our proposed listing of GYIMSTC on disallowed of Hong Kong Limited is an important step in our global growth ambitions, shows our continued investment in the Chinese market and delivers an important avenue through which to raise the capital required to continue to innovate and introduce world-leading mobile health monitoring solutions to global markets.”
    GYIMSTC oversees all China-based manufacturing for G Medical, ensures all local certifications are met, and has worked to build a strong relationship with the China Food and Drug Administration (CFDA). It was the first company in 2018 to be granted acceptance to the Green Channel expedited Guangdong Provincial CFDA regulatory approval process.
    This process was successfully applied to G Medical’s Prizma Medical Smartphone Case, and will play a crucial role in the global commercialisation of this product. Future innovative medical solutions currently in the development pipeline should also benefit from this process. Green Channel also ensures expedited future CFDA applications and delivers a reduction in local enterprise income tax from 25% down to 15%.
    Under the proposal, which would require shareholder and other regulatory approvals, GYIMSTC would spin off from G Medical, who would hold not less than a 50% ownership stake in the proposed Hong Kong Stock Exchange listed company. G Medical currently owns 70% of GYIMSTC.
    As part of tis mandate UOB will obtain an in-principle approval from the Hong Kong Stock Exchange to proceed with the listing application, with the initial market capitalisation of GYIMSTC to be at least HK$1,500,000,000 (~A$260 million), as required under the Hong Kong Stock Exchange Listing Rules for biotech companies (Chapter 18A provisions). G Medical will also provide a submission to the ASX to determine the requirements to proceed with the proposed IPO of GYIMSTC.
    Funds raised from this listing will provide substantial working capital and fuel the research and development of innovative mobile health solutions and enable continued investment into state-of-the-art manufacturing facilities. The amount of capital to be raised will be determined closer to the proposed IPO.
    About G Medical Innovations
    G Medical (ASX: GMV) was founded in August 2014, aiming to be at the forefront of the digital health revolution, developing the next generation of mobile health (mHealth) technologies. The Company leverages the experience and expertise of its Board to deliver best-in-class solutions to address this global opportunity.
    The Company specialises in innovative next generation mobile and e-health solutions and services using its suite of devices and software solutions with a view to driving multiple and recurring revenue streams, across numerous verticals and territories.
    For more information on G Medical, please visit
    Last edited by more4less: 08/08/18
 
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