HONG KONG, Jan. 15, 2021 /PRNewswire/ — Modern Chinese Medicine Group Co., Ltd. (“Modern Chinese Medicine”, together with its subsidiaries, the “Group”; stock code: 1643), which principally engages in the production of proprietary Chinese medicine (the “PCM”) and offers both over-the-counter (the “OTC”) and prescribed medicines intended for use by the Middle-aged and the Elderly in the PRC, announces its successful listing on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) today.
The closing price of Modern Chinese Medicine’s shares was HK$1.26 per share. The highest share price of the day was HK$1.40 per share. On its first trading day, trading volume of the shares of Modern Chinese Medicine reached approximately 83.2 million with a total turnover of approximately HK$104.0 million.
Soochow Securities International Capital Limited is the Sole Sponsor. Soochow Securities International Brokerage Limited and Wealth Link Securities Limited are the Joint Global Coordinators, the Joint Bookrunners and the Joint Lead Managers.
Mr. Xie Wei, Executive Director, Chairman and Controlling Shareholder of Modern Chinese Medicine Group Co., Ltd., said, “The successful listing of the Company’s shares on the Main Board of the SEHK today strengthens our position in the proprietary Chinese medicine market. In the future, we will continue to broaden our distribution network, improve our production capacity and strengthen our research and development capabilities, in order to deepen our penetration in the industry, and to raise the brand awareness and capture greater market share.”
About the Group
Modern Chinese Medicine principally engages in the production of PCM and offers both OTC and prescribed medicines intended for use by the Middle-aged and the Elderly in the PRC. According to the Euromonitor Report, the Group was one of the leading non-listed companies engaged in the production of PCM in 2019 in terms of the sales of Qi-deficiency and blood-stasis PCM pills and cardio-cerebrovascular PCM capsules in Northeast, the PRC.
As at 21 December 2020, the Group had 59 types of PCM products and had established a distribution network of 77 distributors that covers 39 cities in the PRC. For the years ended 31 December 2017, 2018, 2019 and 9 months ended 30 September 2020, the Group’s revenue was approximately RMB106.5 million, RMB173.5 million, RMB218.8 million and RMB218.8 million, respectively.
Source: Modern Chinese Medicine Group Co., Ltd.