BIMI To Sell Chinese Business Chongqing

(RTTNews) - BIMI International Medical Inc. (BIMI), a Chinese healthcare products and services provider, said on Monday that it has inked a definitive deal to sell its unit Chongqing Zhuoda Pharmaceutical Co., Ltd., to three Chinese citizens, who previously sold Zhuoda to BIMI.

The move serves as part of the company's strategy for the disposal of underperforming assets in China to further expand its business in the U.S.

The Chinese firm will sell all equity interests in Zhuoda that it previously purchased for 440,000 shares, whose purchase price was subject to post-closing payments based on performance in 2022 and 2023.

The 440,000 shares will be returned to BIMI as consideration.

The transaction is expected to be closed in the fourth quarter.