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Beijing Strong Biotechnologies Launches Bailout Plan for Cash-Strapped Associate

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Beijing Strong Biotechnologies (SHE:300406) launched a restructuring plan for financially strapped associate company Beijing Zhongke Natai Technology, according to a Thursday after-hours filing with the Shenzhen bourse.

The move will help resolve a lawsuit involving the failed equity repurchase of 8 million yuan of shares by series A1 round investor Hangzhou Junze No. 1 Enterprise Service Partnership, the filing said.

Beijing Zhongke Natai Technology founder Hu Zhiyuan will repurchase the shares and facilitate Junze No. 1's exit from the distressed company.

Other series A investors, including the listed company, will purchase 26,212 shares at a nominal price of 26,212 yuan, to increase its stake in Zhongke Natai to 6.3520% from 5.1387%.

The associate's registered capital will rise to 1.7 million yuan from about 1.6 million yuan.

What else is happening in Asia?

Asia

Japan Hotel REIT Investment Secures New Term Loans

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TYO:8985
Asia

Tamawood Declares Dividend

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ASX:TWD
Asia

Lefroy Exploration Expands Western Australia Project Scoping Study

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ASX:LEX