Shineco falls over agreement relating to acquisition of Chongqing Wintus Group

Shineco

17/01/2023 17:28

** Shares of producer and distributor of Chinese herbal
medicines Shineco Inc  SISI.O  fall ~11% to $1.4
    ** Co entered into an agreement relating to acquisition of
China-based private co, Chongqing Wintus Group, that produces
antiviral fabric producer 
    ** SISI, on January 13, 2023, entered into a non-binding
framework agreement with certain shareholders of Dream Partner
Limited to acquire 80% equity interests of Dream Ltd., which
indirectly owns 100% equity interests of Chongqing 
    ** According to agreement terms, the total purchase price of
the acquisition is estimated to be about $40 mln which is
expected to consist of cash and SISI's common stock
    ** Wintus' innovations in the field of medical materials
align with our R&D focus - SISI 
    ** SISI stock was down 64.2%, last year
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))