Cathay Biotech raises capital and enters into major strategic collaboration with China Merchants Group
Summary
Cathay Biotech, the largest holding in HBM Healthcare Investments portfolio (15% of net assets), yesterday announced a significant strategic collaboration with China Merchants Group (CMG). The targeted minimum purchase volumes by CMG include 10,000 tons, 80,000 tons and 200,000 tons for the first three years 2023, 2024 and 2025, respectively; A jointly set up of research team for bio-based materials in CMGs application scenarios, to develop bio-based polyamide fiber compounding and pultrusion processes and application technologies in containers, construction, photovoltaics, logistics, etc. in order to determine the form of products to be procured by CMG.For more details, please see Cathay Biotechs announcements on its website at https://www.cathaybiotech.com/en/singgg.aspx#content.Cathay Biotech (Ticker: 688065) is a global leader in synthetic biology. HBM Healthcare Investments has held a stake in Cathay since 2006. The company has been listed on the STAR Market of the Shanghai Stock Exchange since 2020.Founded in 1872 as the China Merchants Steam Navigation Company in Shanghai, CMG has developed into one of Chinas leading SOEs since the 1980s and has expanded its role into a global player in transport infrastructures, financial, property development and industrial park operations.