Bloomage BioTechnology Corporation ("Bloomage BioTech" or "the Company"; together with its subsidiaries, collectively referred to as "the Group") and GIC, Singapore's sovereign fund, jointly announced an investment agreement, pursuant to which GIC will become a key shareholder of the Company by subscribing for its shares to support the Company in building up the aesthetic medical ecosystem in China through organic growth and acquisitions.
The Group will continue its internal organic growth and external acquisitive growth strategy (organic drivers from R&D and marketing innovation, and external drivers from merger and acquisition of world-leading aesthetic medical products and resources), to inject vitality into the aesthetic medical ecosystem in China and to drive the Group's domestic and global expansion in the aesthetic medical sector.
Mr Jin Xuekun, CEO of Bloomage BioTech, said, "The investment shows GIC's recognition on our track record and future potential as well as our strategy of building up aesthetic medical ecosystem in China, which not only provides the Company with additional capital, but also further enhances the Company's global operation, improving the cash flow and keeping the leverage ratio at an appropriate level. We believe that GIC's global resources, dedicated local team and extensive operational experience will drive the Company faster on its way to becoming the aesthetic medical leading player in China. With a solid financial position, Bloomage BioTech will be able to respond to market challenges more efficiently, achieve sizable and sustainable growth more effectively and create greater value for its shareholders."
Ms Sharon Sun Xiaoning, chief representative of greater China and head of direct investments group (China), said, "Bloomage BioTech has a proven track record in producing innovative products and solutions in the field of aesthetic products, and we look forward to working with management to help it achieve its full potential. As a disciplined, long-term value investor, GIC believes in the strong growth potential of China's aesthetic medical sector."