China Biologic Updates the Hong Kong Litigation in respect of the Shares Held by Ms. Siu Ling Chan
BEIJING, June 3, 2013 /PRNewswire-FirstCall/ -- China Biologic Products, Inc. (Nasdaq: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced that the Company received a notice (the "Notice") this morning from a Hong Kong solicitors firm representing the plaintiffs (the "Plaintiffs") in the pending litigation of title dispute (the "Litigation") involving certain shares of the common stock of China Biologic Products, Inc. (the "Company") held by Ms. Siu Ling Chan ("Ms. Chan"), one of the individual shareholders of the Company.
According to the Notice, the Plaintiffs obtained an injunction order (the "Injunction Order") from the High Court of Hong Kong (the "Court") on last Friday, May 31, 2013. The Injunction Order prohibits Ms. Chan from disposing of, charging, encumbering, pledging, transferring, diminishing the value of or otherwise dealing with the 5,362,624 shares of the Company's common stock or any part thereof held in the name of Ms. Chan. According to the Hong Kong solicitors firm representing the Plaintiffs, the Injunction Order will remain in force until further decision by the Court and the Court has set June 7, 2013 as the return date for further hearing. The Hong Kong solicitors firm also indicated that on last Friday, the date of the Injunction Order, a copy of the Injunction Order has been served on the lawyer representing the defendants to the Litigation and Shanghai RAAS Blood Products Co., Ltd. ("Shanghai RAAS"), a public company listed on Shenzhen Stock Exchange. Shanghai RAAS has recently publicly announced its decision to purchase approximately half of the shares of the Company's common stock held by Ms. Chan (the "Shanghai RAAS Transaction").
Although the Company is not a party to the Litigation and has no comment on either the Litigation or the Injunction Order at this stage, given the Injunction Order's direct implications on the Shanghai RAAS Transaction, the Company hereby voluntarily discloses this factual development of the Litigation in the spirit of corporate governance transparency. For the Company's position on the Shanghai RAAS Transaction, please see the series of public announcements made by the Company last week.
About China Biologic Products, Inc.
China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully integrated plasma-based biopharmaceutical company in China. The Company's products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 plasma-based products through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. The Company also has an equity investment in Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals and other healthcare facilities in China. For additional information, please see the Company's website www.chinabiologic.com.
Safe Harbor Statement
This news release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including its potential inability to achieve the expected operating and financial performance in 2012, potential inability to find alternative sources of plasma, potential inability to increase production at permitted sites, potential inability to mitigate the financial consequences of a temporarily reduced raw plasma supply through cost cutting or other efficiencies, and potential additional regulatory restrictions on its operations and those additional risks and uncertainties discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
China Biologic Products, Inc.
Mr. Ming Yin
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
SOURCE China Biologic Products, Inc.
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