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Golden Meditech's associate company debuts on NASDAQ

Golden Meditech's associate company debuts on NASDAQ

HONG KONG - China's leading high-tech healthcare group, Golden Meditech Company Limited ("Golden Meditech" or "the Group"; Stock Code: 801) is pleased to announce today that the Group's associate company FunTalk China Holdings Limited (FunTalk), formerly known as Pypo China Holdings Limited, made its debut on the NASDAQ exchange (Nasdaq: FTLK) after a successful secondary offering. The shares of FunTalk started trading on December 17, 2009 morning (Eastern Time).
As of today, Golden Meditech holds 15 million FunTalk shares. Based on the offering price of US$7 per share, the Group's holding is valued at US$105 million.
FunTalk is one of the largest nationwide distributors and retailers of personal wireless communications devices in China, dedicated to nationwide sales and distribution of advanced and fashionable mobile handsets, accessories and value-adding content.
The Company runs a national network of branch offices and distribution centers servicing approximately 10,000 retail outlets in over 350 cities nationwide. FunTalk China is considered the largest mobile phone retail chain in China in terms of annual sales volume and total floor space of its retail outlets integrated under the brand name of "FUNTALK."
Investors responded positively to this offering. FunTalk issued 3.1 million ordinary shares and raised US$21.7 million dollars. Renowned investment bank Roadman & Renshaw is the sponsor and lead underwriter for this offering.
Kam Yuen, Chairman and CEO of Golden Meditech, said, "The listing of FunTalk China on NASDAQ represents another successful investment that the Golden Meditech management team has made in China, with its valuation tripled in less than three years. This is also the third company that the Group has invested in and has gone public in the United States within the past four years."


Updated : 2021-05-12 13:00 GMT+08:00