Innovative phar (00399.HK) announced the signing of a memorandum of understanding with potential joint venture partners Huaxin Medical Instruments in Hunan Province, agreeing to jointly develop and expand the Chinese disposable endoscopy market. The two parties also agreed to discuss the feasibility and development of the potential joint venture in China, and are committed to signing a legally binding joint venture agreement by October 31 or earlier.

Huaxin Medical Instruments focuses on the field of disposable electronic endoscopes and minimally invasive specialist machinery, and is a medical technology company that integrates research and development, production, sales, and service. Its products involve respiratory, urology, otolaryngology, gastroenterology, orthopedics, animals, industrial applications, and other fields.

Innovative phar believes that the business collaboration with Huaxin Medical Instruments and the potential establishment of a joint venture enterprise align with the group's strategy to seize the development of medical technology, thereby creating opportunities for the group and expanding its business scope in the medical field, as well as enhancing income growth potential. To achieve these goals, the group will continue to seek fundraising opportunities and plans to allocate approximately half of the funds raised for new business development.