Changes in Hong Kong stocks | Kingsley Biotech (01548) opens nearly 4% lower and plans to split its subsidiary Boombio to be independently listed on the main board of the Stock Exchange

The Zhitong Finance App learned that Kingsley Biotech (01548) opened nearly 4% lower. As of press release, it decreased by 3.80% to HK$34.92, with a turnover of HK$21.3012 million.

According to the news, Kingsley Biotech announced that it plans to split its indirect non-wholly-owned subsidiary Probio Technology Limited (Probio Biotech) and list it independently on the main board of the Hong Kong Stock Exchange. The company has submitted a spin-off application in accordance with Section 15 of the Hong Kong Stock Exchange Listing Rules. The Stock Exchange Listing Committee confirmed on August 14 that the company can continue to proceed with the proposed spin-off, but details of the proposed spin-off have yet to be implemented.

According to the announcement, as an indirect non-wholly-owned subsidiary of Kingsley, it is mainly responsible for the Group's biologics and advanced therapy contract research, development and production organization services (i.e. CDMO business). After the spin-off is completed, Kingsley will still hold a controlling interest in BoboBio, which will continue to be its subsidiary, and its financial results will continue to be consolidated into the Group's financial statements.