Aoxin Q&M gets SGX’s nod for mainboard move
This comes after the dental group’s H1 net profit fell 87.2% year on year
[SINGAPORE] Dental healthcare services provider Aoxin Q&M has received in-principle approval from the Singapore Exchange to transfer its listing from the Catalist board to the mainboard.
The company posted in August an 87.2 per cent year-on-year drop in net profit for the six months ended Jun 30 to 351,000 yuan (US$52,600). Revenue slipped 12.1 per cent to 76.4 million yuan from 86.8 million yuan previously.
The company cited lower patient volumes, decreased average billing per patient due to increased market competition and reduced sales of dental equipment to government hospitals. That, however, was mitigated by improved performance of its dental laboratory services operations in Singapore.
Other recent developments by the company include a proposed 150 million yuan acquisition of a dental group in central China, announced in March.
The target company is said to comprise two business segments: It operates a network of nearly 30 dental clinics comprising some 80 dentists, and is engaged in medical device technology development as well as the wholesale and retail of Class I and II medical devices.
Aoxin Q&M described the acquisition as a move to achieve its long-term strategic objectives of expanding its footprint in China.
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The counter ended Wednesday at S$0.163, up 4.5 per cent or S$0.007.
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