Benzinga | Dec 6, 2021 05:32AM EST

Aesthetic Medical International Announced Business Updates on Purchase of 73% Equity Stake in Guangzhou Meixi Aesthetic Medical Clinic Company Limited

Aesthetic Medical International Holdings Group Limited (NASDAQ:AIH) (the "Company" or "AIH"), a leading provider of aesthetic medical services in China, today announced the operational updates on its newly-acquired non-surgical satellite clinic in Guangzhou.

To further leverage the Company's extensive operational experiences and resources in the Guangdong-Hong Kong-Macao Greater Bay Area, Guangzhou Pengai Aesthetic Medical Hospital Co., Ltd., a wholly-owned subsidy of the Company, entered into a definitive equity transfer agreement (the "Agreement") with a shareholder of Guangzhou Meixi Aesthetic Medical Clinic Company Limited ("Meixi") on October 17, 2021. Pursuant to the Agreement, the Company purchased 73% of equity interests in Meixi from its existing shareholder. Meixi's name was changed to Guangzhou Pengai Xiuqi Aesthetic Medical Clinic Co., Ltd ("Guangzhou Xiuqi"), and its financial statement was consolidated by AIH in November 2021. Currently, Guangzhou Xiuqi operates a non-surgical satellite clinic with a gross floor area of approximately 900 square meters and nine consulting rooms (the "Clinic").

Under the Company's dedicated efforts, the Company recorded a satisfactory operating result in November 2021, and RMB2.3 million of which was contributed by cash sales from the Clinic. The Company believes that the encouraging operating result of the Clinic showcases its success in the non-surgical aesthetic market after the establishment of the Beijing satellite clinic, and thus reaffirms its strategic plan to expand its non-surgical aesthetic medical business.