Everbright supports LifeTech incentive scheme to increase stake of management and other employees in the Company
China Everbright Limited (“Everbright”, stock code: 165.HK) announced today, it entered into a definitive agreement with Eternal Space Limited (“purchaser”), a company set up for an incentive scheme of LifeTech Scientific Co., Ltd. ("LifeTech ", stock code: 1302.HK) to transfer up to 300 million LifeTech shares to the purchaser subject to the approval by the special shareholder meeting of LifeTech. Following completion of the transfer of 300 million LifeTech shares, Mr. Yuehui Xie, founder of LifeTech will hold more equity stake than Everbright and becomes the largest shareholder of LifeTech.
Mr. Michael Fu, Head of Everbright Medical & Healthcare Fund, commented, “Mr. Yuehui Xie and other management of LifeTech made a lot of contribution to business and product development of LifeTech. Everbright expects, through supporting LifeTech’s incentive scheme, to further stabilize the shareholding structure of LifeTech, enhance interest alignment between management and LifeTech to maximize shareholder’s interest. Everbright will continue to support Lifetech and will also invite other investors to support LifeTech together.
Mr. Yuehui Xie, founder of LifeTech commented, “We appreciate Everbright’s trust and supporting given to LifeTech’s management. Following completion of this transaction, management will develop a long-term plan of LifeTech to increase company’s equity value and improve shareholder’s return. We will continue to seek for support from Everbright and expand our collaboration.”