Leading Pharmaceutical Biotech plans to acquire all shares of Conflux to expand into the blockchain field. Two founding members of Conflux will serve as its executive directors

PANews reported on July 1 that Hong Kong-listed company Leading Pharmaceutical Biotechnology Co., Ltd. (00399) announced the signing of a memorandum of understanding, planning to acquire all the equity of the target company, provided that the target company completes the acquisition of Conflux blockchain-related assets.

The purchase price will be paid in cash, company shares or convertible bonds, the specific amount will be determined in the formal agreement. The memorandum of understanding is valid for 12 months, during which the seller shall not negotiate or trade with other parties regarding the target company's equity.

Through this acquisition, Linghang Pharmaceuticals hopes to expand its business into the field of blockchain technology, achieve business diversification and find new profit growth points. However, the transaction still needs to be signed after the formal agreement is signed before it can be implemented. The relevant announcement will be released in due course according to the listing rules. Shareholders and investors need to act with caution.

It is reported that the Hong Kong stock market will be closed today due to the anniversary of the establishment of the Hong Kong Special Administrative Region. According to relevant documents, the two founding members of Conflux, Long Fan and Wu Ming, both serve as executive directors of Linghang Pharmaceutical Biotechnology.