Summary by Moomoo AI
CONXINO BIO ANNOUNCED ON FEBRUARY 2, 2024 THAT DUE TO THE AUTOMATIC TERMINATION OF THE UNANIMOUS ACTION AGREEMENT, THE COMPANY CEASES TO CONTROL MORE THAN HALF OF THE SHARES OR BOARD SEATS OF SHANGHAI PHARMACEUTICAL CONXINO BIOPHARMACEUTICAL CO., LIMITED (“KONXINO”). Conchino Bio owns 49.8% of the drug Conchino and has 3 seats on its 7 directors. This change means that the pharmaceutical company Concino will no longer be a subsidiary of Conchino Biologics and will be transferred to the joint venture. The change will take effect from February 2, 2024 and is not expected to have a significant adverse effect on the financial condition and operating results of Conchino Bios. Consino Bio reminds shareholders and potential investors to exercise caution when trading shares.