Mingyuan Medicare Development
| Company type | Public (formerly) |
|---|---|
| Industry | Biomedical |
| Predecessor | Sing Tao Holdings Limited |
| Founded | 2002 |
| Founder | Yao Yuan |
| Defunct | January 2020 |
| Fate | Delisted from the Hong Kong Stock Exchange |
| Headquarters | Hong Kong , Hong Kong |
Area served | Mainland China |
Key people | Andrew Lam (largest shareholder as of 2016) |
| Products | Biomedical products |
| Parent | Ming Yuan Investment Group (former controlling shareholder) |
Mingyuan Medicare Development Co., Ltd.—previously known as Shanghai Ming Yuan Holdings Limited and Sing Tao Holdings Limited—is a biomedical enterprise incorporated in Bermuda, with its headquarters located in Hong Kong. Over the last 15 years, its main business activities have been concentrated within mainland China. The company was once publicly traded on the Stock Exchange of Hong Kong.
In 2001, Global China Technology Group acquired Sing Tao Holdings, which was then sold in 2002 to Ming Yuan Investment Group. This transaction excluded the newspaper division (Sing Tao Media Holdings) and a hotel property in Canada.
Due to failure to release annual reports for the years 2014 through 2016, Mingyuan Medicare’s shares have been suspended from trading since 2015. The firm operates under the Chinese trading name , although this is not officially registered in Hong Kong.
History
In August 2002, Chinese entrepreneur Yao Yuan () led Ming Yuan Investment Group to purchase Sing Tao Holdings, a cash shell company. By October of that year, it was renamed Shanghai Ming Yuan Holdings. Subsequently, the company engaged in acquiring several biomedical enterprises within mainland China, including entities affiliated with Yao Yuan.
Mingyuan was removed from the MSCI China Global Small Cap Index in 2012.
Trading of the company’s shares was halted in 2015 after it failed to submit its 2014 annual report on time. Creditors sold shares pledged by Ming Yuan Investment Group to recover loans, prompting legal disputes initiated by Ming Yuan Investment Group.
In 2016, Andrew Lam () emerged as the largest shareholder and, through an order from the Bermuda Supreme Court, successfully reconstituted the entire board of directors. Although Yao Yuan lost his controlling interest, he remained a director until this election. The newly appointed board revealed that Yao Yuan and his brother Iu Chung () were involved in misappropriating assets during the trading suspension period and identified financial discrepancies in earlier reports. Following this governance change, company hard drives and official seals reportedly went missing from the Hong Kong office.
In September 2016, the Stock Exchange of Hong Kong’s Listing Committee reprimanded former directors including Yao Yuan. Investigations uncovered that approximately had been paid by a subsidiary to Beijing Nong Long Investment Management for supposed foreign exchange services; however, these funds were unaccounted for despite assertions of recovery efforts.
Mingyuan filed a lawsuit against Deloitte Hong Kong in December 2016, accusing the auditor of failing to identify fraudulent conduct by previous management. A forensic audit determined that the subsidiary did not possess a bank account claimed to hold , contradicting earlier recovery statements.
The Hong Kong Securities and Futures Commission ordered a suspension of all trading in Mingyuan shares in October 2017 due to suspected false or misleading financial disclosures prepared by former executives. None of the previous board members remained following these actions.
The company was officially removed from the Hong Kong Stock Exchange listings in January 2020.
Subsidiaries
- 上海數康生物科技 (100%)
- 湖州數康生物科技 (100%)
- 上海銘源數康生物芯片 (100%)
- Shanghai Kang Pei Bio-medical (75%)
- Genetel Pharmaceuticals Shenzhen (100%)
- 上海源奇生物醫藥科技 (70%)
- 上海慧普生物醫藥科技 (80%)
External links
- Entry in Offshore Leaks Database