China Medical Technologies, an in-vitro diagnostic company, and its wholly-owned subsidiary Beijing Yuande Bio-Medical Engineering have signed a strategic collaboration agreement with Standard Chartered Bank (China) and Guangdong Development Bank respectively.
Under the terms of the respective agreement, Standard Chartered China intends to provide $25m of credit facilities to China Medical Technologies and GDB intends to provide RMB300m of credit facilities to Beijing Yuande.
The credit facilities will support the corporate development of China Medical Technologies and Beijing Yuande and detailed terms of the credit facilities will be subject to the respective bank’s requirements and relevant banking regulations.
China Medical Technologies chief financial officer Sam Tsang said that they are pleased to have entered into strategic collaboration agreements with Standard Chartered China and GDB which demonstrate their confidence in and support of their businesses.
"We believe that the credit facilities to be provided by Standard Chartered China and GDB will become a component of our financing in the future," Tsang said.
Standard Chartered China managing director and head of Local Corporates Lisa Wang said that this collaboration agreement will further strengthen their strategic partnership with CMED, the advanced IVD company focusing on China market.
"We will continue to support CMED’s business development by providing full range of financial solutions to the company. We believe the signing of the agreement will bring our relationship to a new stage," Wang said.