CTI.L Regulatory News (CTI)

Final version via RNS Reach

Cathay International Holdings Limited

("Cathay" or the "Company")

Cathay's subsidiary Lansen

Change of executive director and group chief executive officer

Hong Kong, 6 March 2013 - Cathay International Holdings Ltd. (LSE: CTI.L), an investment holding company and a leading investor in the growing healthcare sector in the People's Republic of China ("PRC"), announces that its subsidiary Lansen Pharmaceutical Holdings Ltd ("Lansen") (HKEX: 503) has announced today that it has received notice from Mr. Xu Jun ("Mr. Xu", an executive director of Lansen and the chief executive officer of the Lansen group) that he will not renew his service contract, expiring on 8 April 2013, due to personal reasons. 

Upon expiry of his service contract, Mr. Xu will no longer serve as the executive director and the group chief executive officer of Lansen.

Mr. Xu has confirmed that he has no disagreement with the board of Lansen and there is no matter that needs to be brought to the attention of the shareholders of Lansen. The board of Lansen has taken this opportunity to express its gratitude to Mr. Xu for his valuable contribution to Lansen during his tenure of service.

Lansen at the same time announces that Mr. Liu Bang Min ("Mr. Liu") will be appointed as the executive director of Lansen and the chief executive officer of the Lansen group with effect from 9 April 2013.

Mr. Liu Bang Min, age 41, is the senior vice president of sales and general manager of both Lansen Medicine (Shenzhen) Company Limited and Ningbo Lansen Pharmaceutical Company Limited, both wholly owned subsidiaries of the Lansen group, and is responsible for the marketing and management of the Lansen group. Mr. Liu joined the Lansen Group in September 2012. He has over 17 years of experience in the pharmaceutical industry. Prior to joining our Group, Mr. Liu had been the national sales director (Rheumatology Group) of Abbott China from 2009 to 2011. Mr. Liu obtained a bachelor's degree in medical imaging from Zhejiang University School of Medicine (formerly Zhejiang Medical University) in 1991.

The board of Lansen welcomes Mr. Liu's joining.

-ENDS-

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About Cathay

Cathay International Holdings Limited (LSE: CTI.L), focused on the People's Republic of China ("PRC"), is an investment holding company and a leading investor in the growing healthcare sector in the People's Republic of China ("PRC"). The Cathay group employs more than 2,000 people across the PRC, including over 30 specialist corporate and business development staff based at the holding company's offices in Hong Kong and Shenzhen.

Cathay aims to identify investment opportunities with emphasis on high growth healthcare markets and build them into market sector leaders, with a clear exit strategy. Cathay has demonstrated a strong track record of identifying high-growth potential investment opportunities in this area including: the Lansen group, China's leading specialty pharmaceutical company focused on rheumatology, and the Haotian group, a company engaged in the manufacture, marketing and sale of key active ingredients for healthcare products, including inositol. To complement its healthcare portfolio, Cathay has a research and product development business focused on bringing new products to the growing Chinese market.

Cathay also has a private equity investment arm focused on minority investment opportunities and a hotel investment. For more information please visit the Company's website: www.cathay-intl.com.hk.

About Lansen

Cathay owns a 50.56% majority interest in Lansen. Lansen is a leading pharmaceutical company in China, which focuses on the rheumatic specialty prescription western pharmaceuticals for the treatment of autoimmune rheumatic diseases. Founded in 2002, the Lansen group is engaged in the manufacture, distribution and development of rheumatic drugs, with a leading position in the disease-modifying anti-rheumatic drugs ("DMARDs") market in the PRC. In addition to 13 non-core medical products, the Lansen group has three rheumatic specialty prescription western pharmaceuticals as its core products, of which Pafulin and Tuoshu rank the first and the fourth respectively in terms of DMARDs' market share. The Lansen group has established an extensive distribution network, covering more than 1,000 hospitals in 25 provinces and four municipal cities. The headquarters for production and administration is located in Ningbo, Zhejiang Province, the PRC, with modern production facilities occupying an area of 64,000 square meters. Apart from the Chinese Government's GSP certification, the Lansen group's operating facilities are GMP-certified by the State Food and Drug Administration and adhere to stringent and closely monitored quality assurance and safety control processes.

About Starry

The Lansen group owns 21.5% interests of Starry. Starry is a sino-foreign equity joint venture limited company established under the laws of the PRC, specializing in the production of bulk pharmaceuticals and intermediates. The two core bulk pharmaceutical products of Starry are iohexol for X-CT non-ionic contrast agents and levofloxacin for antibiotics. Starry is the largest iohexol manufacturer in the PRC and is experienced in the production management and quality control of bulk pharmaceuticals.