Tasly Pharmaceutical Group Co., Ltd (SHSE:600535) announced the spin-off of unknown majority stake of Biomedicine Unit on May 7, 2020. Upon-completion, the Biomedicine Unit will be listed on Shanghai Star Market. Tasly Pharmaceutical will maintain a controlling stake in Biomedicine Unit. Biomedicine Unit generated revenue of CNY 226.5 million, net loss of CNY 355.3 million in 2019. As of December 31, 2019, Biomedicine Unit had total assets of CNY 1.9 billion and net assets of CNY 1.8 billion. Transaction is subject to approval from shareholders of Tasly Pharmaceutical and Biomedicine Unit and approval from China Securities Regulatory Commission. As of June 13, 2020, Board of Directors of Tasly Pharmaceutical approved the transaction.