Aoxin Q&M gets SGX’s nod for mainboard move

[SINGAPORE] Dental healthcare services provider Aoxin Q&M reported on Tuesday (Oct 27) that it received in-principle approval from the Singapore Exchange to transfer its listing from the Catalist bourse to the mainboard.

The company posted in August an 87.2 per cent drop in net profit for its half year ended Jun 30 to 351,000 yuan (US$52,600) a year ago.

Its revenue for the same period slipped 12.1 per cent to 76.4 million yuan from 86.8 million yuan previously. The company cited lower patient volumes, decreased average billing per patient due to increased market competition and reduced sales of dental equipment to government hospitals. But that was mitigated by improved performance of its dental laboratory services operations in Singapore.

Other recent developments by the company include a proposed 150 million yuan acquisition of a dental group in central China, announced in March.

The target company is said to comprise two business segments: it operates a network of nearly 30 dental clinics comprising some 80 dentists; and is engaged in medical device technology development as well as the wholesale and retail of Class I and II medical devices.

Aoxin Q&M described the acquisition as a move to achieve its long-term strategic objectives of expanding its footprint in China.