Government Authorities Approve Joint Venture for Cardiac Rhythm Management Business in China

Government Authorities Approve Joint Venture for Cardiac Rhythm Management Business in China

MicroPort Scientific Corporation (HK: 00853) and Sorin Group (Reuters Code: SORN.MI), announced today the official establishment of a joint venture company after receiving the business registration certificate from Shanghai Administration for Industry and Commerce.

 The Shanghai-based joint-venture company, named MicroPort Sorin CRM (Shanghai) Co. Ltd, is scheduled to commence operations in June.

 MicroPort holds 51 percent stake of the new firm, while Sorin Group holds the remaining 49 percent interest. The joint venture was approved by the Shanghai Municipal Commission of Commerce (COFCOM) on May 6.

The joint venture will allow MicroPort and Sorin to collaborate on the import, sale and service of Sorin’s CRM devices in Greater China and accelerate the R&D and manufacturing of the local CRM products for the Chinese market.