Aesthetic Medical International [NASDAQ: AIH] reported that the company has ceased its contract with Hanfei Investment management. The contract was to purchase a 51% equity interest in Hanfei. The acquisition agreement fell through because Hanfei could not meet its decided performance target because of the impact of Covid-19.
Chairman and CEO of Aesthetic Medical, Dr. Zhou Pengwu said “ We regret that due to the impact of Covid 19 the current market condition is not right for the acquisition of Hanfei. Furthermore, We determined that termination of this acquisition was in the best interest of the company and its shareholders. The company’s strategy is unwavering and we will continue to effectively execute our acquisition strategy”.
He further continued “In the future, we will proceed to explore and seek exciting opportunities in strategic investment and acquisition to address the developing demand and interest for aesthetic medical services globally.”