RAILY AESMED and Hangzhou Bellephile terminate contract arrangement

RAILY AESMED (02135.HK) announced that the group adopted a contractual arrangement with Hangzhou Bellephile in January 2019, which allowed the group to effectively control Hangzhou Bellephile and obtain all economic benefits generated by Hangzhou Bellephile.

Due to Hangzhou Bellephile's decision to focus its strategy on the sales business of medical beauty equipment products and its plan to apply for a medical device business license, the company has terminated Hangzhou Bellephile's medical beauty service business in accordance with Chinese laws and regulations, and has canceled Hangzhou Bellephile's medical practice license. Therefore, the foreign ownership restrictions on restricted businesses no longer apply to Hangzhou Bellephile. The board announced that the parties to the contractual arrangement have entered into an agreement to transfer all equity interests held by Fu Haishu in Hangzhou Bellephile to RAILY AESMED Consulting and to terminate the contractual arrangement