6:53AM China Biologic Products comments on proposed Shanghai RAAS transaction; says it 'had no knowledge of the Proposed Shanghai RAAS Transaction prior to the public announcement issued by Shanghai RAAS' (CBPO) 26.50 : Co announced that it has recently learned from a public announcement issued by Shanghai RAAS Blood Products that on May 21, 2013, Ms. Siu Ling Chan, one of the shareholders of the co, and her spouse, Mr. Tung Lam, entered into a stock purchase agreement with Shanghai RAAS. According to the stock purchase agreement, Ms. Chan agreed to sell to Shanghai RAAS an aggregate of 2,657,660 shares of the co's common stock, representing 9.9% of the co's outstanding shares. Shanghai RAAS also stated in its announcement it has an intention to develop strategic business cooperation with the co. China Biologic would like to clarify that the co had no knowledge of the Proposed Shanghai RAAS Transaction prior to the public announcement issued by Shanghai RAAS, nor has the co had any communication or discussion with Shanghai RAAS regarding this transaction. The co considers Shanghai RAAS as one of its direct competitors in China and therefore does not view the Proposed Shanghai RAAS Transaction as a viable transaction. Given the competition between Shanghai RAAS and the co and the differences between the two companies in terms of business strategies and technological capabilities, the co currently has no intention to discuss or explore any business cooperation with Shanghai RAAS.
