Received RMB 6 million from “Direct Subsidy for Securing Emergency Medical Resources 2020”

18th November 2020

Vincent Medical Holdings Limited (“Vincent Medical” or together with its subsidiaries, the “Group”, stock code: 1612), a global respiratory medical device supplier, is pleased to announce that the proposal of “Upgrades and Automation for Respiratory Units and Disposables Production” made by its subsidiary Vincent Medical (Dongguan) Mfg. Co., Ltd., has passed the review of the Department of Industry and Information Technology, as well as the Department of Finance of the Guangdong Province. Subsequently, the Group has been granted a subsidy of RMB 6 million under the “Direct Subsidy for Securing Emergency Medical Resources 2020” program, which is strategically implemented by the State Council and backed by the Ministry of Finance. The amount has been received in its entirety today.

Since the global outbreak of COVID-19, the Group has strived to expand its production capacity since March, particularly on devices such as inspiredTM Heated Humidifier, O2FLO heated humidified respiratory unit and various disposables (such as respiratory filter, breathing circuit and humidification chamber), in order to satisfy the increasing market demand. Thanks to the dedicated efforts and swift response from its employees, together with the support from local provincial government, the Group was able to triple its production capacity by June 2020.

Mr. Vincent Choi, Chairman of Vincent Medical, said “We are delighted to receive the subsidy from the Central Government, which is an important recognition over our best-in-class production capabilities, technologies and equipment. As in the past, the Group will continue to pursue a development strategy of “device + disposables”. Being one of the major suppliers of respiratory devices, we will endeavor to support our society, and extend that to our country and the global healthcare system.”