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China Medical Technologies Responds to the Allegations Raised by Glaucus Research Group
Date:12/6/2011

ged a secret related party transaction based on wrong information.  The conclusion of overpayment for the acquisition based on partial public information without commercial consideration indicates lack of business knowledge of Glaucus’s team.  During 2007, many PRC medical diagnostic companies were valued with more than 5 times revenue multiples and over 20 times earnings multiples.  There were a number of cases of venture capital investments in PRC diagnostic companies where US$5 million can take only a minority equity interest.  The disclosed payments of Beijing Yimin were only part of the price.  Glaucus provided financial information of BBE on page 8 of the Report.  For the financial year ended December 31, 2006 before the acquisition by the Company, the equity was about US$7 million.  BBE is a long established company and was reputable in the PRC IVD industry before the Company’s acquisition. It does not make sense for the previous shareholders of BBE to sell the whole company only at the book value to Beijing Yimin.  The Company acquired BBE from Finnea which is a real company and was incorporated in the British Virgin Islands.  The owner of Finnea was not Mr. Wu or his related party or Mr. Chen based on the company records of Finnea which were verified by the Company’s lawyers conducting the legal due diligence for the Company’s acquisition.  Besides, the decline of the financial performance of BBE after the acquisition during 2007 was because the Company’s subsidiary, Beijing Yuande, took over the profitable ECLIA business of BBE which conducted competing business with Beijing Yuande before the acquisition.  The acquisition eliminated a growing competitor of the Company.  The Company’s ECLIA business grew strongly in 2007 and 2008. The Company arranged BBE to focus on the research and development of a fully-automated ECLIA analyzer after the acquisition.   &#
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