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June 3, 2013 /PRNewswire-FirstCall/ -- China Biologic Products, Inc. (Nasdaq: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in
China, today announced that the Company received a notice (the "Notice") this morning from a
Hong Kong solicitors firm representing the plaintiffs (the "Plaintiffs") in the pending litigation of title dispute (the "Litigation") involving certain shares of the common stock of China Biologic Products, Inc. (the "Company") held by Ms.
Siu Ling Chan ("Ms. Chan"), one of the individual shareholders of the Company.
According to the Notice, the Plaintiffs obtained an injunction order (the "Injunction Order") from the High Court of
Hong Kong (the "Court") on last
Friday, May 31, 2013. The Injunction Order prohibits Ms. Chan from disposing of, charging, encumbering, pledging, transferring, diminishing the value of or otherwise dealing with the 5,362,624 shares of the Company's common stock or any part thereof held in the name of Ms. Chan. According to the
Hong Kong solicitors firm representing the Plaintiffs, the Injunction Order will remain in force until further decision by the Court and the Court has set
June 7, 2013 as the return date for further hearing. The
Hong Kong solicitors firm also indicated that on last Friday, the date of the Injunction Order, a copy of the Injunction Order has been served on the lawyer representing the defendants to the Litigation and Shanghai RAAS Blood Products Co., Ltd. ("Shanghai RAAS"), a public company listed on Shenzhen Stock Exchange. Shanghai RAAS has recently publicly announced its decision to purchase approximately half of the shares of the Company's common stock held by Ms. Chan (the "Shanghai RAAS Transaction").
Although the Company is not a party to the Litigation and has no comment on either the Litigation or the Injunction Order at this stage, given the Injunction Order's direct implications on the Shanghai RAAS Transaction, the Company hereby voluntarily discloses this factual development of the Litigation in the spirit of corporate governance transparency. For the Company's position on the Shanghai RAAS Transaction, please see the series of public announcements made by the Company last week.