Hong Kong and Singapore 9/11/18; Hong Kong and Singapore 9/12/18—Publicly held scientific instrument supplier Techcomp has completed the separation of its manufacturing and distribution businesses (see IBO 4/30/18). The original company is now solely focused on the distribution business of scientific instruments in China. In conjunction with the sale, Techcomp announced the resignation of Yat Keung Lo as chairman and CEO, and the appointment of Mr. Zhang Jincan to succeed him. Mr. Zhang is assistant president of Yunnan Provincial Energy Investment Group and chairman of Yunnan Energy Investment. The company plans to change its name.

The separated business consists of Techcomp’s former manufacturing business and is controlled by Mr. Lo. The business’ brands include Techcomp, Dynamica, Edinburgh Instruments, Frioilabo, Precisa and Scion. In 2017, this business generated sales of $81.6 million, an 11.9% increase, and a net loss before taxation of $3.6 million, down from $13.2 million. This company will not be publicly listed.

Although the original company is currently listed on both the Hong Kong and Singapore stock exchanges, the company plans to list only on the Singapore exchange in the future. The stock has currently suspended trading while the company applies for a temporary waiver for Hong Kong exchange requirements, as only 5% of its common shares are currently held by public shareholders. The company plans to list more shares.

The original company operates 14 offices in China, with more than 300 employees. In 2017, this business generated approximately $144 million in sales, approximately 73% of the formerly combined manufacturing and distribution annual revenues.