Ping An Biomedical Co (PASW) Registration Filing summary

Company overview and business model

• Provides supply chain management (SCM) services in the apparel industry, offering end-to-end solutions for yarn products, textiles, and finished garments through its PRC subsidiary, New Brand.

• Operations are conducted in China, with the holding company incorporated in the Cayman Islands and intermediate holding companies in BVI and Hong Kong.

• Customers include brand owners, textile manufacturers, sourcing agents, and online retailers, with a focus on integrated, tailored supply chain solutions.

• Recent strategic diversification includes planned expansion into biopharmaceuticals via acquisition of Future Biotechnology Group, involving AI-driven drug development and genetic testing.

Financial performance and metrics

• No dividends paid on Ordinary Shares since inception; recent dividend payments were made by subsidiaries to the holding company and certain shareholders in 2024, but not in 2025.

• Substantial capital commitments for the Future Biotechnology Group transaction may constrain financial flexibility and expose the company to liquidity risks.

Use of proceeds and capital allocation

• Will not receive any proceeds from the resale of up to 13,611,800 Ordinary Shares; all proceeds go to the selling shareholder.

• Intends to retain future earnings for business operations and expansion, with no anticipated dividend payments in the foreseeable future.