Haixi China founded in Fujian, China.
GMP Certification issued by the SFDA was obtained.
New production facilities
A new factory and production facility was obtained, along with the relevant building usage approvals issued by the Chinese government.
As part of the first phase of Haixi China's business expansion plans, a new factory and production facility was constructed.
The new factory obtained pharmaceutical medicinal production and manufacturing approvals issued by the SFDA.
Production facilities expand
Haixi China received government approvals from the Yong'an City Planning Bureau for its plan to expand the new factory by 70,000 square metres.
The new factory obtained GMP Certifications for its production lines for oral liquid, tablet and capsule medicinal products.
Second phase completed
Haixi China invested RMB 80,000,000 into increasing the production capacity of its production lines for oral liquid, tablet and capsule medicinal products, successfully completing the second phase of the company's business expansion plans.
Partnering with Australia
The Company entered into a legally binding Cooperation Agreement with Rick Carson Partners (Rick Carson) to conduct feasibility studies and determine potential raw suppliers and cooperative partners in Australia.
Haixi China's business model is a vertically integrated model. An illustrative diagram is set out below:
Haixi China produces its own pharmaceutical products. The diagram below illustrates Haixi China's general production process.
Quality control systems
Haixi China has developed and implemented a uniform code of production, which entails strict management protocols and detailed operating procedures which are compliant with GMP production standards. The key areas within the uniform code of production are set out below:
- Supervision and management of product quality: The QM Department undertakes product testing, auditing and on-site supervision throughout the entire product production process. This process ensures that Haixi China's products are consistently produced at the highest quality and standard for its customers
- Factory site management: Key areas that the QM Department focuses on include factory temperature, safety of machinery, and storage of raw materials.
- Inspection and use of raw materials: All raw material sourced from third parties undergo a thorough inspection process before they are accepted and stored. After the initial quality inspection stage, regular inspections are carried out to ensure that quality levels are maintained.
- Packaging and storage policy: All materials used for packaging undergo a thorough inspection process prior to being accepted by Haixi China. All accepted packaging goods adhere to a high level of hygiene standards and must be free of any harmful or poisonous substances. All packaged goods will undergo a final round of inspections before they are delivered to minimise ensure that they are of the highest standards.
- Internal review and record keeping: Quality control targets are set and used to monitor all production procedures and quality consistency.
Distribution and Sales
Haixi China sells its products in wholesale quantities to pharmaceutical agencies and intermediaries in order to reduce sales costs and allow for distribution to a wide range of end users. This allows the Group's products to be distributed to a number of provinces in China, including Hubei, Hunan, Jiangxi, Guangdong, Tianjin, Yunnan, Liaoning and Anhui.
Research and Development
Haixi China is committed to developing and continuously improving the quality of its pharmaceutical products and the efficiency of its production processes
To do this, Haixi China has employed 4 licensed pharmacists and 1 assistant engineer to lead its R&D team. It has also built meaningful relationships with other companies, institutions and universities, which are well-recognised for their research work in the pharmaceutical industry, to collaboratively develop and improve its pharmaceutical and medicinal products.
The below table outlines recent R&D projects that Haixi China has undertaken.
|Product and project scope||Partner||Status||Description|
|Anoectochilus Lotus Product Series||None||Ongoing||Haixi China is currently developing a new medicinal product which uses raw and natural material extracts from Anoectochilus Lotus. This will include oral liquid, tablet and capsule products. Haixi China has already begun the testing and sampling of the Anoectochilus Lotus product series and, to date, has applied for the Production Approval for this product. If obtained, it will be the only company in China holding Production Approvals for these products.|
|Mupirocin and ibuprofen cream||Fuzhou Chang Fu Xing New Drug Development Co., Ltd||Ongoing||In 2016, Haixi China entered into an agreement with Fuzhou Chang Fu Xing Drug Development Co., Ltd to collaboratively develop a mupirocin and ibuprofen cream.|
|Terbinafine hydrochloride cream||Hainan Guodong Pharmaceutical Research Institute Co., Ltd|
Xi’an Jiaotong University, School of Pharmacy
|Completed (2008)||In 2005, Haixi China collaborated with Hainan Guodong Pharmaceutical Research Institute Co., Ltd and Xi’an Jiatong University, School of Pharmacy, to produce a terbinafine hydrochloride cream. This received SFDA approval in 2008 and was successfully added to Haixi China’s product range.|
|Compound camphor cream||Jinan Zerui Technology Co., Ltd|
Shandong New Drug Evaluation Centre
|Completed (2006)||In 2004, Haixi China collaborated with Jinan Zerui Technology Co., Ltd and Shandong New Drug Evaluation Centre to develop a compound camphor cream. This received SFDA approval in 2006 and was successfully added to Haixi China’s product range.|
Certificates & Awards
Haixi China is recognised by the Chinese Government and has received new national Goods Manufacturing Practices Certification (GMP Certification) issued by the State Food and Drug Administration (SFDA). Haixi China also holds SFDA approvals for the production (Production Approval) of 35 types of medicinal products. This includes an exclusive Production Approval for Chinese herbal anemone, allowing Haixi China to be the only authorised producer of this product in China to date.
Pharmaceutical Productions Permits
Certificate of GMP for Pharmaceutical Products
BOARD OF DIRECTORS
At Listing, the Board will comprise five members, consisting of 3 Executive Directors and 2 Independent, Non-Executive Directors. The following table provides information regarding the Directors and the management team, including their positions and expertise.
Jack WangExecutive Chairman and General Manager
Mr Wang has been working in the pharmaceuticals industry for over 20 years. He joined Fujian Yong'an Pharmaceutical Co., Ltd in 1996 as the Section Chief for Supply and Marketing. He became a director and later the Chairman and General Manager of the Company. As Chairman, Mr Wang is dedicated to the long-term development, growth and innovation of the Company.
Yanqun LiExecutive Director
Ms Li has served as the Executive Supervisor of Fujian Yong'an Pharmaceutical Co., Ltd since 2005 and has extensive experience in corporate finance, capital raising and corporate management.
Ms Li also served as the a Director of Sales for over 10 years in the Agricultural Bank of China. During her time at the Agricultural Bank of China, she developed strong data analytics, technical accounting and strategic planning skills.
Xuelan WangExecutive Director
Ms Wang is currently the manager of Yong'an City Tongheng Logistics Co., Ltd and has also worked within the Department of Shipping of Dexun (China) Freight Forwarders Co., Ltd.
Ms Wang has gained extensive experience within the logistics and shipping industry, allowing her to lay groundwork for the future international expansion of the Company's operations and product distribution.
Ms Wang graduated from Huaqiao University, Xiamen, China, with a degree in International Economics and Trade. She has also attained Level 6 Certification in Business English.
Fook Weng (Phillip) AuNon-executive Director
Mr Au is the principal consultant of Phillip Au & Associates, a firm that specialises in accounting, taxation, real estate and business management consulting services. He has more than 15 years of experience in business consultancy and has offices in Australia, Singapore, Malaysia, Jakarta and China.
Mr Au is an experienced non-executive director. He is currently a non-executive director of OneAll International Limited, an Australian public listed company. OneAll is a leading premium outdoor furniture designer, manufacturer and distributor. The company's products are sold within China and internationally.
Mr Au also served as a non-executive director of Novarise Renewable Resources International Ltd, an Australian public listed company, from 2010 to 2011. Novarise is a leading producer of polypropylene filament yarn in China. The company's products are sold within China and internationally. In 2002, Mr Au became the economic consultant to the government of the Republic of Nauru. He advised cabinet ministers of the Republic of Nauru on issues of infrastructure and the economic development of the nation. In 1986, he was appointed by the NSW governor to become a justice of the peace and now holds an official licence as a business agent, which was granted by the Office of Fair Trading. He is also a NSW-registered property consultant.
In addition, Mr Au had worked in the ATO for a number of years at a senior management level in the audit and fringe benefit tax section. Mr Au graduated from Macquarie University in Sydney with a degree in arts, majoring in accounting and economics. He is a certified practising accountant (CPA).
Chen Chik (Nicholas) OngNon-executive Director and Company Secretary
Mr Ong was a Principal Adviser at the Australian Securities Exchange in Perth and brings 12 years’ experience in listing rules compliance and corporate governance. He has overseen the admission of over 100 companies to the official list of the ASX.
Mr Ong now runs a boutique corporate advisory firm in Perth, Western Australia. He is a member of the Governance Institute of Australia and holds a Bachelor of Commerce and a Master of Business Administration from the University of Western Australia.
Mr Ong is currently a director of Excelsior Gold Limited, Segue Resources Limited and Co Assets Limited and is company secretary to three listed companies.
Da PengChief Financial Officer
Mr Peng has extensive experience in corporate financial management, accounting, administration and capital raising. He is currently the board director of several private companies, including DSM Sinochem Pharmaceuticals Ltd., Singapore, and has also held various financial management positions with multinational companies in China, the United Kingdom and Singapore.
Mr Peng holds a Executive Masters of Professional Accountancy from the Chinese University of Hong Kong and a Masters of Management from the Central University of Finance, China.
Mr Peng is a member of CPA Australia and is also a Certified Management Accountant of the United States.