YANGZHOU, China, Feb. 21, 2023 /PRNewswire/ -- Meihua International Medical Technologies Co., Ltd. ("MHUA" or the "Company") (NASDAQ: MHUA), a reputable manufacturer and provider of Class I, II and III disposable medical devices with operating subsidiaries in China, today announced the Company, via its subsidiary company Hainan Guoxie Medical Technology Co. ("Hainan Guoxie"), has entered into cooperation agreement (the "Qionghai Agreement") with Qionghai City of Hainan Province to build technology park project. Hainan Guoxie also entered into cooperation agreement (the "Hope City Agreement") with Hainan Free Trade Port Boao Hope City ("Hope City") to build MHUA a medical research and development center in the Hope City.

Pursuant to the Qionghai Agreement, Hainan Guoxie plans to invest in the construction of a medical industrial park in Hainan Province for the will be focused on the development of minimally invasive interventional medical devices, new materials and surgical robotics technologies. Hainan Guoxie and Qionghai City government reached preliminary agreement to bid for the usage of nearly 574,080 sq ft of land around Hope City for the construction of a Contract Development and Manufacturing Organization (CDMO) medical industrial park. The Company anticipates making a more detailed public announcement of the land use right purchase information in about one month's time.

Pursuant to the Hope City Agreement, the planned MHUA medical R&D center will carry out the research and development of stem cell to human targeted therapies and rehabilitation training projects.

Presently, Hope City is the only special medical parkin China, which was approved by China State Council in 2013 and offers a series of special policies such as "licensed medical treatment, licensed research, licensed operation and licensed international medical technology exchange," and is a key project for the construction of the Hainan Free Trade Port. At present, there are 20 medical institutions involved in more than 10 projects under construction or planned in the pipeline, with 51 medical academicians forming the expert advisory team. In addition, Hope City has established cooperation with 30 of the top international pharmaceutical and medical devices enterprises, serving as one of the main channels for the importation of innovative products into China. The volume of licensed medicines and medical devices imported has exceeded 200 categories, effectively facilitating the advancement of medical technology, devices and medicine development in China to catch up with the international market.

MHUA's project is highly valued by the local government of Hope City, who recently paid a special visit to the Company's headquarters. Mr. Liu Yongjun, chairman of MHUA, commented: "Hainan has many advantageous conditions as China's national free trade port, which will provide many convenience for MHUA's products exporting to foreign markets, new product research and development, and taxation, among other things. It is a great honor for us that Qionghai City and Hope City selected the Company as one of the contracted companies to promote medical industry projects locally. MHUA will strive to improve the level of intelligence, information technology, digitalization and innovation, and accelerate the transformation and upgrade of our business, in order to promote the Company's high-quality development and create sustainable value for our shareholders."