YANGZHOU, China, May 1, 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 Hainan Guoxie Technology Group Co., Ltd. ("Hainan Guoxie"), has completed the purchase of land use rights in the South of Hainan Free Trade Port Boao Hope City ("Hope City") in Qionghai city for investment and construction of an integrated medical industrial park.

Pursuant to the construction land use right contract signed between the City of Qionghai and Hainan Guoxie, the Company will pay a total of RMB24.06 million for the right to use the land for the next 50 years. The land has a total area of 47,970.52 square meters, and MHUA will complete the final payment for the land use right purchase by May 10, 2023.

MHUA plans to develop a comprehensive industrial park on the land, including a product research and development, production and sales training center, and imported/exported product assembly and technology license-in projects. It will also have a hospital and a retirement and rehabilitation-integrated service center. The construction of the industrial park is expected to be completed by the end of 2024, and the Company will start operating the industrial park with cooperation partners soon thereafter.

Mr. Liu Yongjun, Chairman of MHUA, commented: "The Company announced its entry into the cooperation agreement with the City of Qionghai in Hainan Province in February, for purposes of developing a medical industrial park in Hainan Province. The medical industrial park will be focused on products such as minimally invasive interventional medical devices and equipment, health care consumables, and stem cell therapy. The Company successfully obtained land use rights for a core property near Qionghai and Hope City, building a solid foundation for our plan to invest in the construction of the integrated medical industrial park. The Company also aims to further expand its project-based cooperation with other industry parties in order to better utilize the local support policies provided by Hope City and Hainan province.

"Our subsidiary, Hainan Guoxie, which is 55% owned by our wholly-owned subsidiary, Kang Fu International Medical, was founded in October of 2021 in the City of Qionghai in Hainan Province. Hainan Guoxie aims to increase investment in Hainan under China's key development policy by taking advantage of its tax allowances, licensed medical offshore introduction policy, and excellent recreational environment. With this, we believe we can create a fully developed medical industrial park within the next 10 years, thus allowing us to increase the MHUA's technology development and sustainable cash flow profitability. The project is led by the Hainan Qionghai government to assist MHUA in localizing its business operations in Hainan. Over the next five years, we believe medical informatization, digitalization and brand establishment will become the core strategic directions of MHUA, supporting the Company to accelerate growth through seeking domestic and international cooperation. Further, we believe it will serve as an engine to continuously strengthen MHUA's capacity, profitability and help us build a first-class team and brand,  best-in-class solutions and services at the Company to fuel the rapid development of our business."