United Gene High-Tech (HKG:0399) said that it has, as the assignee, entered into an agreement with connected person United Gene Holdings Limited, as the assignor, and with Shanghai Biopharmaceutical Industry Association (SBIA), as the administrator of the Tan Jia Zhen Life Sciences Prize.

Pursuant to the agreement, the assignor has agreed to assign to United Gene High-Tech the obligations of providing an aggregate sum of sponsorship of RMB9 million (HK$10.89 million), which consists of RMB6 million for the grant of the prize and RMB3 million for the administrative fees of the prize, and SBIA has agreed to continue to be the institution responsible for the administration of the prize, including assessing the individual scholars' performance and contributions in life sciences and granting various prizes under the prize in each year to the prominent scholars in life sciences.

The directors of United Gene High-Tech believe that the sponsorship of the renowned prize relating to life sciences has the marketing and promotional value and, through the sponsorship, the company can gain more public awareness and exposure to media in the industry.

Source:chinesestock.org