Weikang Bio-Technology Group Co., Inc. is a Chinese producer of Over-the-Counter (OTC) pharmaceuticals and traditional Chinese medicine (TCM) products. Trading on NASDAQ’s OTCBB, the Company currently has 420 employees. Their headquarters is in Harbin, China. In addition, they have two production facilities, in Harbin and Guiyang.
Weikang Bio-Technology Company, Inc. received incorporation in Florida on May 12, 2004 as Expedition Leasing, Inc. On December 7, 2007, the Company acquired Sinary Bio-Technology Holdings Group, Inc. and Sinary’s wholly owned subsidiary Heilongjiang Weikang Bio-Technology Group Co., Ltd., a limited liability company in China.
Sinary, with no substantive operation of their own, through Heilongjiang Weikang engages in the research, development, manufacturing, marketing, and sales of health and nutritional supplements in China. All of the Company’s products are Chinese herbal-based health and nutritional supplements. Through Heilongjiang Weikang, they manufacture and distribute in China a series of internally developed health supplements under a Chinese trade name.
On August 19, 2009, Weikang Bio-Technology Group Co., Inc. reported financial results for their second quarter ended June 30, 2009. Second Quarter 2009 highlights include revenues increasing to $13.20 million (544 percent growth) and $23.31 million (628 percent growth) for the three and six months ended June 30, 2009 respectively. Gross profit increased to $7.09 million, up 429 percent from $1.34 million for the same period in 2008. Net income was $3.33 million, or $0.13 per fully diluted share, up 203 percent from $1.10 million for the same period year over year.
Revenues increased due to the Company’s acquisition of Tianfang (Guizhou) Pharmaceutical Co., Ltd., an OTC pharmaceuticals developer and manufacturer.
“We are very pleased with this quarter’s strong financial performance,” said Mr. Yin Wang, President, and CEO of Weikang Bio-Technology Group Co., Inc. “We entered into a stock transfer agreement with Tianfang on June 30, 2008 to acquire 100% of its equity interest. As a result of the acquisition we have expanded our operations to include OTC pharmaceuticals. Our business will continue to accelerate as we enter the second half of 2009. We are seeing strong demand for our OTC pharmaceuticals and TCM products especially in the midst of China’s new healthcare reform initiatives, which will secure our future growth.”