Highlights

  • Jin Medical completed transferring an 80% Zhongjin Kangma stake on 19 October 2026, settling the final outstanding Acquisition item.
  • The company gained contractual control of ginseng research Business Huaxia Qiying on 24 September 2026 for about US$159.4 million.
  • Shareholders approved the Beijing Tongsheng VIE acquisition on 20 July 2026, and the transaction closed the following day.
  • First-half fiscal 2026 Revenue fell 9.7% to US$8.9 million, while gross Margin improved to 26.9% from 24.3%.

Jin Medical International Ltd. (NASDAQ:ZJYL) has wrapped up the last open piece of its September deal for a ginseng-focused research business, confirming on 30 October 2026 that the transfer of its 80% interest in Zhongjin Kangma Information Technology (Jiangsu) Co., Ltd. was completed on 19 October 2026.

Because the transfer finished ahead of the 31 October deadline, the Changzhou-based wheelchair maker will not issue the 622,123 Class A ordinary shares that had been reserved as substitute consideration, and the aggregate deal value stays unchanged.

Ginseng Research Assets Join a Wheelchair Maker

The company signed the acquisition agreement on 8 September 2026 and closed it on 24 September 2026. Through Subsidiary Erhua Medical Technology (Changzhou), it obtained contractual control over Huaxia Qiying (Beijing) Technology Co., Ltd. under variable interest entity (VIE) agreements, without taking legal title to its equity.

Aggregate consideration was US$159,415,729. Jin Medical issued 71,282,488 Class A shares and handed over non-share assets, including Investment and fund positions, an RMB18 million receivable owed by Zhongjin Kangma, and the 80% Kangma stake.

Huaxia Qiying holds ginseng-related biological assets plus research on extracting, fermenting and converting active ginseng compounds, including a KB-120 multi-stage fermentation platform. The target has no established commercial business yet. Jin Medical frames the move as part of a plan to broaden its elderly-care and rehabilitation products into a wider senior-health platform.

Two VIE Deals Reshape the Share Register

An earlier transaction for Beijing Tongsheng Technology Co., Ltd., signed on 29 June 2026, won Shareholder approval on 20 July and closed on 21 July 2026. Jin Medical issued 64,186,456 Class A shares to seller Chang Gil Lee and designees, plus 6,418,646 shares to adviser Goldeenridge Ventures. The company has not described Tongsheng's business.

The same meetings raised Class B voting rights from 30 to 800 votes per share. Advisers on the September deal received a further 8,479,560 Class A shares, leaving 158,194,533 ordinary shares outstanding, compared with 7,827,383 at the 26 June record date.

Core Wheelchair Business in the First Half

For the six months ended 31 March 2026, revenue declined 9.7% to US$8.9 million. Wheelchair sales slipped 1.4% to US$7.1 million, partly on lower sales to Japanese customer Nissin amid a weaker yen, while other product sales fell 59.1% after electric scooter sales stopped when the company did not obtain relevant qualifications.

Gross margin widened to 26.9%, Research and Development spending rose 33.4%, and the company posted a net loss of US$0.2 million against Net Income of US$0.01 million a year earlier. Cash stood at US$9.1 million at period end.

Capacity and Product Plans Ahead

Management plans to strengthen its core product portfolio, lift research and development investment and expand production capacity, including a roughly 430,000-square-foot Facility under construction in Chuzhou, Anhui. It expects most outstanding third-party receivables to be collected by 31 March 2027.