ASTRI announces disbandment of Institute of Chinese Medicine

[Hong Kong, 28 September 2011]  The Board of the Hong Kong Applied Science and Technology Research Institute Company Limited (“ASTRI”) today (28 September) announced the decision to disband its subsidiary, the Hong Kong Jockey Club Institute of Chinese Medicine Limited (“HKJCICM”). The decision has been made in concurrence with that of Hong Kong Jockey Club (Charities) Limited (“HKJCCL”). ASTRI and HKJCCL each hold 50% of the shares of HKJCICM.

The resolution was reached by the ASTRI Board after an in-depth review of the role of the HKJCICM in Hong Kong against the rapidly changing environment in Chinese medicine and taking into consideration of the new strategy put forward by the Hong Kong SAR Government on promoting Chinese medicine through a Government-led committee.

The ASTRI Board has also concluded that since the current focus of ASTRI is on Information and Communications Technologies, ASTRI should concentrate its energy and resources on this core business instead of Chinese medicine.

Dr Patrick Wang Shui-chung, Chairman of the ASTRI Board, said, “On behalf of ASTRI, I wish to thank all past and present Board members and staff of HKJCICM for all their contributions in promoting Chinese medicine in the past years.”

The HKJCICM was set up under the Companies Ordinance in May 2001.