Annual Report 2022

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2022 112 The United Laboratories International Holdings Limited Annual Report 2022 21. INTERESTS IN AN ASSOCIATE 2022 RMB’000 Cost of investment in an associate 7,350 Share of post-acquisition loss and other comprehensive expense (189) 7,161 Details of the Group’s associate as at 31 December 2022 are as follows: Name of an associate Place of incorporation/ principal place of business Proportion of ownership interest held by the Group Proportion of voting rights held by the Group Principal activity 2022 2022 寧波普邦生物科技有限公司 (“Ningbo Pubang”) The PRC 49% 49% Manufacturing and sale of pharmaceutical products in PRC During the current year, the Group established an associate with an independent third party, the Group has 49% ownership interest and voting rights in Ningbo Pubang. By considering that the Group has no sufficiently dominant voting rights to direct the relevant activities of Ningbo Pubang unilaterally, the directors of the Group conclude that the Group only has significant influence over Ningbo Pubang and therefore it is classified as an associate of the Group.