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Core Viewpoint - The article discusses the significant shareholding changes at MicroPort Medical (0853.HK) following the announcement of its largest shareholder, Otsuka Medical Devices Co., Ltd. ("Otsuka"), to sell approximately 291 million shares, reducing its stake from 20.7% to 4.99% [3][4][10]. Group 1: Shareholder Changes - Otsuka has agreed to sell about 291 million shares of MicroPort Medical, with buyers including Shanghai Shanshi Capital Management Co., Ltd. and We'Tron, a major shareholder closely related to MicroPort's founder [4][9]. - The transaction involves Otsuka selling approximately 135 million shares to Maitek, which requires government approval to complete [5][9]. - After the completion of the transaction, We'Tron's shareholding will increase from approximately 345 million shares to about 480 million shares, making it the largest shareholder with an expected stake of 26% [10][11]. Group 2: Financial Performance - MicroPort Medical has faced financial difficulties, reporting a revenue of approximately $1.031 billion in 2024, a 9.6% increase year-on-year, but with a loss of about $269 million [12]. - The company has experienced five consecutive years of losses, with a net cash outflow of approximately $49.67 million [12]. - As of the end of 2024, MicroPort held about $713 million in cash and cash equivalents, a decrease of approximately $300 million from the end of 2023 [12]. Group 3: Financing and Debt Obligations - MicroPort Medical has entered into a convertible financing agreement to secure $150 million in loans and over $300 million in credit support, aimed at covering debts due before June 2024 [14]. - The company must meet specific performance targets from 2024 to 2026 to avoid early repayment of the convertible loan, including limiting net losses to $275 million in 2024 and achieving a net profit of at least $4.5 million in the first half of 2026 [14][15]. - The company is under pressure from a separate listing agreement for its subsidiary, MicroPort Cardiac Rhythm Management, which must go public by July 17, 2025, or face redemption risks [16].