The dispute over the agency rights of "AestheFill" has officially begun.

On the evening of July 21, Jiangsu Wuzhong (600200.SH, *ST Wuzhong) announced that its subsidiary Datou Medical Devices (Shanghai) Co., Ltd. (hereinafter referred to as "Datou Medical") has received a termination letter from EGEN Biotech, Inc. (hereinafter referred to as "REGEN"), a subsidiary of IMEIK (300896.SZ).

This termination letter pertains to the sales agency rights of "AestheFill."

The termination letter indicates that REGEN will revoke all relevant authorizations for Datou Medical as the exclusive distributor of AestheFill in mainland China.

This is undoubtedly a heavy blow for Jiangsu Wuzhong.

In just six months after AestheFill was launched in April 2024, it generated revenue of 326 million yuan, allowing *ST Wuzhong to turn losses into profits, with a net profit attributable to the parent company reaching 70 million yuan last year; in the first quarter of this year, AestheFill's revenue also reached 113 million yuan.

This is particularly detrimental for *ST Wuzhong, which is already on the verge of delisting due to false performance reporting.

It is worth noting that *ST Wuzhong's earlier disclosure of this event surprised the market.

Just two trading days prior, on the evening of July 17, ST Wuzhong confidently stated: "As of now, the company's medical beauty business is operating normally, and the change of the name of the registration certificate agent does not affect the exclusive agency rights of AestheFill within China."

However, the next evening, REGEN sent a termination letter to Datou Medical.

This means that ST Wuzhong's commitment of "no impact on agency rights" was only valid for two trading days.

However, IMEIK's intention to terminate the agreement had been foreshadowed.

On July 11, the name of the registration agent for AestheFill was changed from Datou Medical to Lizhen (Beijing) Biotechnology Co., Ltd. (hereinafter referred to as "Lizhen Biotechnology").

Lizhen Biotechnology is a company controlled by REGEN, which is indirectly controlled by IMEIK.

From the timeline, it appears that there may have been relevant negotiation procedures between the two parties prior to this, but *ST Wuzhong has remained "tight-lipped," and whether this constitutes a challenge to the information disclosure process remains to be further observed.

Currently, *ST Wuzhong claims it will communicate with REGEN and will take legal measures if necessary to protect its legitimate rights and interests.

While *ST Wuzhong may suffer a potential loss of its "cash cow" and face performance pressure, IMEIK is also under significant pressure.

For IMEIK, this battle for agency rights is not just about seizing the agency but also about "racing against time."

Recently, the number of approved "AestheFill" products has been increasing.

In less than seven months this year, the drug regulatory authority has approved the market entry of four types of AestheFill from Sihuan Pharmaceutical (0460.HK), Lepu Medical (300003.SZ), Korea PRP Co., Ltd., and Jiangsu Xihong Biomedical Co., Ltd.

According to this statistic, there are already no fewer than nine types of AestheFill products available on the market, including AestheFill.

This brings more competitive pressure to all parties involved