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China Medical Technologies, Inc. Announces the Closing of US$150 Million Convertible Senior Note Offering and the Completion of Repurchase of US$105.9 Million Convertible Notes Due 2011
Date:12/6/2010

BEIJING, Dec. 6, 2010 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced that it has closed the private offering of US$150 million in aggregate principal amount of convertible senior notes due 2016 including an additional US$25 million principal amount of the notes to cover over-allotments.  The notes were sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The Company has used a large portion of the net proceeds of the offering to repurchase US$105.9 million aggregate principal amount of its outstanding convertible notes due 2011 through privately negotiated transactions, and has used approximately US$10 million to pay for expenses associated with the capped call transaction described below.  The Company intends to use the remaining net proceeds from the offering to repurchase, from time to time, its outstanding convertible notes and for general corporate purposes.

In connection with the offering, the Company has entered into a capped call transaction relating to US$100 million in principal amount of the notes with an affiliate of the initial purchaser.  The Company does not expect to enter into additional capped call transactions in connection with this offering.  The capped call transaction is expected generally to reduce the potential dilution of the Company's American Depositary Shares ("ADSs") upon a conversion of notes in the event that the market value per ADS of the Company, as measured under the terms of the capped call transaction, is greater than the strike price of the capped call transaction (which corresponds to the initial conversion price of the notes and is subject to certain adjustments similar to those contained in the notes). The ca
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