RestructuringMay 1, 2026, 05:21 PM
Advanced Biomed Pivots to AI, Acquires Acellent, Appoints Xiaomin Chen CEO
AI Summary
Advanced Biomed Inc. announced a significant strategic pivot, shifting its primary business focus from life sciences to artificial intelligence development. Concurrently, the company completed the acquisition of Acellent Technologies (Hong Kong) Co. Limited for $1,080,000, paid in 270,000 shares of common stock. In line with this strategic change, Mr. Yi Lu mutually separated from his roles as CEO and Chairman, receiving 39,999 shares as severance. Mr. Xiaomin Chen, the former CEO of Acellent Technologies and an AI expert, was appointed as the new CEO, director, and Chairman, effective April 28, 2026, with a monthly salary of $12,000.
Key Highlights
- Advanced Biomed is undertaking a strategic pivot from life sciences to artificial intelligence development.
- Completed acquisition of Acellent Technologies (Hong Kong) Co. Limited for $1,080,000.
- Issued 270,000 common shares for the acquisition, valued at $4.00 per share.
- Mr. Yi Lu mutually separated as CEO and Chairman, receiving 39,999 shares as severance.
- Mr. Xiaomin Chen appointed as new CEO, director, and Chairman, effective April 28, 2026.
- Mr. Chen's compensation set at $12,000 per month ($144,000 annually).
- Mr. Chen has over 20 years of experience in AI, large language models, and financial technology.