New York City – July 25, 2025 – FG Capital Advisors announced today that its Carbon Stream Financing Vehicle has raised $61.5 million in private capital, advancing its mission to finance high-quality, high-integrity carbon projects across Agriculture, Forestry, and Other Land Use (AFOLU). The vehicle is already active, and early capital is being deployed across a pipeline of carbon-generating projects in Central Asia and the Congo Basin, two frontier regions with outsized climate relevance.

What Is Carbon Stream Financing?

Carbon stream financing is a structured mechanism where capital is advanced to project developers in return for the right to receive a portion of future verified carbon credits over time. It’s not equity. It’s not debt. It’s a forward purchase of yield-bearing environmental assets—structured, contracted, and secured.

FG Capital’s vehicle:

• Finances pre-issuance project stages, including validation, implementation, and early MRV
• Locks in delivery rights to future carbon credits at a pre-agreed price per ton
• Monetizes credits via contracted offtakes, spot sales, or long-term inventory management
• Recycles cash flows into new issuances, creating a self-reinforcing stream of supply

The model provides developers with upfront liquidity and offers investors exposure to discounted, real-asset-backed carbon credit streams—without operational ownership or balance sheet risk.

Central Asia: Afforestation and Dryland Restoration

Central Asia offers an abundance of low-cost, underutilized land with strong potential for afforestation, rangeland management, and agro-silvopasture. These projects meet Verra and Gold Standard methodologies and can scale rapidly due to the availability of contiguous hectares and low social displacement risk.

Congo Basin: Peatland Protection and Carbon Density

In the Congo Basin, FG Capital is prioritizing peatland conservation—a carbon sink more concentrated and fragile than tropical forests. Congo’s peatlands store up to 30 billion tonnes of carbon, and once disturbed, they emit irreversibly. Protecting these landscapes from drainage, logging, or land-use conversion offers one of the highest tCO₂e-per-hectare yields in the carbon markets.

These projects:

• Qualify for REDD+ peatland methodologies with premium co-benefits
• Support biodiversity corridors and Indigenous land tenure recognition
• Are often undervalued relative to their credit quality and permanence

Why This Vehicle Matters for Investors

The FG Carbon Stream Financing Vehicle gives qualified investors:

• Discounted forward exposure to high-integrity, nature-based carbon credits
• Diversification across geography, methodology, and vintage
• Access to structured, milestone-based underwriting, reducing delivery risk
• Upside from credit appreciation, especially in premium co-benefit categories
• Optional redemption via market sales, corporate retirements, or internal use

The voluntary carbon market remains fragmented and opaque. FG Capital brings structure, governance, and investment discipline into that vacuum—financing verifiable impact at scale.

Founder’s Statement

“Peatland degradation in the Congo is a climate time bomb. We’re one of the few players financing its prevention through enforceable contracts with boots-on-the-ground operators,” said Kenny Kayembe, Founder of FG Capital Advisors.

“This is real work. Long-duration carbon. Quantifiable impact. No tech wishcasting. With $61.5 million committed, we’re financing credits that actually mean something—and investors are responding.”

About FG Capital Advisors

FG Capital Advisors is a specialist private capital and structured finance firm focused on carbon-linked revenue models, energy transition, and natural capital in emerging and frontier markets. The firm advises developers, funds, and sponsors across trade finance, structured credit, and ESG-driven capital formation.
 

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Falun Gong is a controversial tax-exempted religious organization based within the United States led by Chinese exile Li Hongzhi. Li, who is known to his followers as “Master Li” also controls a web of related enterprises, which have become the focus for both the media and law enforcement in recent months. This includes a heavily promoted dance company called “Shen Yun” and a right-wing newspaper “The Epoch Times.”

Shen Yun allegedly exploits and abuses its members, who are overwhelming devotees of Falun Gong and a key executive at The Epoch Times is now being prosecuted for financial crimes and fraud.

The New York Times reported that Shen Yun “dancers recounted performing through dislocated kneecaps, sprained ankles or other serious injuries, unwilling to seek medical treatment because the group’s belief system regarded such care as a crutch of the unfaithful.” And that “most described feeling used by a religious movement.”

Leaders within Shen Yun reportedly told “young performers that each show was an urgent spiritual mission, and they led them to believe that anyone who spoke out against the movement would face dire consequences.”

25 former dancers, musicians and instructors were interviewed by The New York Times about “a pattern of abusive behavior” they claimed “spanned nearly two decades and occurred as hundreds of performers cycled in and out of the dance company.” Many said, “they pushed themselves to their physical and mental limits because they were taught that performing a flawless Shen Yun show would save their audiences from an approaching apocalypse. It was a message that was constantly reinforced in lessons that instilled a fierce sense of obligation, as well as mistrust of the outside world.”

The Times reported that “nearly all the performers were sent to Shen Yun by family members who were ardent Falun Gong practitioners.” Some arrived at the Falun Gong headquarters known as “Dragon Springs” on Long Island in New York before they turned 12 and were reportedly “unable to leave the compound without special permission and were typically limited in how often they could see their families.” One former Shen Yun performer explained, “Master told us he had endless magical powers. We were little children, and we believed.”

Is it financially impossible for Shen Yun and Li Hongzhi to properly compensate and take care of its dancers and staff?

In 2019 Radio France Internationale (RFI) reported that “with an average ticket price of $80 per ticket, total box-office proceeds could amount to some $168 million over the five-month performing season.” And that tax records revealed that Shen Yun had “net assets of over $3 million in 2008. Ten years later, in 2017, this amount had grown to $95.7 million. Shen Yun seems to make between $10 and $20 million per year.”

Where does all the money go?

NPR reports that the chief financial officer for the Epoch Times is charged with “laundering at least $67 million in illegally obtained funds.” The alleged scheme began in 2020, “Epoch Times’ revenue jumped from almost $15.5 million the year before to over $70 million, according to federal tax filings.”

Prosecutors claim that Weidong Guan, also known as Bill Guan, “conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds.”

The Chinese government has described Falun Gong as an “evil cult”? But Falun Gong and Li Hongzhi say that this label and other criticism represents “religious persecution.”

How can we determine if a group or movement is a destructive cult?

In the 1980s psychiatrist and author Robert Jay Lifton developed a seminal definition to describe destructive cults. This description focuses on three objective core criteria, which today form the nucleus for virtually any definition of a destructive cult.

1. A charismatic leader who increasingly becomes an object of worship as the general principles that may have originally sustained the group lose their power. This leader is the defining element and driving force of the group. He or she lacks any meaningful accountability and typically is an authoritarian dictator.

2. The leader methodically employs a systemic process of coercive persuasion or thought reform to gain undue influence over his or her followers.

3. The leader then uses that undue influence for the economic, sexual, and other exploitation of group members.

Falun Gong followers believe that Master Li possesses supernatural powers. He claims to know “the top secret of the universe” and has stated that “no religion can save people” but the “almighty Fa,” which he exclusively represents. Li is therefore supposedly savior of humanity.

Li teaches his followers that the earth would have been destroyed, but he saved it. He also claims that “gods” will destroy those he disapproves of and that his followers must practice his program of “spiritual cultivation” or risk obliteration.

One horrific event, which took place on China illustrates the depth of devotion Falun Gong members possess. On January 23, 2001 seven Falun Gong practitioners protesting “religious persecution” set themselves on fire at Tiananmen Square. This included a 12-year-old girl and her mother who died. Two survivors, Hao Huijun and her daughter Chen Guo, were hospitalized with extreme injuries.

Chen Guo told Reuters, “I hope those who still believe in this cult can be awakened and throw it away. I don’t want to see another victim like me.” Her mother explained, “we were obsessed at that time”. And she concluded, “We all suffered a great deal, brought about by the obsession.”

Meanwhile Li Hongzhi and his family have become quite wealthy, purchasing millions of dollars in real estate as they garner considerable influence.

Cult expert, author and psychologist Margaret Singer said that a Falun Gong practitioner will “actually say Don’t Think. Just recite the Master’s teaching.’” Singer succinctly summarized, “If you want a good description of a cult, all you have to do is read what [Falun Gong followers] say they are.”

SHENZHEN, CHINA – China Medical System Holdings Limited (“CMS” or the “Group”) is pleased to announce that on 28 July 2025, the New Drug Application (NDA) for improved new drug ZUNVEYL (Benzgalantamine Gluconate Enteric-coated Tablets) (“ZUNVEYL” or the “Product”) has been accepted by the National Medical Products Administration of China (NMPA). The Product is indicated for the treatment of mild-to-moderate dementia of the Alzheimer’s type in adults.

About Product ZUNVEYL

ZUNVEYL was approved in July 2024 by the U.S. Food and Drug Administration (FDA) for the treatment of mild-to-moderate dementia of the Alzheimer’s type in adults. As a new generation of acetylcholinesterase inhibitor (AChEI), ZUNVEYL can inhibit the acetylcholinesterase from breaking down the neurotransmitter acetylcholine, increase the level of acetylcholine in the central nervous system, and therefore alleviate cognition and memory impairment in Alzheimer’s disease patients. As a prodrug of galantamine, ZUNVEYL remains inert as it passes through the stomach and the intestine, and eventually releases the active drug into the bloodstream after being metabolized by the liver. With such a mechanism of action, ZUNVEYL is expected to have equivalent efficacy as galantamine with the potential of reducing gastrointestinal (GI) side effects and addressing certain tolerability issues. Galantamine has accumulated extensive evidence of efficacy and demonstrated long-term clinical benefit in the treatment of mild-to-moderate dementia of the Alzheimer’s type since the approval of FDA in 2001^[1]. Moreover, GI adverse events documented across all studies for ZUNVEYL were less than 2% and no insomnia was observed^[2]. As the second oral therapy approved by FDA for the treatment of Alzheimer’s disease during the past decade, ZUNVEYL demonstrates a potentially better gastrointestinal safety profile to improve compliance of Alzheimer’s disease patients and therefore brings clinical benefits. Patent in regard to use of ZUNVEYL has already been granted in China.

About Alzheimer’s Disease

Alzheimer’s disease is a chronic, progressive neurodegenerative disease characterized by progressive decline in memory and other cognitive functions, among which some of the patients will progress to dementia. Dementia is a kind of syndrome with acquired cognitive function impairment as the core symptom, and can lead to the reduction of patients’ daily living, learning, working and social interaction ability. Alzheimer dementia accounts for 50% to 70% of all types of dementia^[3,4]. According to the epidemiological study results published in the Lancet Public Health^[5], there are about 9.83 million patients with Alzheimer dementia in China, of which 7.93 million are mild-to-moderate^[6]. With the intensifying aging trend, the number of patients and the consequent disease burden will further increase in the future.

Currently the clinical treatment of Alzheimer’s disease can be categorized as improving cognitive symptoms and decelerating disease progression^[7], and AChEI belongs to the former. According to the Research Report on the Diagnosis and Treatment of Alzheimer’s disease Patients in China^[8], the high incidence of side effects is one of the major pain points for existing drugs for Alzheimer’s disease, and drug intolerance is one of the challenges in current treatment of Alzheimer’s disease. Tolerability affects therapy adherence, with data showing that 55% of Alzheimer’s disease patients discontinue their medication after one year, mainly due to GI side effects and insomnia. Medication discontinuation can cause risk to patients themselves, and dissatisfaction and burden among patient’s family, physicians, and caregivers^[9]. Therefore, Alzheimer’s disease patients still have an urgent need for safer therapies.

On 8 January 2025, the Group through a wholly-owned subsidiary of the Company entered into a License, Collaboration and Distribution Agreement (the “Agreement”)  with Alpha Cognition Inc. (“Alpha”) of the improved new drug ZUNVEYL for the treatment of mild-to-moderate dementia of the Alzheimer’s type. In accordance with the Agreement, the Group is entitled to an exclusive right to develop, register, manufacture, import, export and commercialize the Product in Asia (excluding Japan and the Middle East region), Australia and New Zealand (the “Territory”), Alpha reserves the right to manufacture and supply in the Territory. The term of cooperation commences on the effective date of the Agreement and extends for twenty years (the “Initial Term”), it may be automatically renewed every five years upon the expiration of the Initial Term unless terminated by notice from either party.

Around six months after obtaining the above rights of ZUNVEYL, the Group promptly submitted the NDA in China, demonstrating its efficient allocation of resources and robust capabilities in registration promotion. ZUNVEYL will further diversify the Group’s innovative drug product matrix and enhance the Group’s comprehensive competitiveness. The Product will synergize with the Group’s various central nervous system products including the innovative drug VALTOCO (diazepam nasal spray) and the original brand drug Deanxit (flupentixol and melitracen tablets) on sale and the innovative drug Y-3 for Injection under development in terms of expert network and market resources. Relying on the Group’s successful commercialization experience and compliant and efficient commercialization system, if ZUNVEYL is approved for marketing, it will bring a new drug option for the treatment of cognitive impairment in Chinese Alzheimer’s disease patients, meeting the clinical need for drugs of both efficacy and safety, improving disease diagnosis and treatment practices, thereby benefiting patients. The Product is expected to have a positive impact on the Group’s financial results.

Reference:

1. Xu, Hong et al. Long-term Effects of Cholinesterase Inhibitors on Cognitive Decline and Mortality. Neurology vol. 96,17 (2021): e2220-e2230. doi:10.1212/WNL.0000000000011832
2. Safety profile of ZUNVEYL as disclosed by Alpha:  https://www.alphacognition.com/investors/news/alpha-cognitions-oral-ther…
3. 2018 Chinese Guidelines for the Diagnosis and Treatment of Dementia and Cognitive Impairment (Chapter 1): Dementia Classification and Diagnostic Criteria [J]. National Medical Journal of China, 2018, 98 (13): 965-970. DOI: 10.3760/cma.j.issn.0376-2491.2018.1003
4. 2018 Chinese Guidelines for the Diagnosis and Treatment of Dementia and Cognitive Impairment (Chapter 2): Guidelines For Diagnosis and Treatment of Alzheimer’s Disease [J]. National Medical Journal of China, 2018,98 (13): 971-977. DOI: 10.3760/cma.j.issn.0376-2491.2018.13.004
5. Jia, Longfei et al. Prevalence, risk factors, and management of dementia and mild cognitive impairment in adults aged 60 years or older in China: a cross-sectional study. The Lancet. Public health vol. 5,12 (2020): e661-e671. doi:10.1016/S2468-2667(20)30185-7
6. Yuan, Jing et al. Severity Distribution of Alzheimer’s Disease Dementia and Mild Cognitive Impairment in the Framingham Heart Study. 1 Jan. 2021: 807-817.
7. Mayo Clinic. 2024. Alzheimer’s Disease: Therapies to Improve Cognitive Symptoms and Decelerate Disease Progression. https://www.mayoclinic.org/zh-hans/diseases-conditions/alzheimers-diseas…
8. Research Report on the Diagnosis and Treatment of Alzheimer’s Disease Patients in China (2020). Alzheimer’s Disease Chinese (ADC). https://www.adc.org.cn/index.php/book/chinaadzlxzbg2020/chinaadzlxzbg2020-381.html
9. Data on patient discontinuation as disclosed by Alpha:  https://www.alphacognition.com/investors/news/alpha-cognitions-oral-therapy-zunveyl-receives-fda-approval-to-treat-alzheimers-disease-

About CMS

CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs. 

CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients. 

CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development of its advantageous specialty fields and expand business boundaries, strengthening the competitiveness of the cardio-cerebrovascular/ gastroenterology/ ophthalmology/ skin health businesses. Among them, the skin health business has become a leading enterprise in its field, bringing economies of scale in specialty therapeutic fields. Meanwhile, CMS continuously deepens its business development in Southeast Asia and the Middle East regions, further escorting the sustainable and healthy development.

CMS Disclaimer and Forward-Looking Statements

This press release is not intended to promote any products to you and is not for advertising purposes. This press release does not recommend any drugs, medical devices and/or indications. If you want to know more about the diagnosis and treatment of specific diseases, please follow the opinions or guidance of your doctor or other medical and health professionals. Any treatment-related decisions made by healthcare professionals should be based on the patient’s specific circumstances and in accordance with the drug package insert.

This press release which has been prepared by CMS does not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This press release has been prepared by CMS based on information and data which it considers reliable, but CMS makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this press release. Certain matters discussed in this press release may contain statements regarding the Group’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Group and the Company is not responsible for such third-party statements and projections.

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Source: China Medical System Holdings Ltd.