June 30, 2023, from Hangzhou, ZhejiangAdicon Holdings LimitedADICON Holdings Limited (abbreviation”Adikon Holdings”) (09860.HK), successfully listed on the main board of the Hong Kong Stock Exchange.
Adikon HoldingsEstablished in 2004, as an independent medical laboratory operated by a national chain, it has set up more than 32 medical laboratories nationwide and is one of the top three independent medical laboratory service providers in China. As of December 31, 2022,Adikon HoldingsThe test portfolio includes about 4,000 medical diagnostic tests, and the number of tests will reach 165 million in 2022.
Adikon HoldingsThis is the IPO global sale33.1925 million shares(17.2885 million new shares, 15.904 million old shares) (before exercising over-allotment rights). The issue price was HK$12.32 per share, and the total capital raised was approximately HK$409 million. If over-allotment rights are exercised, a maximum of about 4.978,500 additional shares can be distributed, and an additional capital of about HK$61,3351,000 can be raised.
Adikon HoldingsThe IPO introduced 5 cornerstone investors and subscribed for a total of about US$37.17 million of shares for sale, of whichMindray Healthcare(300760.SZ) purchased approximately US$15 million worldwide through Mindray,New industries(300832.SZ) subscribed for US$10 million through new industries in Hong Kong;Fosun Pharmaceuticals(02196.HK, 600196.SH) subscribed for about 5 million US dollars through Fosun Diagnosis,Yip Yu-yunThe woman subscribed for $3.79 million through Timestar Elite,Mr. Lin JixunThe sale shares were purchased for $3.38 million through Corelink.
According to the prospectus,Adikon HoldingsIn the shareholder structure after listing, the controlling shareholderCarlyle(NSDAQ: CG) holds shares through Pearl Group Limited38.92%; Lin JixunMr. holds 12.45% of the shares through Corelink;Lin FengMr. (Lin Jixun's brother) holds 9.95% of the shares through Mega Stream; the employee incentive plan platforms IngenuityCapital Holdings and ProteusCapital Holdings hold 7.29% and 1.86% of the shares respectively; investors include: Beijing Freesia Management (3.97%), a subsidiary of China Investment Corporation; Malaysian sovereign wealth fund Pantai Juara Investments (Pantai Juara Investors (Pantai Juara Investments) ( 3.73%); Ju Zun (3.97%), Princess Capital (2.70%), Kofu International (1.83%), Eagle View Global (0.79%), Shi Minheng's Family (0.56%), J.P. Morgan Trust (1.43%), InvestWise Holdings (0.95%), BlackRock Health Sciences, BlackRock Health Sciences Trust II (1.48%), BlackRock Health Sciences Master Unit Trust (0.01%), Reach Sight (0.83%) owned by Qianji Capital, Kiyoike Capital LBC Sunshine Healthcare Fund II L.P (0.58%), Aobo Orbimed Genesis Master Fund, L.P (0.21%) ), Aobo OrbiMed New Horizons Master Fund, L.P (0.21%), Future Asset Securities (0.25%); senior employees of Alltrees Holding, Boke Holding, Liye HK Assets, and several current or former non-company core managers hold a total of 1.74% of the shares.Other public shareholdersHolds 4.29% of the shares.
As of the midday market closing,Adikon HoldingsEach share was reported at HK$12.28, a slight decrease of 0.32%, with a total market capitalization of about HK$8.884 billion.
Adikon Holdings (09860.HK) is the main intermediary team involved in this IPO listing:
Morgan Stanley and Furui Financial are their co-sponsors, overall coordinators, joint global coordinators, joint bookkeepers, and co-lead managers;
CITIC Lyon, Deutsche Bank, Haitong International, and HSBC are their joint global coordinators, joint bookkeepers, and co-lead managers;
CCB International, Futu Securities, Huatai International, ICBC International, Tiger Securities, Huasheng Capital, is its joint bookkeeper and co-lead manager;
Ernst & Young is its auditor;
Han Yi and Kaiyi are their company's Chinese lawyers, and the company's Hong Kong and US lawyers, respectively;
Tong Sheng and Gao Weishen are Chinese lawyers for their brokerage firms, Hong Kong and US lawyers for brokerage firms;
Frost & Sullivan is his industry advisor.
Link to the prospectus of Adikon Holdings:
