Yimai Sunshine (02522.HK) will be listed on the Hong Kong Stock Exchange from today (May 30) until next Tuesday (June 4). It is expected to be listed on the Hong Kong Stock Exchange on June 7, 2024, and is exclusively sponsored by CITIC Securities.
A ray of sunshine plans to sell 178.16 million H shares globally (accounting for 5% of the total shares after the issuance is completed), of which 90% will be international sales and 10% public sales. The sale price per share ranged from HK$14.60 to HK$16.80, with 500 shares per lot, raising a maximum capital of about HK$299 million.
Assuming a sale price of HK$15.70 per share (median of the offering price range), Yimai Sunshine expects the total listing expenses to be approximately HK$76.4 million, including 2.5% underwriting commission, 1.5% discretionary bonus, SEHK listing fee, SFC transaction levy, legal and other professional fees, printing and other expenses.
Yimai Sunshine introduced 3 cornerstone investors, subscribing for a total of HK$121 million in shares. Among them, Zhuo Investment Management, a subsidiary of the Chinese company Jiangxi Investment Group Co., Ltd., subscribed for HK$97 million, Lianying Healthcare (688271.SH) subscribed for HK$12 million through Lianying Film Hong Kong, and New Pharmaceutical (06108.HK) subscribed for HK$12 million through China Emerging Pharmaceuticals (06108.HK).
Yimai Sunshine raised a net capital of approximately HK$224 million (based on the median sale price range): about 50.0% is intended to expand the company's medical imaging center network; about 20.0% is intended to seek strategic cooperation and mergers and acquisitions in the medical imaging field and strategic cooperation and investment opportunities in the medical imaging service industry chain; about 20.0% is intended to expand the company's business to (i) overseas countries and regions with relatively poor medical resources (such as Southeast Asia) and (ii) overseas with high per capita disposable income and huge potential for growth in medical imaging services Countries and regions (such as the Middle East); approximately 10.0% are intended for working capital and general corporate purposes.
Yimai Sunshine is the current IPO. CITIC Securities/CITIC Lyon are the sole sponsors, overall coordinators, and joint global coordinators; CMB International and Huatai International are the overall coordinators and joint global coordinators; Fosun International Securities are the joint global coordinators. Other underwriters include Agricultural Bank International, China Galaxy International, Futu Securities, ICBC International, Baihui Securities, Huafu Construction, SPDB International, TradeGo Markets, Victoria Hong Kong International Finance, Yuexiu Securities, and China Thai International.
According to the prospectus, in the shareholder structure after listing, Yimai Sunshine had the single largest shareholder Dongchang Yimai (controlled by Mr. Chen Chaoyang), holding 16.58% of the shares; the shareholders of Nanchang Yimai: Mr. Chen Chaoyang held 4.8746% as a general partner, and others including 42 current or former employees or consultants of the company held 95.1254% as limited partners, including: Zou Qinghua (14.7237%), Liang Li (10.1542%), Zhou Xiaoyan (9.3927%), Chen Junjun (6.3851%), and Wang Jindong (5.0) 771%), Yu Kaitao ( 5.0771%), Chen Guangwei (5.0771%), He Yingfei (4.8740%), You Zongdi (3.1732%), Feng Xie (3.0463%), Liu Jianping (2.8102%), Cao Ying (2.5386%), Ning Ke (2.5386%), Chen Tao (2.5386%), Xu Ke (2.5386%), Huang Junjie (1.7262%), Wang Guiping (1.6273%), Huang Yu (1.3938%), Xie Jingjing (1.3%), Li 198Yu (1.12%), Yan Xinjun ( 1.0154%), Liu Qing (0.8631%), Liu Qiuying (0.8123%), Liu Weisheng (0.6947%), Han Xiangjun (0.6600%), Guo Yifan (0.4931%), Xie Menglin (0.4062%), Liu Zhaohui (0.3227%), Zhou Xiang (0.3046%), Xue Yuansheng (0.2539%), Tu Fengtao (0.2031%), Wu Lina (0.2031%), Zhang Shuai (0.2031%) 31%), Meng Tao (0.2031%), Fang Qiulin (0.2031%), Jiang Tao (0.1523%), Li Yan (0.1523%), Liu Yongkui (0.1523%), Nie Nian (0.1523%), Zhou Jianjun (0.1523%), and Hou Weifu (0.1015%). Mr. Wang Shihe holds 4.98%; Mr. Gu Junjun holds 4.98%; Mr. Zhou Xiaoyan holds 0.84%; Mr. Yu Kaitao holds 0.84%; Mr. Luo Fang holds 0.42%; employee shareholding platform Beijing Yimai holds 2.71%; Goldman Sachs holds 11.56% of shares through Beijing Goldman Sachs; Baidu (09888.HK, BIDU.US), China Life (02628.HK, 601628.SH) holds 6.19% of shares through Baishan Investment; China People's Insurance (01339.HK, 601319.SH) holds 6.19% of shares through Beijing 5.41% shares; Tom Cat (300459.SZ) holds 5.22% of shares through Fenyong Technology; JD Group (09618.HK, JD.US) holds 4.54% of shares through JD Yingzheng; Ganjiang Development holds 4.09%; Zhongjinzhihe holds 9.18%; CICC holds 3.17% through Ningbo Weiguan; CICC Capital and Shandong Railway Development Fund hold 2.64% of shares through CICC Capital and Shandong Railway Development Fund; Qin Yangwen, Nanjing Hi-Tech (600064.SH), and Yu Shangting through control of Hi-Tech Xinjun; Zou Ping, and Zou Ping, Fan Rongzheng passed the second phase of Zhi He 2.27% of shares; Hangzhou Jingxin holds 2.06%; OrbiMed holds 2.72%; Beijing Shengzexin holds 1.86%; Xiaoyi Investment holds 0.95% of shares; Shaanxi Hongrui holds 0.86%; Beijing Meiyue Consulting holds 0.71%; Beijing Huayu holds 0.62%; Jiangxi State Holdings 0.60%; Ningbo Zhuda holds 0.52%; Mr. Zhao Wenbing holds 0.50%; Mr. Yang Jun holds 0.44% of shares; Shanghai Liying holds 0.42% of shares; Yin Xi holds 0.38% of shares through Nuowei assets; Zao Ruiqing holds 0.38% of shares through Nuowei assets 30%; Zeng Delu Mr. holds 0.27% of the shares; Shanghai Huiyan holds 0.21% of the shares; Zaozhuang Ruizhi holds 0.19% of the shares; other public shareholders hold 5.00% of the shares.
As a leading medical imaging specialist medical group in China, according to Frost & Sullivan data, in 2023, Yimai Sunshine Medical Imaging ranked first among all third party medical imaging center operators in China based on the number of medical imaging center outlets, number of equipment, number of registered radiologists, average daily examination volume and expenses paid by patients. In terms of revenue generated by imaging centers in 2023, the company ranked second among all third party medical imaging center operators in China. Yimai Sunshine Medical Imaging is also the only medical imaging platform operator and manager in China that provides diversified imaging services and values for the entire medical imaging industry chain. As of December 31, 2023, the company's medical imaging center network consists of 97 imaging centers, including 9 flagship imaging centers, 24 regional shared imaging centers, 50 specialist medical consortium imaging centers, and 14 operational management imaging centers, covering 17 provinces, autonomous regions and municipalities directly under the Central Government, from Tier 1 and 2 cities to 59 county-level administrative districts.
Link to the Yimai Sunshine prospectus:
