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康基醫療控股
Kangji Medical Holdings
Nominal: 9.530 RT Quote
Open-offer-subscription Rate: 989.2x One Lot Success Rate: 9%
COMPANY PROFILE

Kangji Medical Holdings is the largest domestic minimally invasive surgical instruments and accessories (MISIA) platform in China. It ranked first among all domestic players and fourth among all players (including international and domestic players) in China’s RMB18.5 billion MISIA market in 2019 by sales revenue, with a 2.7% market share, according to CIC.

The Group also ranked first in multiple sub-segments of China's MISIA market, including disposable trocars, polymer ligation clips, Class III disposable electrocoagulation forceps, and reusable trocar and forceps by 2019 sales volume, according to CIC.

It offers a comprehensive product portfolio to provide physicians and hospitals one-stop and tailored surgical solutions primarily for four major surgical specialties (i.e. obstetrics and gynecology, or OBGYN), general surgery, urology and thoracic surgery). The Group registered 41 Class I, 13 Class II and eight Class III medical devices in China.

The Group has an extensive sales network primarily consisting of sales to domestic distributors, which then sell products to hospitals and/or other end-customers. To a lesser extent, it also sells to hospitals and other customers (primarily including trading companies that sell its products to overseas ODM customers) in China, as well as to overseas distributors and ODM customers. In 2019, its products were ultimately sold to over 3,400 hospitals, including over 1,000 Grade IIIA hospitals, covering all provinces, municipalities and autonomous regions in China and 42 other countries.

The Group produces and assembles its products at its manufacturing facilities in Tonglu, Zhejiang province. The manufacturing facilities have a total GFA of 28,699 square meters, of which 17,835 square meters were new facilities completed in the first half of 2019.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHealth Care
Websitewww.kangjimedical.com
Board Lot500
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares225m shares
No. of International Offer Shares203m shares
No. of HK Offer Shares22.54m shares
Offer Price$12.36 - $13.88
Nominal ValueUS$ 0.00001 each
Stock Code9997
Joint SponsorsGoldman Sachs (Asia), CLSA Capital Markets, Merrill Lynch Far East
Joint Global CoordinatorsGoldman Sachs (Asia), CLSA Capital Markets, Merrill Lynch (Asia Pacific)
Joint Bookrunners and Joint Lead ManagersGoldman Sachs (Asia), CLSA Capital Markets, Merrill Lynch (Asia Pacific)
TIME TABLE
Application PeriodJun 16 (Tue) - Noon, Jun 19 (Fri)
Price Determination DateOn or Before 5pm, Jun 19 (Fri)
Result Announcement DateOn or Before Jun 26 (Fri)
Dispatch of Shares and Refund ChequesOn or Before Jun 26 (Fri)
Dealings in Shares commence onJun 29, 2020. (Mon)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveZHONG Ming (Chairman), SHENTU Yinguang
Non-ExecutiveCAI Li, CHEN Gang
Independent Non-ExecutiveJIANG Feng, GUO Jian, CHEN Weibo
MAJOR SHAREHOLDERS
Director ZHONG Ming51.11%
TPG Keyhole19.96%
LYFE Capital Fund5.25%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
201920182017
Revenue503,467353,670247,506
Gross Profit423,175289,297199,705
Pre-Taxed Profit391,194261,159162,172
Attributable Profit for the period206,444146,701117,705
OFFER STATISTICS (HK$)
Offer Price$12.36 - $13.88
Capitalization$15,477m - $17,381m
Unaudited pro forma adj NAV / share$2.38 - $2.65
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $13.12, the net proceeds raised would be HK$2,791.1m, of which:
* $558.2m (20.0%) to expand production capacity and strengthen our manufacturing capabilities;
* $697.8m (25.0%) to fund R&D activities;
* $558.2m (20.0%) for sales and marketing activities;
* $697.8m (25.0%) to fund potential strategic investment and acquisitions;
* the balance of $279.1m (10.0%) as additional working capital.
CHART
IPO NEWS
No related information.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
00853MICROPORTdown48.300-1.200-2.424%
01302LIFETECH SCIdown3.600-0.070-1.907%
02500VENUS MEDTECH-Bup61.0000.6000.993%
09997KANGJI MEDICALup9.5300.1401.491%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 13/04/2021 17:59
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