Diagnostics supplier Yunkang goes public in Hong Kong

The fifth Chinese market player in the medical operation services sector has been listed on the HKEX.

Medical operation service provider Yunkang Group issued 138 million shares on the Hong Kong stock exchange, each priced at 7.89 HKD and raising 1.09 billion HKD ($139 million).

Its pre-IPO attracted SPDB International and high-profile investors Harvest and YHLO.

Kirkland & Ellis advised the issuer on Hong Kong and US law, while Zhong Lun Law Firm and Maples Group advised on PRC and Cayman Islands law, respectively.

The Kirkland team was led by capital markets partners Mengyu Lu and Samantha Peng, with support from capital markets associate Kelvin Li and foreign registered attorney Bill Feng. Jacqueline Zheng, debt financing partner, also provided support.

Zhong Lun’s team was led by partner Chen Limin, senior attorney Yang Hui and partner Chen Jingeng.

For co-sponsors CMB International and SPDB International, Herbert Smith Freehills acted as Hong Kong and US attorney and Tian Yuan Law Firm as PRC attorney.

Herbert Smith Freehills partners Matthew Emsley, Stanley Xie and Kong Jin jointly led the team assisted by senior partner Kris Cheung, partners Sean Ji, Kaiwen Sun and Sean Gao, legal assistant Wang Ting and of trainee lawyer Ken Yeung.

Yunkang provides a full set of diagnostic testing services for medical institutions in the form of outsourcing and other processes. According to Frost & Sullivan, the company ranks fifth in China with a market share of 3.7% in its sector. This falls behind the Top 3, which holds 26.5%, 16.6% and 8.2% respectively.

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