Diagnostic provider Yunkang goes public in HK

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Diagnostic provider Yunkang goes public in HK

The fifth-largest market player in China’s medical operation services sector has been listed on the HKEX.

Medical operation service provider Yunkang Group issued 138 million shares on the Hong Kong bourse, pricing each at HKD7.89, and raising HKD1.09 billion (USD139 million).

Its pre-IPO attracted SPDB International and high-profile cornerstone 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 Island 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 registered foreign lawyer Bill Feng. Debt finance partner Jacqueline Zheng also provided support.

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

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

Herbert Smith Freehills’ partners Matthew Emsley, Stanley Xie and Kong Jin jointly led the team assisted by senior associate Kris Cheung, associates Sean Ji, Kaiwen Sun and Sean Gao, legal assistant Wang Ting and trainee solicitor 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 industry. This falls behind the Top 3, which holds 26.5%, 16.6% and 8.2% respectively.