大医集团赴港IPO：估值51亿，刘海峰家族控股53%

Core Insights - Xi'an Deyi Group Co., Ltd. has submitted its application for an IPO on the Hong Kong Stock Exchange, with CITIC Securities International, Pudong Development Bank International, and Minyin Capital as joint sponsors [2] - The company specializes in the research and development of oncology diagnosis and treatment, particularly in radiotherapy products, and aims to expand its applications into functional preservation and disease management [2] - Deyi Group has completed seven rounds of equity financing from January 2019 to February 2024, raising a total of 1.571 billion RMB, with notable investors including Hillhouse Capital and others [2] - Following a financing round in February 2024, the company's valuation exceeded 5 billion RMB, reaching 5.135 billion RMB, with a per-share cost of 33.53 RMB [2] Financing Details - The company has undergone multiple financing rounds, with the first round on January 30, 2019, and the latest round completed on February 16, 2024 [3] - The per-share costs have increased over the rounds, starting from approximately 21.68 RMB in the first round to 33.53 RMB in the latest round [3] - The total amount raised in each financing round varies, with the most significant being 755 million RMB in the last round [3] Management and Ownership Structure - The Liu family holds a significant portion of the voting rights in Deyi Group, controlling approximately 52.99% of the issued share capital through various agreements [3][5] - Liu Haifeng serves as the Executive Director, Chairman, and General Manager, while his daughter Liu Yichen and son-in-law Zan Peng also hold key executive positions [5] - Liu Yichen's shareholding is notably higher than that of Liu Haifeng, raising speculation about her potential succession as the next leader of the company [5] Compensation and Performance Bonuses - In terms of compensation, Liu Haifeng has set his annual salary at 960,000 RMB for both 2023 and 2024, while Liu Yichen's salary has been lower at 360,000 RMB and 375,000 RMB respectively [5] - Performance-related bonuses for executive directors were significantly higher in 2023, totaling 1.499 million RMB, with a large portion going to Liu Yichen and Zan Peng [5] - However, the performance bonuses for 2024 have drastically decreased to 503,000 RMB, with Zan Peng's share dropping from 492,000 RMB to 14,000 RMB [5]