行业龙头官宣：拟退市！

Core Viewpoint - The leading minimally invasive medical device company, Kangji Medical Holdings Limited, plans to go private through an agreement with Knight Bidco Limited, which will result in the company's delisting from the Hong Kong Stock Exchange [1][5]. Group 1: Company Overview - Kangji Medical, established in 2004, specializes in minimally invasive surgical instruments and related consumables, and was listed on the Hong Kong Stock Exchange in June 2020 [1]. - The company has faced long-term stock price pressure, with its shares trading below the initial public offering price of HKD 13.88 since its listing [2][5]. Group 2: Privatization Details - The privatization offer is set at HKD 9.25 per share, valuing the company at approximately USD 1.4 billion (around HKD 10.99 billion), representing a premium of about 21.7% over the closing price on June 30, 2025 [2]. - The offer is backed by a consortium including the founders, TPG, NewQuest V Fund, and Al-Rayyan Holding, with TPG managing assets worth USD 2.69 trillion as of June 30 [2][6]. Group 3: Market Conditions and Rationale - The company cited ongoing stock price pressure, insufficient liquidity, and high costs associated with maintaining its listing as reasons for the privatization [5]. - Increased competition and industry uncertainty necessitate significant investments for sustainable growth, which may impact short-term financial performance [5]. Group 4: Shareholder Dynamics - The founders, Zhong Ming and Shen Tu Yingguang, currently control 52.98% of Kangji Medical and will retain a 40% stake in the ultimate holding company post-privatization [6]. - The acceptance of the privatization proposal by minority shareholders remains uncertain and will depend on future developments [7].