Core Viewpoint - Kangji Medical has been privatized at a valuation of $1.4 billion, marking its exit from the capital market after five years of listing, with the privatization process taking nearly six months to complete [3][12]. Group 1: Privatization Details - The privatization offer was initiated by the founders of Kangji Medical, along with TPG and Qatar Investment Authority, proposing a cash price of HKD 9.25 per share, which represents a premium of approximately 9.9% over the last closing price before suspension [3][12]. - Kangji Medical was listed on the Hong Kong Stock Exchange in June 2020 at an opening price of HKD 23.679 per share, raising approximately HKD 3.219 billion, but the stock price has since declined significantly, dropping over 64% by the time of the privatization announcement [3][5][12]. - The privatization proposal was approved by shareholders on November 10, 2025, and the company is set to officially delist on December 9, 2025, after receiving court approval [5][14]. Group 2: Financial Performance and Market Context - As of June 30, 2025, Kangji Medical reported revenues of CNY 497 million, reflecting an 8.3% year-on-year increase, but net profit attributable to shareholders decreased by 7% to CNY 266 million, indicating challenges in profitability despite revenue growth [8][17]. - The medical device industry is undergoing significant changes, with intensified competition and regulatory uncertainties, prompting companies like Kangji Medical to reassess their capital structures and strategic directions [8][18]. - The privatization of Kangji Medical is part of a broader trend in the Hong Kong medical sector, where several companies have opted for privatization due to valuation challenges and market conditions [8][18].
溢价9.9％“上岸”？吻合器龙头康基医疗港股退市