Core Viewpoint - Kangji Medical (9997.HK) is planning to privatize through a cash offer of HKD 9.25 per share, valuing the company at approximately USD 1.4 billion (HKD 11.2 billion) [2] Group 1: Privatization Details - The offer represents a premium of about 9.9% based on the last closing price of HKD 8.42 before suspension on July 17, and a premium of approximately 21.7% based on the closing price of HKD 7.60 on June 30 [2] - An independent board committee has been established to provide voting recommendations to independent shareholders based on an independent financial advisor's report [2] Group 2: Shareholder Structure - The Knight Bidco consortium includes the founders holding 52.98% through Fortune Spring ZM and Fortune Spring YG, and TPG's three funds holding a combined 22.92% [3] - After the transaction, the founders and TPG will hold approximately 40% and 39.6% of the shares in the ultimate holding company, TopCo, respectively [4] Group 3: Company Background and Market Position - Kangji Medical is the largest minimally invasive surgical instrument and consumables platform in China, serving over 3,500 hospitals, including more than 1,000 top-tier hospitals, with a business presence in over 90 countries and regions [4] - The company has faced trading price pressure and liquidity constraints over the past two years, with an average daily turnover rate of only 0.15% in the last 24 months [4] Group 4: Strategic Focus Post-Privatization - Privatization is expected to allow the company to focus on long-term strategic investments rather than short-term performance pressures, with additional resources needed for sales and marketing, innovation technology development, and international market expansion [4]