Carlyle-backed Zhongmei Healthcare files for HK IPO

Details regarding the potential offer price and the number of shares to be issued were not disclosed. However, an announcement from the company confirmed that 42.7% of net proceeds from the IPO would be allocated to hospital expansion and upgrades. About 17.3% was earmarked for the construction of new hospitals.

Zhongmei - which owns and manages a suite of specialty and general hospitals - recorded a 26% increase in annual comprehensive income during 2015 to RMB97.9 million ($15.1 million). Revenue improved 18% during the same period to RMB368.4 million.

Carlyle first invested in the company in January when it acquired 15,700 Series A redeemable convertible shares for a consideration of $63.8 million through its Asia Partners IV fund. The firm currently holds a 15.7% stake in the company.

Carlyle Asia Partners IV closed in 2014 at $3.9 billion with an aim to make control and significant minority investments across the Asia ex-Japan region. The fund's first investments included security services company ADT Korea and Ganji.com, an operator of online and mobile-based classifieds in China. It committed $115 million last year to a subsidiary of China Jianyin Investment.

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• Topics
• Greater China
• Healthcare
• IPO
• Hong Kong (China)
• The Carlyle Group