Overview:
- Harmonicare Medical—a private obstetrics and gynecology hospital group—has listed on the main board of the Hong Kong stock exchange (HKSE) with a global offering of $205 million.
- It is China's largest private obstetrics and gynecology specialty hospital group, and owns and operates a total of 11 hospitals in Beijing, Shenzhen, Guangzhou, and Chongqing among other cities.
- The transaction has set a precedent for more China focused private hospitals to follow and list on the HKSE. It is the first ever PRC specialty hospital group to list in Hong Kong.
- The PRC encourages private and foreign capital to invest more actively in the healthcare sector, and so Chinese healthcare companies have been flocking to the Hong Kong market to raise capital.
- Shearman & Sterling (Peter Chen, Colin Law) advised the issuer Harmonicare Medical Holdings.
- Paul Hastings acted as Hong Kong and US counsel to the underwriters Morgan Stanley and CCB International.
- Conyers Dill & Pearman acted as Cayman counsel to the issuer.
- Commerce & Finance Law Offices acted as PRC counsel to the issuer.
- Jingtian & Gongcheng acted as PRC counsel to the underwriters.
Adam Majeed - Asia Editor