By Yi Wei Wong
Yonghe Medical Group Co. shares rose more than 9.0% in their Hong Kong trading debut after the Chinese hair-transplant specialist raised net proceeds of 1.36 billion Hong Kong dollars ($174.4 million) in an initial public offering.
Shares of the Beijing-based company initially rose 9.4% from their IPO price of HK$15.80, and were last 6.3% higher at $16.80.
The company, which focuses on hair transplants and other hair care, plans to use its IPO proceeds to upgrade and expand clinics in China and invest in service-system technologies. Lake Bleu Prime Healthcare Master Fund and the Hudson Bay Master Fund are cornerstone investors in the company.
Yonghe Medical has operated since 2005 and has 53 hair-transplant clinics in China, up from 22 clinics in 2017.
The listing comes at a time when various Chinese companies in the healthcare industry are rushing to wrap up deals before the end of the year, raising billions of dollars in combined proceeds.
Write to Yi Wei Wong at yiwei.wong@wsj.com
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December 13, 2021 at 09:26AM
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