Top Chinese Healthcare Clinic Privatizes

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By Zhao Runhua / Jan 21, 2019 05:23 PM / Business & Tech

Photo: VCG

One of China’s largest private clinic chains said it has completed its privatization process.

Shares of Nasdaq-listed iKang Healthcare Group will be cancelled for $41.2 per share, or $20.6 per American depository share (ADS), the company said.

The deregistration will become effective 90 days after Nasdaq formally notifies the U.S. Securities and Exchange Commission.

IKang’s privatization process started in 2015, just 16 months after the company listed on the Nasdaq, as an attempt to seek higher valuation and increased capital. iKang's chief rival Meinian Onehealth Healthcare made a counter bid after a management-led team made the original offer, but that deal failed. The final investor consortium included Alibaba-backed Taobao China Holding.

“Today is the start of a new milestone,” iKang CEO Zhang Ligang said on Jan. 19. The company told Beijing News that they have no intention to relist on an A-share board.

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