Electrolux to Cut Costs After Warning on Weak 3Q Earnings

[ad_1]

A Chinese digital healthcare platform backed by Tencent Holdings Ltd. had a healthy Hong Kong market debut Friday, after raising 184.5 million Hong Kong dollars (US$23.7 million) in gross proceeds from an initial public offering.

Sipai Health Technology Co. surged as much as 37% in early trade before paring gains to HK$24.20, up 30% from its offer price.

Guangzhou-based Sipai Health’s business segments include specialty pharmacy, physician research assistance and health insurance services. It plans to use most of its estimated HK$120.4 million net proceeds from the IPO for business expansion, as well as research and development, according to its prospectus.

Tencent
700,
-0.99%

is a major shareholder of the company with a 27.41% stake, the prospectus shows.

In 2021, Sipai Health posted revenue of 3.47 billion yuan (US$496.8 million), up 29% from the previous year. Meanwhile, its net loss widened to CNY3.74 billion in the same period, compared with CNY1.04 billion loss in 2020. But with revenue growth and better operating efficiency, Sipai Health expects to achieve net profit in the next three to five years, it said.

Morgan Stanley and Haitong International Capital Ltd. are joint sponsors of the IPO.

[ad_2]

Image and article originally from www.marketwatch.com. Read the original article here.

By admin