Leidi.com Lei Jianping June 30
A third-party independent medical testing institution - Adikon Holdings Co., Ltd. (abbreviation: "Adikon Holdings", stock code: "09860") was listed on the Hong Kong Stock Exchange today.
Adikon Holdings’ issue price is HK$12.32, and the net fundraising amount is HK$83.9 million.
Adikon's cornerstone investors include Mindray Global, Hong Kong New Industries, Fosun Diagnostics, Timestar Elite, and Corelink.
The opening price of Adikon was 12.32 Hong Kong dollars, which was the same as the issue price; the transaction was in a state of breaking for a long time throughout the day, and the stock price rose to 13.8 Hong Kong dollars at the close, which was 12% higher than the issue price;
Based on the closing price, the company's market capitalization is HK$9.984 billion.
Relying on epidemic detection to earn more than 2 billion in two years
Founded in 2004, Adikon has 24 medical laboratories across the country, covering 28 provinces and autonomous regions, providing medical testing services to more than 10,000 active customers, including hospitals, clinics and pharmaceutical R&D outsourcing enterprises ( CRO) etc.
In China, the incidence of cervical cancer among women aged 15-44 ranks third among malignant tumors, and it has become the second leading cause of cancer death among women in this age group in China, and the overall trend is younger.
The importance of cervical cancer screening has led many women to include cervical cancer screening as one of the annual physical examination items. In 2021, Adikon also announced the launch of the first self-sampling detection product "HPV 25 genotyping detection", which is specially designed for women.
Through women's self-examination at home, 25 common types of human papillomavirus (HPV) infection can be detected in time, so as to seek medical treatment as soon as possible to avoid persistent infection and reduce the risk of cervical cancer.
The outbreak of the epidemic has greatly benefited Adikon. Among them, Adikon's revenue from non-epidemic business in 2021 will be 2.147 billion yuan, and the revenue from epidemic detection will reach 1.232 billion yuan.
Aidikon’s income from epidemic detection in 2020 is 924 million yuan, which means that Aidikon has earned more than 2 billion in two years by relying on epidemic detection.
Adikon's revenue in 2020, 2021, and 2022 will be 2.742 billion, 3.38 billion, and 4.86 billion yuan respectively; gross profits will be 1.117 billion yuan, 1.442 billion yuan, and 1.896 billion yuan.
Adikon's profits in 2020, 2021, and 2022 will be 289 million yuan, 322 million yuan, and 685 million yuan, respectively. Adikon's adjusted EBITDA in 2020, 2021, and 2022 will be 568 million yuan, 700 million yuan, and 999 million yuan, respectively.
As of December 31, 2022, Aidikon held cash and cash equivalents of 1.68 billion yuan.
Carlyle is the majority shareholder
The chairman of the board of directors and non-executive director of Adikon is Ms. Yang Ling, the executive directors are Wu Renwei and Xu Ke; the non-executive directors are Lin Jixun, Ms. Feng Junyuan, and Ms. LIM Kooi June; the independent non-executive directors are Mi Zihou, Ye Lin, Zhang Wei.
Aidikang changed its CEO in early 2021. Xu Ke, the former president of Meinian Onehealth, joined Aidikang and assumed the new CEO position.
Carlyle took a stake in Adikon in 2018 and became the single largest shareholder. The investment funds came from Carlyle Asia Partners V (Carlyle Asia Partners V).
In January 2021, Adikon completed US$88 million in preferred stock financing, led by Malaysian sovereign fund Khazanah Nasional Berhad. Other new investors include LakeBleu Capital, Cenova Capital, OrbiMed and Mirae Asset, etc.
After the completion of this round of financing, Carlyle Group is still the single largest shareholder of Adikon.
Before the IPO, Pearl Group Limited held 39.87%, Corelink and Mega Stream held 12.45% respectively; Juzun held 4.07%, and Princess Capital held 2.77%.
Pearl Group Limited is owned as to 94.57% and 5.43% by Carlyle Asia Partners V, LP and CAP V Co-Investment, LP respectively. The general partner of Carlyle Asia Partners V, LP and CAP V Co-Investment, LP is CAP V General Partner, LP. The general partner of CAP V General Partner, LP is CAP V, LLC, an affiliate of Carlyle.
Corelink is wholly owned by Lin Jixun (co-founder and non-executive director). Mega Stream is wholly owned by Lin Feng (one of the founders). Lin Jixun is Lin Feng's brother.
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