Lei Jianping reported on July 12
A third-party independent medical laboratory, Adicon Holdings Limited ("Adicom Holdings"), has submitted a prospectus to the Hong Kong Stock Exchange for listing in Hong Kong.
Annual revenue of 2.7 billion
Founded in 2004, Adicon has 24 medical laboratories across the country, covering 28 provinces, municipalities and autonomous regions, and provides medical laboratory services for more than 10,000 active customers, including hospitals, clinics and pharmaceutical research and development outsourcing enterprises (CROs).
In China, the incidence of cervical cancer among women aged 15-44 ranks third in malignant tumors, and has become the second leading cause of cancer death in women of this age group in China, with an overall trend of rejuvenation.
The importance of cervical cancer screening has led many women to include cervical cancer screening as one of the physical examinations that must be performed every year. In 2021, Adicon also announced the launch of the first self-sampling test product, "HPV 25 Genotyping Test", designed for women.
Through the women's home self-examination, 25 common types of human papillomavirus (HPV) infection can be detected in time, so that they can seek medical treatment as soon as possible to avoid persistent infection and reduce the risk of cervical cancer.
According to the prospectus, Adicon's revenue in 2018, 2019 and 2020 was 1.53 billion yuan, 1.729 billion yuan and 2.742 billion yuan, respectively; gross profit was 466 million yuan, 520 million yuan and 1.117 billion yuan, respectively.
Adicon's profit in 2018, 2019 and 2020 was 2.27 million yuan, 70.44 million yuan and 289 million yuan, respectively.
As of December 31, 2020, Adicon's holdings of Adjusted EBITDA were $571 million and Adjusted Net Profit was $367 million.
As of December 31, 2020, Adicon held $1.227 billion.
Carlyle is the majority shareholder
The Chairman of the Board and non-executive director of Adikang is Ms. Yang Ling, the executive directors are Wu Renwei and Xu Ke, the non-executive directors are Ms. Lin Jixun, Ms. Feng Junyuan and LIM Kooi June, and the independent non-executive directors are Mi Zihou, Ye Lin and Zhang Wei.
Adicon changed ITS CEO in early 2021, and Xu Ke, former president of Meinian Health, joined Adicon as the new CEO.
Carlyle acquired a stake in Adicon in 2018 as the single largest shareholder, funded by Carlyle Asia Partners V.
In January 2021, Adicon completed an $88 million preferred stock financing led by Khazanah Nasional Berhad, a Malaysian sovereign fund, with other new investors including LakeBleu Capital, Cenova Capital, OrbiMed and Mirae Asset.
After the completion of this round of financing, Carlyle Investment Group remains the single largest shareholder of Adicon.
Before the IPO, Pearl Group Limited held 39.87%, Corelink and Mega Stream held 12.45% respectively, Juzun held 4.07% of the shares, and Princess Capital Limited held 2.77%.
Pearl Group Limited is owned by Carlyle Asia Partners V, L.P. and CAP V Co-Investment, L.P. owned by 94.57% and 5.43% respectively. The general partner of Carlyle Asia Partners V, L.P. and CAP V Co-Investment, L.P. is CAP V General Partner, L.P. Cap V General Partner, L.P.'s general partner is Cap V, L.L.C, a subsidiary of Carlyle.
Corelink is wholly owned by Jixun Lin (one of the founders and non-executive directors). Mega Stream is wholly owned by Lin Feng (one of the founders). Lin Jixun is Lin Feng's brother.
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