Adrian Cheng’s made an excellent return up to now on his funding in EC Healthcare. Photographer: Giulia … [+]
© 2019 Bloomberg Finance LP
Adrian Cheng, the son of Hong Kong billionaire Henry Cheng and founding father of the K11 model, has added to his stake in EC Healthcare, which operates a healthcare companies community in Better China.
Cheng purchased 6.4 million shares at HK$14.50, paying a complete of $12 million, in response to a EC announcement on Friday. That provides to a mixed 29.6 million shares he purchased with Aspex Administration, a Hong Kong funding agency, at HK$7.80 every in April, for which he’s had a hefty return: the inventory closed at HK$14.86 on Friday.
EC Healthcare expects to lift HK$248.8 million from the brand new sale of shares to each Cheng and Aspex Administration this week, and intends to make use of the proceeds to increase its clinic community in Hong Kong and the Better Bay Space within the mainland. It additionally plans to make use of the cash for mergers and acquisitions and common company functions, EC stated.
EC Healthcare, whose historical past traces to 2005, modified its identify from Union Medical Healthcare in April. Chairman Tang Chi Fai holds roughly 63% of the corporate, a stake value $1.5 billion on Friday. EC’s shares have risen by 236% previously yr.
Different EC Healthcare shareholders embrace OrbiMed Asia, an funding agency.
Henry Cheng is value $1.1 billion on the Forbes Actual-Time Billionaires Listing immediately. He chairs household flagships Chow Tai Fook Jewelry Group and New World Improvement. Adrian Cheng is an government director at each corporations.
See associated posts:
Subsequent Technology Management In The Highlight For Xintiandi, Shui On Land
Hong Kong Inventory Index Falls To 2021 Low As China Tech Tumult Continues
@rflannerychina
