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Investing.com -- A consortium led by TPG Inc. and Qatar Investment Authority has offered to buy out Hong Kong-listed Kangji Medical (TASE:BLWV) Holdings Ltd. in a deal valuing the Chinese medical device maker at approximately HK$11.2 billion ($1.4 billion), Bloomberg reported Tuesday.
The bidding group, which includes Kangji Medical’s founders Ming Zhong and Yinguang Shentu, has proposed to pay HK$9.25 in cash for each Kangji share, according to Bloomberg, citing a Tuesday exchange filing. This offer represents a 9.9% premium to the company’s last closing price before trading was suspended on July 18.
The consortium currently holds about 75% of Kangji Medical’s shares. Following the transaction, the buyers plan to delist the company from the Hong Kong stock exchange, pending regulatory and shareholder approvals.
Kangji Medical raised approximately HK$3.6 billion in its 2020 initial public offering, which was one of the largest healthcare IPOs in Hong Kong that year. Despite this successful listing, the company’s shares have traded below their IPO price for the past two years.
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