Company Overview
| Stock Name | Clarity Medical |
|---|---|
| Stock Code | 01406 |
| Company Full Name | To be extracted |
| Industry | Healthcare |
| Principal Activities | 我們是一家眼科專科私營醫療機構，專注於提供各種屈光治療服務，包括SMILE手術、多焦距人工晶體置換術及植入式隱形眼鏡植入術，亦提供其他眼部問題治療、診症及檢查服務以及銷售處方藥物及其他。 |
| Listing Date | 2022-02-18 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 香港九龍旺角西洋菜南街2A號銀城廣場20樓 |
| Business Address (Hong Kong) | 香港皇后大道中9號13樓1302室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | claritymedic.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 1.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 1,250 shares |
| Entry Threshold | HK$ 2,000 |
| Par Value | To be extracted |
| Offer Period | 2022-01-31 to 2022-02-10 |
| Global Offering Shares | 136,000,000 shares |
| HK Public Offer Shares (Initial) | 13,600,000 shares (10.0%) |
| Public Offer Lots (Initial) | 10,880lots (Pool A5,440lots，Pool B5,440lots) |
| International Placing Shares (Initial) | 122,400,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 500,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 217,600,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,250 | HK$ 2,000 |
| 2 lots | 2,500 | HK$ 4,000 |
| 3 lots | 3,750 | HK$ 6,000 |
| 4 lots | 5,000 | HK$ 8,000 |
| 5 lots | 6,250 | HK$ 10,000 |
| 6 lots | 7,500 | HK$ 12,000 |
| 7 lots | 8,750 | HK$ 14,000 |
| 8 lots | 10,000 | HK$ 16,000 |
| 16 lots | 20,000 | HK$ 32,000 |
| 24 lots | 30,000 | HK$ 48,000 |
| 32 lots | 40,000 | HK$ 64,000 |
| 40 lots | 50,000 | HK$ 80,000 |
| 48 lots | 60,000 | HK$ 96,000 |
| 56 lots | 70,000 | HK$ 112,000 |
| 64 lots | 80,000 | HK$ 128,000 |
| 72 lots | 90,000 | HK$ 144,000 |
| 80 lots | 100,000 | HK$ 160,000 |
| 160 lots | 200,000 | HK$ 320,000 |
| 240 lots | 300,000 | HK$ 480,000 |
| 320 lots | 400,000 | HK$ 640,000 |
| 400 lots | 500,000 | HK$ 800,000 |
| 480 lots | 600,000 | HK$ 960,000 |
| 640 lots | 800,000 | HK$ 1,280,000 |
| 720 lots | 900,000 | HK$ 1,440,000 |
| 800 lots | 1,000,000 | HK$ 1,600,000 |
| 1,200 lots | 1,500,000 | HK$ 2,400,000 |
| 1,600 lots | 2,000,000 | HK$ 3,200,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 191.6M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +4829% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 800,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約35.8百萬港元 |
| Period-End Cash Balance | 港元64.9百萬元 |
| Listing Expenses | ~HK$ 41,900,000 |
| Listing Expenses / Funds Raised | ~19.26% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
HKD
Income Statement
| Item | 2019-03 | 2020-03 | 2021-03 |
|---|---|---|---|
| Revenue | 957,718 | 958,928 | 959,968 |
| Cost of sales | -956,969 | -967,966 | -977,965 |
| Other income and gains, net | 972,962 | -978,954 | 997,932 |
| Net finance costs | -994,924 | -915,913 | -933,902 |
| Profit before tax | 944,894 | 945,814 | 947,914 |
| Income tax expense | -917,714 | -593,073 | -807,094 |
| Profit for the year | 302,029 | 263,087 | 357,069 |
| Profit attributable to owners | 302,028 | 263,086 | 357,068 |
Balance Sheet
| Item | 2019-03 | 2020-03 | 2021-03 | 2021-07 |
|---|---|---|---|---|
| Cash and cash equivalents | 346,060 | 656,089 | 648,082 | |
| Trade and bills receivables | 131,058 | 76,405 | 188,085 | |
| Inventories | 366,088 | 573,095 | 420,084 | |
| Total current assets | 440,072 | 113,096 | 793,077 | |
| Total assets | 807,083 | 169,063 | 117,053 | |
| Total current liabilities | 386,092 | 353,091 | 315,097 | |
| Total liabilities | 422,023 | 466,013 | 366,016 | |
| Total equity | 385,015 | 122,037 | 804,037 | |
| Equity attributable to owners | 385,014 | 122,036 | 804,036 | |
| Interest-bearing borrowings | 15,844 | 30,010 | 11,958 | 11,557 |
Cash Flow Statement
| Item | 2019-03 | 2020-03 | 2021-03 | 2021-07 |
|---|---|---|---|---|
| Net cash from operating activities | 602,054 | 410,078 | 713,051 | |
| Net cash from investing activities | -477,029 | -446,066 | -435,043 | |
| Net cash from financing activities | -855 | 26,492 | -28,595 | |
| Net increase in cash | 26,471 | 31,019 | -787 | |
| Depreciation of PP&E | 6,495 | 6,803 | 8,377 | 3,156 |
| Depreciation of right-of-use assets | 12,647 | 17,342 | 18,341 | 5,541 |
| Purchase of PP&E | -6,199 | -5,618 | -9,184 | -39 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 1.54 |
|---|---|
| First Day Open | HK$ 1.59 |
| First Day Change | -3.75% |
| First Day Volume | 42495000.0 |
| First Day Turnover | 66054800.0 |
| Use of Proceeds | 1、約44.8%或79.4百萬港元將用作于香港成立兩家新醫療中心以提供眼科服務；
2、約30.5%或54.1百萬港元將用作收購大灣區內選定城市的一至兩家眼科診所、眼科門診部或眼科醫院的多數及╱或少數股權；
3、約14.7%或26.1百萬港元，將用于與合適的合作伙伴在中國設立醫療中心以提供眼科醫療服務；
4、約10.0%或17.7百萬港元將用作營運資金及其他一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
CHINA EVERBRIGHT CAPITAL LIMITED CE ACE409
Overall Coordinators (3)
Joint Bookrunners (11)
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
CMB International Capital Limited CE AVM940
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ABCI Securities Company Limited CE ACX411
BOCOM International Securities Limited CE APJ121
Bradbury Securities Limited CE AAC913
CMBC SECURITIES COMPANY LIMITED CE APU820
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
Futu Securities International (HONG KONG) Limited CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
Joint Lead Managers (13)
CHINA EVERBRIGHT SECURITIES (HK) LIMITED CE AAW536
CMB International Capital Limited CE AVM940
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
ABCI Securities Company Limited CE ACX411
BOCOM International Securities Limited CE APJ121
Bradbury Securities Limited CE AAC913
Chuenman Securities Limited CE BGP488
CMBC SECURITIES COMPANY LIMITED CE APU820
FIRST SHANGHAI SECURITIES LIMITED CE ABV488
Futu Securities International (HONG KONG) Limited CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
VALUABLE CAPITAL LIMITED CE AUL711
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 胡定旭 | — |
| Company Secretary | 陳寶茹 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Clear Lead (33.16%)、Ultimate Bliss (20.26%)、藥明康德 (15.63%) |
|---|
