Universal Medical seeks US$546m in HK IPO

Hong Kong

Universal Medical Financial & Technical Advisory Services Co, a Chinese lessor of medical equipment backed by billionaire Cheng Yu-tung, is seeking as much as US$546 million from a Hong Kong initial public offering.

The Beijing-based company is offering 423.2 million shares at HK$7.68 to HK$10 apiece, according to terms for the deal obtained by Bloomberg. Cornerstone investors including Nikko Asset Management and GF Fund Management have agreed to buy US$200 million of stock in the offering.