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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are one of the top three independent clinical laboratory, or ICL, service providers in China in terms of total revenues during the Track Record Period, according to Frost & Sullivan. Our business has demonstrated strong growth during the Track Record Period, with our total revenues increasing at a CAGR of 33.1% from RMB2,741.7 million in 2020 to RMB4,860.6 million in 2022. We offer comprehensive and best-in-class testing services primarily to hospitals and health check centers through an integrated network of 32 self-operated laboratories across China. The high quality of our services is backed by our strong performance in terms of international accreditation and comprehensive testing menu. As of December 31, 2022, 18 of our laboratories were accredited by ISO15189, which enabled us to provide customers with the quality assurance that comes with this rigorous international standard. Our testing portfolio consists of over 4,000 medical diagnostic tests, including over 1,700 routine tests and over 2,300 esoteric tests, as of December 31, 2022. During the Track Record Period, our testing volume increased at a CAGR of 65.6% from 60.1 million in 2020 to 164.9 million in 2022. We are committed to continuously serving our patients and the general public with our high-quality testing services as a leading ICL service provider in China, and becoming a trusted and reliable partner for medical professionals and the general public. We believe that we are well-positioned to benefit from the growing demand for testing services in China. Driven by a series of favorable government policies and industry tailwinds, the ICL market size in China grew rapidly at a CAGR of 10.9% from RMB14.7 billion in 2017 to RMB22.3 billion in 2021, and is expected to further grow at a CAGR of 18.2% to RMB51.3 billion in 2026, according to Frost & Sullivan. In addition, the ICL market in China is still at a nascent stage compared to that of other developed countries. For example, China’s ICL penetration rate, measured by the ICL testing market size as a percentage of the total clinical testing market size, in 2021 was approximately 6%, significantly less than 60% for Japan, 44% for Germany and 35% for the United States. China also lags behind in terms of clinical test spending per patient, with this figure one-sixth the size of that of the United States in 2021. As a result, there remains significant room for China’s ICL market to further develop and continue to grow. In response to the continuing growth of healthcare expenditures, healthcare reforms in China have emphasized the implementation of cost-control measures, where ICLs have played an increasingly important role. As budgetary pressure intensifies, hospitals are increasingly incentivized to outsource clinical tests to qualified ICL service providers like us to reduce costs. In addition, as part of overall healthcare reforms, implementation of hierarchical diagnosis and treatment systems have propelled patient flow shifting from Class III hospitals in major cities towards Class II and Class I hospitals and community health centers in lower-tier cities. With increased testing volume and limited testing capabilities, these hospitals are more inclined to use ICLs for assured quality, comprehensive test menus, competitive pricing, and timely reporting. The Chinese government has vigorously encouraged collaboration between hospitals and ICLs and streamlined the approval process for chain ICLs, which has and will continue to accelerate the growth of the ICL market. Furthermore, increasing awareness for preventive treatment and emergence of new pharmaceutical therapies in recent years have spurred the demand for specialized testing. It is costly for hospital-based laboratories to introduce such new tests, as they often lack sufficient patient volume and advanced testing technologies. As a result, demand for cost- competitive and high-value testing services, which ICLs are capable of offering, has been growing significantly. At the same time, the ICL industry in China is characterized by its significant entry barriers. The complex regulatory framework, high standards for advanced testing technologies and logistics capabilities, as well as the demand for experienced professionals, largely limit the growth of new entrants. In particular, the ICL market in China is heavily regulated and it is difficult and time-consuming for new market players to obtain approval for licenses and certificates to open laboratories. As such, hospitals often prefer incumbent and established ICLs that they are familiar with, and new entrants are often faced with unfavorable terms from hospitals, if they are able to get business from such hospitals at all. In addition, successful ICLs generally have a large network of laboratories, which require large amounts of capital investment and take years or decades to establish. Therefore, large-scale chain ICLs with comprehensive test offerings and strong technical capabilities usually enjoy economies of scale and higher cost efficiency, and are better positioned to further increase their market shares. As a market leader in providing ICL services in China, we believe that we are well-positioned to benefit from the aforementioned barriers to entry and capture a greater share of the fast-growing market. We believe our success is underpinned by our industry-leading operations and capabilities. We have an experienced senior and regional management team. Our comprehensive test offerings are supported by our advanced technologies focusing on a broad spectrum of testing platforms, as well as strong R&D capabilities. We operate a dedicated cold-chain logistics network covering more than 19,000 customers across 30 provinces and municipalities and over 1,600 cities and counties in China by the end of 2022, which ensures speedy transport of our samples and timely reporting of testing results. In addition, we leverage our proprietary IT infrastructure, Laboratory Information System, to ensure accurate processing and storage of data, as well as effective customer management across our laboratories nationwide. We also assembled a dedicated sales and marketing team of over 1,500 personnel with high level of industry knowledge and expertise to help us broaden our presence nationwide. In addition, our Controlling Shareholders have provided us with substantial strategic insights and helped us to strengthen management capabilities, operational efficiency, business development capabilities, and corporate governance. Aided by the changes implemented by our Controlling Shareholders since 2018, we experienced rapid growth and strong financial performance during the Track Record Period. Our total revenues grew at a CAGR of 33.1% from RMB2,741.7 million in 2020 to RMB4,860.6 million in 2022. Our net profit increased at a CAGR of 53.8% from RMB289.5 million in 2020 to RMB684.9 million in 2022. Our adjusted EBITDA (non-IFRS measure) grew at a CAGR of 34.0% from RMB567.6 million in 2020 to RMB1,019.8 million in 2022. Our adjusted net profit (non-IFRS measure) grew at a CAGR of 30.1% from RMB367.0 million in 2020 to RMB621.1 million in 2022. Source: ADICON Holdings (09860) Prospectus (IPO Date : 2023/06/19)
Listing Market	MAIN
Industry	Health Care Services
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	The Carlyle Group Inc. (38.79%) LIN Jixun (12.41%) LIN Feng (9.92%)
Directors	YANG Ling (Chairlady and Non-Executive Director) GAO Song (Chief Executive Officer and Executive Director) FENG Janine Junyuan (Non-Executive Director) LIN Jixun (Non-Executive Director) ZHOU Minta (Non-Executive Director) MI Brian Zihou (Independent Non-Executive Director) YEH Richard (Independent Non-Executive Director) ZHANG Wei (Independent Non-Executive Director)
Company Secretary	SO Ka Man WANG Lawrence Allen
Principal Bankers	Industrial And Commercial Bank of China
Solicitors	Kirkland & Ellis International
Auditors	Ernst & Young
Registered Office	Suite 1303, 13th Floor, Golden Centre, 188 Des Voeux Road Central, Sheung Wan, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.adicon.com.cn
Email Address	[email protected]
Tel No	(86 571) 8777-5775
Fax No

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