Concord Medical announces listing of subsidiary on HKSE

Concord Medical Services announced the listing of a minority stake of 39,420,200 H shares in Concord Healthcare Group Co., Ltd., its subsidiary, at an initial public offer price of HK$14.28 per H share on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code 2453.HK. Concord Healthcare’s H shares began to trade on the HKSE on January 9. The company previously announced the submission of an application proof to list a minority stake in Concord Healthcare on the HKSE on June 1, 2022. The gross proceeds from the initial public offering of Concord Healthcare on the HKSE are approximately $72.2M. Concord Healthcare intends to apply approximately 59.4% of the net proceeds for repaying part of its interest-bearing bank borrowings, approximately 30.6% of the net proceeds for financing the construction of Shanghai Concord Cancer Center, and approximately 10.0% of the net proceeds for working capital and other general corporate purposes.