Adrian Cheng, the son of Hong Kong billionaire Henry Cheng and founder of the K11 brand, has added to his stake in EC Healthcare, which operates a healthcare services network in Greater China.
Cheng bought 6.4 million shares at HK$14.50, paying a total of $12 million, according to a EC announcement on Friday. That adds to a combined 29.6 million shares he bought with Aspex Management, a Hong Kong investment firm, at HK$7.80 each in April, for which he’s had a hefty return: the stock closed at HK$14.86 on Friday.
EC Healthcare expects to raise HK$248.8 million from the new sale of shares to both Cheng and Aspex Management this week, and intends to use the proceeds to expand its clinic network in Hong Kong and the Greater Bay Area in the mainland. It also plans to use the money for mergers and acquisitions and general corporate purposes, EC said.
EC Healthcare, whose history traces to 2005, changed its name from Union Medical Healthcare in April. Chairman Tang Chi Fai holds approximately 63% of the company, a stake worth $1.4 billion on Friday. EC’s shares have risen by 236% in the past year.
Other EC Healthcare shareholders include OrbiMed Asia, an investment firm.
Henry Cheng is worth $1.1 billion on the Forbes Real-Time Billionaires List today. He chairs family flagships Chow Tai Fook Jewellery Group and New World Development. Adrian Cheng is an executive director at both companies.
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