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00314 思派健康
Listing Date2022/12/23
Listing Price18.600
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Sipai Health Technology Co. engages three business lines, Specialty Pharmacy Business, Physician Research Assistance and Health Insurance Services, which are highly synergistic.


1.Its Specialty Pharmacy Business line consists of specialty pharmacy and value-add professional pharmacist service, focusing on specialty medicines for the treatment of oncology and other critical diseases. As of June 30, 2022, it operated 103 specialty pharmacies across all provincial administrative regions in mainland China. The Group is the largest privately owned specialty pharmacy in China, as measured by specialty medicine revenue in 2021.

2.In Physician Research Assistance business line, it engages in SMO business to support pharmaceutical companies in their drug R&D process from phase I to phase IV clinical trials. As of June 30, 2022, it had completed 99 SMO projects, and 936 SMO projects were ongoing. It had cumulatively served 289 clients across trial sites in 87 cities. It rank fourth in the general SMO market and first in oncology SMO market in China, as measured in revenue in 2021.

3.Health Insurance Services: As of June 30, 2022, its health service provider network connected over 1,200 Class III Grade A hospitals, 55,000 doctors, and 500 physical examination institutions in over 150 major cities across China. It served approximately 23.9 million individual members and 876 enterprise clients.

MarketHong Kong (Main Board)
Business NatureHealth Care
Major Business AreaChina
Board Lot200
No. of Offer Shares9.92M shares
No. of International Offer Shares8.93M shares
No. of HK Offer Shares0.99M shares
Offer Price$18.60
Stock Code314
Sponsor(s)Morgan Stanley Asia Limited, Haitong International Capital Limited
Underwriter(s)Morgan Stanley Asia Limited, Haitong International Securities Company Limited, Futu Securities International (Hong Kong) Limited, Maxa Capital Limited, I Win Securities Limited
Application PeriodDec 12 (Mon) - noon, Dec 15 (Thu)
Price Determination DateDec 15 (Thu)
Result Announcement DateOn or before Dec 22 (Thu)
Result Announcement DateOn or before Dec 22 (Thu)
Dealings in Shares commence onDec 23, 2022. (Fri)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
Sales Statistics (HKD)
Offer Price$18.60
NAV / share ($)$2.70 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 18.60, the net proceeds raised would be HKD 120.40M, of which
35% : Further expansion of Specialty Pharmacy Business
28% : Further expansion of our Physician Research Assistance business
24% : Further expansion of Health Insurance Services business
13% : Used for technology research and development as well as technology infrastructure enhancement
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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