News Release
Carlyle Congratulates ADICON on its HKEX Listing
Hong Kong, June 30, 2023 – ADICON Holdings Limited (“ADICON” or the “Company”), one of the top three independent clinical laboratory (“ICL”) service providers in China, today debuted on the Main Board of The Stock Exchange of Hong Kong with a total offering size of HK$408.9 million, as the Company looks to further strengthen and expand its service offerings and capitalize on the growing demand for healthcare testing services in China.
Carlyle invested in ADICON through Carlyle Asia Partners and became the Company’s Controlling Shareholder in 2018.
Ling Yang, Managing Director & Co-Head of Healthcare at Carlyle Asia and Chairwoman & Non-Executive Director of ADICON, congratulated the Company: “Since Carlyle’s investment in ADICON in 2018, the Company has transformed from being a founder-led business into a corporation that is led by a board of directors and an experienced management team. The successful Hong Kong listing of ADICON is a recognition of the Company’s achievements and we would like to thank and congratulate the founders, management team and everyone at ADICON. We believe the ICL market in China is still in a nascent stage and there remains significant room for the industry to grow. Carlyle will continue to work with ADICON’s management team and support the Company as it seeks to embark on its next phase of growth.”
As the Controlling Shareholder since 2018, Carlyle has worked with ADICON’s management team in seeking to enhance and strengthen the Company’s management capabilities, operational efficiency, business development capabilities, and corporate governance, which we believe aided the Company in its rapid growth during the three years ended December 31, 2020, 2021 and 2022.
ADICON currently offers comprehensive and best-in-class testing services primarily to hospitals and health check centers through an integrated network of 33 self-operated laboratories across China. The Company also offers a competitive and comprehensive catalog of over 4,000 medical diagnostic tests, including over 1,700 routine tests and over 2,300 esoteric tests; and operates 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[1].
Carlyle’s buyout funds, including Carlyle Asia Partners, have well-established experience investing in the healthcare sector, and have invested over US$20 billion of equity in over 95 deals in the healthcare sector as of March 31, 2023, with approximately US$3.6 billion of this in Asia.
[1] As of June 9, 2023
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About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About ADICON
ADICON Holdings Limited (“ADICON” or “Company”, stock code: 9860.HK) is one of the top three independent clinical laboratory (“ICL”) service providers in China in terms of total revenues during the three years ended 31 December 2020, 2021 and 2022, according to Frost & Sullivan. The Company offers comprehensive and best-in-class testing services primarily to hospitals and health check centers through an integrated network of 33 self-operated laboratories across China, as of June 9, 2023. Leveraging its strong R&D and quality control capabilities, ADICON offers comprehensive, high-quality and advanced test portfolios. As of December 31, 2022, ADICON offers a competitive and comprehensive catalog of over 4,000 medical diagnostic tests, including over 1,700 routine tests and over 2,300 esoteric tests, allowing ADICON to provide testing services to over 19,000 customers, ranging from medical institutions, health check centers, to biopharmaceutical companies and CROs. As a market leader in providing ICL services in China, ADICON is committed to continuously serving patients and the general public with its high-quality testing services and becoming a trusted and reliable partner for medical professionals and the general public.
Media Contact
Lonna Leong
+852 9023 1157