160 Health retail tranche 56 times oversubscribed

Chinese health-care platform 160 Health International’s retail tranche for its Hong Kong initial public offering was 56 times oversubscribed on Wednesday, after it began accepting orders the day before.

Retail investors applied to borrow some HK$2.82 billion through margin financing by midday on Wednesday, according to data from brokerages. The mainland company is slated to debut on the Hong Kong stock exchange on September 17.

160 Health is a pharmaceutical and health-care products wholesaler and digital health-care services platform.

It posted a revenue of 620 million yuan (HK$677.98 million) last year, down 1.3 percent year-on-year, while net loss attributable to shareholders narrowed 13 percent to nearly 110 million yuan.

Notably, the company did not introduce cornerstone investors for this IPO.

As of the end of March, it had connected with more than 44,600 healthcare institutions, including over 14,400 hospitals – 3,430 of which are tier-one hospitals – and 30,200 primary care facilities.

STAFF REPORTER