M3-Backed Medlive Gains Another 2.2%; Adds To New China Billionaire Clan’s Fortune

Shares in Medlive Technology, China’s largest online physician platform, climbed by 2.2% to HK$34.45 in late morning trade and are on track to their highest close since listing at the Hong Kong Stock Exchange on July 15.   

Shares in the company, whose investors include Sony-backed M3 of Japan, have gained after Medlive said on Sunday it had added to its initial IPO fundraising earlier this month by raising another HK$606 million, or $78 million, though an over-allocation.

Medlive earlier raised HK$4 billion in the IPO and began trading at HK$27.20.  It sold an additional 23 million shares at HK$27.20 each, the company said on Sunday.

Medlive as of the end of 2020 had 3.5 million registered users, about 2.4 million of which were registered physicians. That represented 58% of registered physicians in China as of that date, according to Frost & Sullivan figures cited in Medlive’s prospectus.   Medlive provides information about new products, research, technologies and therapies. Revenue increased to 213.5 million yuan in 2020 from 121.6 million yuan in 2019; profit last year was 85.2 million yuan versus 31.3 million yuan in 2019.  

Chairwoman Tian Liping along with her brothers Tian Lixin and Tian Lijun hold a combined 37.5% stake, or 267.54 million shares, that were worth HK$9.2 billion, or $1.2 billion, this morning.

M3 holds a 37.5% stake in Medlive; M3 is in turn nearly 40% owned by Sony Group Corp.

Fidelity, Tencent, Matthews Funds, OrbiMed, and Springhill, a public equity arm of Qiming Ventures, also hold shares in Medlive.

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