On May 30th, Gelong Hui announced that One Sunlight (02522.HK) plans to issue 17.816 million global shares, 1.782 million shares to be sold in Hong Kong, and 16.034 million shares to be sold internationally. The IPO will be open from May 30th to June 4th, 2024 and the expected pricing date is June 5th. The issuance price will be HKD 14.60-16.80 per share with a trading unit of 500 shares per hand. Citic Securities is the sole sponsor. The expected shares will begin trading on the main board of the Stock Exchange of Hong Kong on June 7th, 2024.

The company is a leading medical imaging specialty medical group in China. According to Frost Sullivan, the third-party medical imaging center market in China is still in a rapid development stage. Starting later than developed countries, it is expected to account for about 1.1% of the Chinese medical imaging service market in 2023. According to Frost Sullivan, in 2023, the company ranks first among all third-party medical imaging center operators in China in terms of the number of imaging center nodes, the number of equipment, the number of registered practicing imaging doctors registered at the company's main workplace, average daily inspection volume, and patient payment fees. According to the same source, by revenue generated by the imaging center in 2023, the company ranks second among all third-party medical imaging centers in China. The company mainly competes in the third-party medical imaging center market in China, which is a rapidly growing industry. The market size has grown at a compound annual growth rate of 29.0% from 2018 to 2023 and is expected to grow at a compound annual growth rate of 33.5% from 2023 to 2026, far exceeding the growth rates of the Chinese medical imaging service market, which are 12.9% and 14.3%, respectively, during the same period. According to the same source, the company is also the only medical imaging platform operator and manager in China that provides diverse imaging services and values for the entire medical imaging industry chain. The other four participants in the top five third-party medical imaging centers in China (by patient payment fees) do not provide imaging solutions and services similar to the company's imaging solutions and services, including the Yimai cloud service.

The company has entered into cornerstone investment agreements, under which cornerstone investors have agreed to (subject to certain conditions and restrictions) subscribe for the number of offer shares that can be purchased for a total amount of HKD 121 million at the offer price. Assuming the offer price is HKD 15.70 per share (i.e., the midpoint of the indicative offer price range as set out in the prospectus), the total number of offer shares to be subscribed for by cornerstone investors will be 7.6445 million shares. Cornerstone investors include Zhuotou Enterprise Management (Hong Kong) Co., Ltd. (Zhuotou Management, wholly owned by Ganzhou Zhuotou Enterprise Management Co., Ltd. (Ganzhou Zhuotou)); United Imaging Medical Technology (Hong Kong) Co., Ltd. (United Imaging Hong Kong, wholly owned by United Imaging (688271.SH)); and China New Ray Medicine Holdings Co., Ltd. (China New Ray, a wholly owned subsidiary of New Ray Medicine (06108.HK)).

Assuming the offer price is HKD 15.70 per share (i.e., the midpoint of the indicative offer price range), the company estimates to net proceeds of approximately HKD 223.8 million from the global offering. Approximately 50.0% of the net proceeds is intended to be used to expand the company's medical imaging center network; approximately 20.0% of the net proceeds is intended to seek strategic cooperation and merger and acquisition opportunities in the medical imaging field, as well as to seek strategic cooperation and investment opportunities in the medical imaging service industry chain. Approximately 20.0% of the net proceeds is intended to expand the company's business into (i) overseas countries and regions that are relatively lacking in medical resources (such as Southeast Asia) and (ii) overseas countries and regions that have high per capita disposable income and huge growth potential in medical imaging services (such as the Middle East). Approximately 10.0% of the net proceeds is intended for working capital and general corporate purposes.