A consortium led by TPG and the Qatar Investment Authority, alongside Kangji Medical Holdings’ founders Ming Zhong and Yinguang Shentu, has agreed to acquire all remaining shares in the Chinese medical device manufacturer, valuing the company at approximately HK$11.2bn ($1.4bn), according to sources cited by Bloomberg.

The group has offered HK$9.25 per share in cash, representing a 9.9% premium to Kangji’s last closing price before trading suspension on 18 July and a 21.7% premium to the undisturbed price on 30 June. The consortium already holds about 75% of Kangji Medical’s shares.

Upon completion, the company will be delisted from the Hong Kong Stock Exchange, pending shareholder and regulatory approvals. Kangji said the move will reduce short-term financial pressures and allow management to concentrate resources on long-term strategic priorities and sustainable growth.

Kangji, which produces minimally invasive surgical instruments, raised HK$3.6bn in one of Hong Kong’s largest healthcare IPOs in 2020. However, its stock has consistently traded below its HK$13.88 IPO price over the last two years. Shares closed up 1% at HK$8.50 following the privatisation announcement.

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