Wego Dialysis Unit Weighing $500 Million Hong Kong IPO
(Bloomberg) -- A unit of China's Wego Group that makes products for use in dialysis treatment is weighing an initial public offering in Hong Kong that could raise about $500 million, people with knowledge of the matter said.Â
The company is working with advisers including Huatai Securities Co. on a potential offering for Wego Blood Purification Business Group as soon as in the second quarter, said the people, who asked not to be identified as the information is private.Â
The dialysis unit raised about 1.5 billion yuan ($236 million) in a funding round ahead of the proposed IPO, one of the people said. It is considering seeking a listing in mainland China after the completion of its Hong Kong offering, the person said.Â
Deliberations are ongoing and details such as timing and size may change, according to the people. Representatives for Huatai and Wego Group didn't immediately respond to calls and emails seeking comment.
The company was a subsidiary of Wego Group's listed Hong Kong company Shandong Weigao Group Medical Polymer Co. until 2017, filings show. The listed firm currently has a 28.1% stake in Wego Blood Purification, according to its 2021 interim results presentation.
Established in 2004, Wego Blood Purification formed separate joint ventures with Japanese medical manufacturers Terumo Corp. and Nikkiso Co. to produce equipment in China, according to its website.Â
The unit employs more than 5,100 workers, the same website shows. It also runs hemodialysis, peritoneal dialysis and dialysis clinics and offers blood purification related products and services.
©2022 Bloomberg L.P.
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