Neither this document nor any copy thereof may be released into or distributed directly or indirectly in the United States or any other jurisdiction where such release or distribution might be unlawful. This document is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities of the Company. This document is not, and does not form any part of, an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the Securities Act, and may not be offered, sold or otherwise transferred within the United States absent registration or an exemption from registration.
SHANGHAI, China, July 2, 2020 — MicroPort Scientific Corporation (the "Company", or "MicroPort®") (HKEX: 00853), a leading medical device group focusing on innovating, manufacturing and marketing high-end medical devices globally, announced today that it has completed the placing (the “Placing”) of 65,958,000 new shares (the “Placing Shares”) at the price of HK$23.50 per share (the “Placing Price”). J.P. Morgan acted as the placing agent (the “Placing Agent”) for the Placing.
The Placing Price has been fixed at HK$23.50, which represents a discount of approximately 3.49% to the closing price of HK$24.35 per share as quoted on the Stock Exchange on June 22, 2020, being the date of the placing agreement entered into between the Company and the Placing Agent for the Placing. Based on information available in the public domain and to the best knowledge, information and belief of the Company, such discount level represents the lowest among all primary placings of healthcare companies listed in Hong Kong in the last 5 years. 1 The Placing Shares represent (i) approximately 3.80% of the issued share capital of the Company immediately prior to completion of the Placing; and (ii) approximately 3.66% of the enlarged share capital of the Company immediately after completion of the Placing.
The net proceeds from the Placing, after deducting all related costs, commission and expenses, amount to approximately HK$1,541 million. The Company intends to use proceeds from the Placing for repayment of bank loans of the Group, funding potential business development and investments in the future if such opportunities arise and for general working capital of the Group.
For further details on the Placing, please refer to the announcements published by the Company dated June 23, 2020 and July 2, 2020.
Note: 1 Excluding placing with offering size <US$20mm $20mm<>
MicroPort® and its subsidiaries (collectively the “Group”) is a leading medical device group focusing on innovating, manufacturing and marketing high-end medical devices globally. With a diversified product portfolio now being used in over 10,000 hospitals in the world, the Group maintains world-wide operations in a broad range of business segments including cardiovascular, orthopedics, cardiac rhythm management (“CRM”), endovascular, neurovascular, heart valve, surgical robot and other business. Every six seconds, one of MicroPort®’s products is used worldwide to save life, improve life quality or help create life. The Group is dedicated to becoming a patient-oriented global enterprise that continuously innovate and provide access to the best means of prolonging and reshaping lives.