Universal Medical Seeks Up to $546 Million in Hong Kong Offering

Universal Medical Financial & Technical Advisory Services Co., a Chinese lessor of medical equipment backed by billionaire Cheng Yu-tung, is seeking as much as $546 million from a Hong Kong initial public offering.

The Beijing-based company is offering 423.2 million shares at HK$7.68 to HK$10 apiece, according to terms for the deal obtained by Bloomberg. Cornerstone investors including Nikko Asset Management and GF Fund Management have agreed to buy $200 million of stock in the offering.

Universal Medical will add to the $12.8 billion raised through first-time share sales in Hong Kong this year, data compiled by Bloomberg show. The state-backed company leases machinery to Chinese hospitals, sells them information management systems and advises on how to upgrade their clinical offerings.

Universal Medical, whose shareholders including Citic Capital Partners, aims to price the offering June 30 and start trading July 8, the terms show. Goldman Sachs Group Inc. and Nomura Holdings Inc. are joint sponsors of the IPO, according to a June 15 filing with the Hong Kong stock exchange.