Pine Care Group (1989.HK) is Successfully Listing on the Main Board of SEHK
Latest Update:
15 th February, 2017

A leading operator of care and attention homes for the elderly in Hong Kong, Pine Care Group Limited (“Pine Care Group” or the “Company”, together with its subsidiaries, the “Group”, stock code:1989.HK), is successfully listing on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) today. The share price once reached HK$1,00, representing about an increase of 45% compared to offer price, and closed at HK$0.92, 33% up compared to offer price. Total trading volume reached 392 million shares with a total turnover of approximately HK$355 million.

 

Guotai Junan Capital Limited is the Sole Sponsor. Guotai Junan Securities (Hong Kong) Limited is the Sole Global Coordinator. Guotai Junan Securities (Hong Kong) Limited and Gransing Securities Co., Limited are the Joint Bookrunners and Joint Lead Managers. Cornerstones are Yada International (HK) Limited and China Oceanwide International Master Fund.

 

Mr. Yim Ting Kwok, Chairman and Executive Director of Pine Care Group, said: “The public share offering of Pine Care Group is an important milestone for the Group, marking Pine Care Group’s successful transition from a non-listed company to a public listed company, becoming the first healthy care operator who listed in Hong Kong stock market, entering into the international capital market for a new journey ahead!”

 

Pine Care Group is a leading operator of care and attention homes for the elderly in Hong Kong, offering a comprehensive range of residential care services. In 2015, Pine Care Group was the second largest private residential care home for the elderly (“RCHE”) operator in Hong Kong in terms of revenue with a market share of approximately 3.0%, according to the Ipsos Report. The Group possessed a network of nine care and attention homes with 1,218 residential care places operating across five districts in Hong Kong under the name of ‘‘Pine Care Group’’. All of its care and attention homes have participated in the Enhanced Bought Place Scheme (“EBPS”), six of its care and attention homes were classified as EA1, while three of its care and attention homes were classified as EA2. On 30 November 2016, the application for the upgrade to EA1 classification of these three EA2 care and attention homes were conditionally approved by Social Welfare Department (“SWD”).

 

Benefiting from strong customer recognition of the “Pine Care Group” brand, together with the Group’s quality services, the Group has continuously achieved high occupancy rates. For the three years ended 31 March 2016 and the four months ended 31 July 2016, the Group’s average monthly occupancy rates were approximately 92.7%, 93.5%, 94.3% and 95.0%, respectively. Additionally, the Group’s revenue generated from the payment of base rate of places purchased by SWD under EBPS and the monthly residential fee paid by the residents under EBPS, accounted for approximately 57.1%, 59.5%, 58.6% and 58.3% of its total revenue, respectively.

 

Mr. Yim Ting Kwok said, “Since our operation in 1989, wehave been committed to our motto of “Respecting the Elderly as Family”, as we provide quality residential care services to our residents through establishing a comfortable setting and instilling a warm sense of family. We truly believe that by leveraging our nearly 30-year experience in the industry of RCHE in Hong Kong, our well-recognized brand and qualified professional care services, we are able to seize the opportunities in RCHE industry in Hong Kong, consolidate and enhance our market position in RCHE industry by further expanding our existing network of care and attention homes.”

Latest Update:
15 th February, 2017