FAST NEWS: C-Mer Eye Care’s Chairman Boosts Holdings
The latest: C-Mer Eye Care Holdings Ltd. (3309.HK) announced on Friday its Chairman Dr. Dennis Lam purchased 1.45 million of the company’s shares, representing approximately 0.095% of its issued share capital, on the open market for five consecutive days through Sept. 30 at a cost of approximately HK$5.08 million ($650,000).
Looking up: Lam and his spouse increased their stake in the company to 55.27%, and he stated he is confident about the group’s prospects and business.
Take Note: The company’s share price recently hit a four-year low, which may have driven Lam to increase his shareholding to show his support for the company.
Digging Deeper: Founded in 2012 by renowned Hong Kong ophthalmologist Dennis Lam, C-Mer Eye Care is a leading eye care chain in China’s Greater Bay Area centered on the Pearl Delta in Guangdong province. The company listed in Hong Kong in 2018 and had eight eye hospitals and two eye clinics in Mainland China at the end of June. In recent years, the group has expanded its business to include dental, plastic surgery, medical aesthetics, family medicine and oncology services. In February, it acquired 61.5% of Aikangjian Dental Group, resulting in a 216% year-on-year increase in revenue from dental services in the first half of the year. But dental services still account for less than 10% of the company’s revenue.
Market Reaction: The positive news did not help C-Mer Eye Care’s share price, which dipped on Monday morning to close down 4.7% at HK$3.28 at the midday break. The stock is now down 64% from its 52-week high of HK$9.15.
Translation by Jony Ho
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