BRIEF: Rimag Group secures CSRC approval for full circulation of H-Shares
Medical imaging services provider Jiangxi Rimag Group Co. Ltd. (2522.HK) announced on Wednesday that the China Securities Regulatory Commission (CSRC) has approved its plan to convert 51.562 million of its domestic shares into publicly traded H-shares that can be traded in Hong Kong. The conversion involved company stock held by 15 shareholders.
Established in 2014, Rimag specializes in medical imaging services. Since its establishment, it has opened 105 medical imaging centers across 17 provinces, autonomous regions and municipalities in China. In the first half of this year, the company reported revenue of 414 million yuan ($56.83 million), down 21.9% year-on-year, while its net profit fell 91.1 % to 3.83 million yuan.
Rimag’s stock has soared since listing on the Hong Kong Stock Exchange in June this year. As of Wednesday, the stock had quadrupled from its IPO price, giving the company a market cap of approximately HK$22.5 billion ($2.9 billion).
By Lee Shih Ta
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