Campbells is pleased to have acted as Cayman Islands legal counsel to Distinct Healthcare Holdings Limited (卓正医疗控股有限公司, “Distinct Healthcare”) in connection with its close to HK$290 million initial public offering and listing of its 4,750,000 shares (subject to the over-allotment exercise) on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX).
Distinct Healthcare, a leading private mid- to high-end comprehensive healthcare service provider in China, focuses on serving mass affluent and wealthy populations through an integrated model combining in-person and tele-healthcare services across multiple specialties, including pediatrics, dentistry, eye care, dermatology, women’s health, and more. It operates 19 institutions in 11 cities in China, with additional presence in Singapore and Malaysia. Leveraging proprietary digital platforms, AI-driven tools for triage and clinical support, and membership programs with strong renewal rates, Distinct Healthcare has achieved notable market positioning—ranked FIRST by geographic coverage, SECOND by paid patient visits among peers in its segment and THIRD by revenue, (per Frost & Sullivan).
The IPO of Distinct Healthcare has secured strong backing from prominent investors, including Tencent as the largest pre-IPO institutional shareholder. The offering also attracted cornerstone investors, signaling confidence in Distinct Healthcare’s growth and innovative model. Key cornerstone participants include Galaxy Dynasty Limited (wholly owned by He Xiaopeng, the founder of XPENG Inc.) and Health Vision (a consortium involving Tencent-affiliated enterprises).
O’Melveny & Myers acted as Hong Kong and US legal advisers to Distinct Healthcare, and Jingtian & Gongcheng acted as its PRC legal advisers. Sullivan & Cromwell (Hong Kong) LLP acted as Hong Kong and US legal advisers to the joint sponsors and the underwriters, and Commerce & Finance Law Offices acted as their PRC legal advisers. The joint sponsors are Haitong International Capital Limited and SPDB International Capital Limited, and the underwriters include Haitong International Securities Company Limited, SPDB International Capital Limited, CMB International Capital Limited, China Galaxy International Securities (Hong Kong) Co., Limited, CCB International Capital Limited, ICBC International Securities Limited, China Renaissance Securities (Hong Kong) Limited, Zhongtai International Securities Limited, Futu Securities International (Hong Kong) Limited, XCap Partners Limited, Funde Securities Limited and Tiger Brokers (HK) Global Limited.
Campbells Partner Jenny Nip led the transaction with support from Senior Associate Chantelle Chan and Associate Benjamin Tao.
