China-based healthcare provider Meinian OneHealth, backed by asset management company Carlyle Group, is set to list on the Shenzhen Stock Exchange via a reverse merger with clothing company Jiangsu Sanyou Group, China Money Network reported earlier today.
Jiangsu Sanyou will wholly acquire Meinian through a share swap and buying newly issued shares worth a total of approximately RMB5.54bn ($892m).
In 2012, Carlyle provided an undisclosed sum in return for a 13.5% stake in Meinian. In 2013, Meinian obtained RMB300m in a round featuring Carlyle, insurance company Ping An Insurance Company of China, and Cathay Capital.
In November 2014, Meinian agreed to acquire rival healthcare provider Ciming for RMB3.6bn, which is expected to be completed later this year. Ciming’s backers include CDH Investments and Ping An.