Adrian Cheng’s made a good return so far on his investment in EC Healthcare. Photographer: Giulia … [+]
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Adrian Cheng, the son of Hong Kong billionaire Henry Cheng and founder of the K11 brand, has added to his stake in EC Healthcare, which operates a healthcare services network in Greater China.
Cheng bought 6.4 million shares at HK$14.50, paying a total of $12 million, according to a EC announcement on Friday. That adds to a combined 29.6 million shares he bought with Aspex Management, a Hong Kong investment firm, at HK$7.80 each in April, for which he’s had a hefty return: the stock closed at HK$14.86 on Friday.
EC Healthcare expects to raise HK$248.8 million from the new sale of shares to both Cheng and Aspex Management this week, and intends to use the proceeds to expand its clinic network in Hong Kong and the Greater Bay Area in the mainland. It also plans to use the money for mergers and…