SEAVI Advent Private Equity today announced that its latest fund, SEAVI Advent Equity VII (Special Situation) Fund I, together with a group of investors have successfully invested as anchor investor HK$25 million in Clarity Medical Group Holding Limited (the “Group”, Stock Code: 1406.HK), a healthcare institution offering comprehensive ophthalmology treatments in Hong Kong. The Group successfully listed on the Hong Kong Mainboard on the 18th of February 2022.
Founded in 2005, the Group currently operates two medical centres in Hong Kong, specialising in various refractive ophthalmic treatment services, including SMILE surgeries, LASIK surgeries, multifocal IOL replacements and ICL implantations. Other services include standard cataract surgeries, laser procedures and PPV surgeries.
SMILE is the latest advancement in laser vision correction, and has significantly improved clinical benefits compared to conventional techniques, such as lesser occurrence of dry eye syndrome, faster recovery and minimal incision. With the increasing prevalence of eye diseases which is partly due to an ageing populace, as well as increasing affordability of ophthalmic treatments due to technical advancements, SEAVI Advent anticipates continued strong growth for the ophthalmic healthcare industry. As an established market leader accounting for 38% of the SMILE surgery market in Hong Kong in 2020 by revenue, the Group is well-positioned to take advantage of such growth.
Although half of the population of Hong Kong of approximately 7 million individuals suffer from myopia, only about 30 thousand myopic individuals in Hong Kong receive treatment every year. Hence, there remains great untapped market potential for exploration by the Group. Group management noted that young people in modern society have increasing aesthetic demand and openness to refractive treatments, resulting in an important organic growth driver for the Group. Furthermore, demand for treatment for other eye disease such as cataract, retinal and macular disease and glaucoma has also exhibited an increasing trend in recent years due to Hong Kong’s ageing population. In 2020, people aged 65 or above amounted to 18.4% of the total population. This demographic shift towards older residents have boosted the prevalence of age-related eye diseases and we believe will lead to vast growth opportunities for the Group.
In light of the above, the Group has plans for increasing the number of additional clinics in both the local Hong Kong market as well as the Mainland Chinese market in the near future, with a focus on the Greater Bay Area. By expanding into other parts of China and South-East Asia, coupled with sustainable organic development, SEAVI Advent sees strong potential in the Group and believes it will continue to cement itself as a dominant player in its industry.
About SEAVI Advent Private Equity
SEAVI Advent Private Equity, the independent Asian associate of Boston based private equity firm Advent International Corporation, is one of the first private equity and venture capital firms to operate in the Asia Pacific region. Since 1984, the firm has invested over US$600 million into more than 120 Asian companies, from growth to late stage, as well as buyout and control transactions. With a proven track record that includes ranking fourth on Preqin’s Top 10 performance funds for the vintage 2003/04, SEAVI Advent has been instrumental in delivering value to many of its portfolio companies, and has developed an extensive record of successful investments, which include Universal Health International Group (2211.HK), Hainan Shuangcheng Pharmaceutical Co. Ltd (002693.SZ) in the healthcare sector; Weimob Inc. (2013.HK), and Sinofriends in the TMT sector; Tsaker Chemical (1986.HK), and Pengyao Group (300664.SZ) in the new energy & advanced manufacturing sector. SEAVI Advent Equity VII (Special Situation) Fund I is a sub-fund registered under SEAVI Advent Equity VII Fund VCC, an umbrella Variable Capital Company that invests in non-control public securities and profitable late-stage private companies.