In October 2018, The Carlyle Group, Meinian Onehealth (SZ Code: 002044) and a few other investors, made a strategic investment in Adicon Clinical Laboratories, Inc. (“Adicon”), an independent clinical laboratory ("ICL") group in China. After the closing, Carlyle has become the single largest shareholder of Adicon.

Established in 2004, Adicon is one of the largest ICL companies in China, operating some 20 diagnostic laboratories to provide clinical testing services to various customers, including hospitals, physical examination centers and contract research organizations or CROs, in more than 28 provinces, autonomous regions and municipalities.

This transaction has taken quite some time to close as it involved several rounds of competitive biddings. Carlyle, Meinian Onehealth and a few other investors, finally secured the deal successfully based on their strong professional experience and resources in healthcare industry and well-directed proposals for transaction structures.

As the PRC counsel to Carlyle and other investors, Han Yi lawyers played an instrumental role and provided a full range of PRC legal services including, among others, extensive deal structural advice, PRC legal due diligence review, investigation and report, documentation and negotiation support for all relevant transaction documents, legal advisory support on all sorts of PRC legal issues, and attention to complicated closing details. Due to the special seller dynamics, the highly regulated nature of the industry involved, and Meinian Onehealth's listco status, our team has been constantly challenged by numerous PRC legal and practical issues throughout the whole transaction process and our lawyers have never failed to always deliver timely solutions that not only make legal sense but are also commercially pragmatic and effective. Our lawyers have also been extensively involved in various communications with all transaction parties including their co-advisors and multiple approval authorities and banks at different localities in order to facilitate the execution and closing of this transaction. The team's hard work and around-the-clock assistance helped win them a unanimous recognition and endorsement from all the investors.