久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Trauson up by record on $764m cash offer

Updated: 2013-01-19 06:35

By Bloomberg(HK Edition)

  Print Mail Large Medium  Small

Trauson up by record on $764m cash offer

Surgeons performing orthopedic surgery at a hospital in Hebei province. Trauson Holdings, the largest distributor of trauma products in China, jumped a record high 42 percent in Hong Kong trading after acquired by Stryker Corp. Provided to China Daily

Trauson Holdings Co advanced by a record 42 percent in Hong Kong trading after Stryker Corp offered $764 million in cash to acquire the mainland maker of orthopedic implants.

Trauson jumped as much as HK$2.18 to HK$7.34, the most since it started trading in June 2010. The stock closed at HK$7.25 on Friday.

Orthopedic implant sales in China will almost double to $2.7 billion by 2015, vaulting the country past Japan as the biggest market after the US, according to Frost & Sullivan, a market research company. Profit before taxes at Trauson, the nation's largest maker of pelvic reconstruction plates and other products used in trauma surgery, more than tripled to 182 million yuan ($29 million) in the four years through 2011.

"In a highly fragmented Chinese market, Trauson is the largest distributor of trauma products and the No 3 distributor in spine," Michael Weinstein, an analyst at JPMorgan Chase & Co in New York, wrote in a note to clients on Thursday. "Trauson is highly profitable with gross margins in the high 60 percent range."

Stryker is offering HK$7.50 per ordinary Trauson share in cash, 45 percent more than stock's price on Jan 8, when the Changzhou, Chinese mainland-based company halted its stock pending an announcement.

The proposed acquisition compares with Medtronic Inc's $816 million purchase of China Kanghui Holdings Inc last September, which was at a 22 percent premium to Kanghui's share price before the offer was announced.

"The higher premium should be justified as Trauson is China's largest orthopedic player, while Kanghui comes in second," Jason Siu, a Hong Kong-based analyst at OSK Investment Bank Bhd, said in a telephone interview.

"Stryker can take advantage of Trauson's lower production cost in China, and network of more than 663 distributors covering 3,840 hospitals in China," Siu said. He estimates that Trauson leads China's orthopedic market with a 5 percent share of sales in 2011, followed by Kanghui with 4 percent, and a unit of Shandong Weigao Group Medical Polymer Co with 3 percent.

Trauson made 67 cents profit on every dollar of revenue in the six months through June and gross margins averaged 71 percent since the first half of 2009, according to data compiled by Bloomberg.

"The acquisition of Trauson is a critical step toward broadening our presence in China and developing a value segment platform for the emerging markets through a well-established brand," Stryker Chief Executive Officer Kevin A. Lobo said in a statement.

The two medical device makers have had a relationship under a manufacturing agreement for instrumentation sets since 2007, Kalamazoo, Michigan-based Stryker said.

Trauson doubled in value last year after tumbling 52 percent in 2011.

Luna Group has agreed to tender 61.7 percent of Trauson's shares, Stryker said. The deal is expected to be neutral to Stryker's 2013 diluted earnings per share, excluding one-time acquisition-related charges, and to add to earnings after that, Stryker said. The transaction is slated to close by the end of the second quarter.

(HK Edition 01/19/2013 page2)

久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    国产色产综合色产在线视频| 一区二区三区波多野结衣在线观看| 久久精品国产亚洲a| 精品国产免费视频| 丁香啪啪综合成人亚洲小说| 综合网在线视频| 欧美日韩aaaaa| 久久精品国产一区二区三| 欧美激情一区二区在线| 91麻豆福利精品推荐| 丝瓜av网站精品一区二区| 欧美不卡一区二区三区| 不卡视频在线观看| 亚洲第一福利视频在线| 精品国产乱码久久久久久1区2区| a4yy欧美一区二区三区| 丝袜美腿亚洲色图| 国产丝袜美腿一区二区三区| 色婷婷综合久久久久中文一区二区| 天堂影院一区二区| 国产欧美一区二区三区鸳鸯浴| 91麻豆精品秘密| 蜜桃传媒麻豆第一区在线观看| 国产欧美一区二区精品仙草咪| 日本道精品一区二区三区 | 亚洲视频中文字幕| 欧美猛男超大videosgay| 精品一区二区精品| 亚洲三级在线免费| 精品国产一区二区亚洲人成毛片| 91在线视频在线| 蜜桃视频一区二区三区在线观看| 国产精品久久久久影视| 91精品国产综合久久精品app | 91亚洲精品久久久蜜桃| 免费观看在线综合色| 国产精品乱人伦中文| 4438x亚洲最大成人网| 成人性生交大片免费| 三级在线观看一区二区| 国产精品久久久久7777按摩| 日韩视频一区二区| 91成人在线免费观看| 国产精品影视在线观看| 日韩中文字幕91| 亚洲私人影院在线观看| 久久先锋影音av鲁色资源| 欧美日韩国产三级| jlzzjlzz国产精品久久| 国内不卡的二区三区中文字幕| 亚洲成人免费观看| 成人欧美一区二区三区白人| 26uuu另类欧美| 91精品中文字幕一区二区三区| 91首页免费视频| 国产酒店精品激情| 奇米影视一区二区三区| 亚洲一区二区三区不卡国产欧美 | 欧美激情一区二区在线| 日韩欧美一级特黄在线播放| 欧美视频三区在线播放| 成人精品国产福利| 黄色小说综合网站| 日韩经典一区二区| 亚洲一本大道在线| 中文字幕视频一区| 国产欧美日韩不卡| 久久这里只有精品首页| 91精品久久久久久久91蜜桃| 欧美中文字幕一区| 色综合久久久久综合体桃花网| 国产丶欧美丶日本不卡视频| 六月婷婷色综合| 日本在线观看不卡视频| 亚洲午夜精品网| 一区二区高清免费观看影视大全 | 日韩午夜激情av| 精品污污网站免费看| 色999日韩国产欧美一区二区| www.久久精品| 成人中文字幕在线| 国产91精品一区二区麻豆网站| 精品制服美女丁香| 久久www免费人成看片高清| 日韩激情av在线| 视频在线观看国产精品| 午夜久久福利影院| 同产精品九九九| 亚洲成av人**亚洲成av**| 亚洲激情男女视频| 亚洲精品成人天堂一二三| 欧美激情在线一区二区三区| 欧美激情一区二区三区蜜桃视频 | 亚洲视频一区在线| 亚洲欧洲日韩在线| 中文字幕视频一区| 亚洲人成精品久久久久久| 国产精品福利一区| 《视频一区视频二区| 亚洲素人一区二区| 一区二区三区 在线观看视频| 亚洲男人的天堂av| 一区二区视频在线| 亚洲高清免费观看高清完整版在线观看 | 不卡av在线免费观看| 972aa.com艺术欧美| 99国产精品久| 色激情天天射综合网| 欧洲日韩一区二区三区| 欧美日韩国产天堂| 日韩欧美一区二区在线视频| 欧美va亚洲va| 国产欧美日韩麻豆91| 国产精品灌醉下药二区| 亚洲精选一二三| 亚洲成人动漫av| 麻豆精品在线看| 国产在线播精品第三| 成人av资源站| 欧美亚洲综合另类| 欧美一区二区日韩一区二区| 精品久久国产字幕高潮| 国产欧美精品区一区二区三区 | 欧美日韩在线综合| 欧美一区二区黄色| 久久久久亚洲综合| 亚洲欧洲99久久| 图片区小说区区亚洲影院| 极品少妇xxxx偷拍精品少妇| 成人美女视频在线观看18| 日本精品一级二级| 欧美一区二区黄色| 国产女主播一区| 尤物av一区二区| 久久精品国产99| 国产99精品在线观看| 色成年激情久久综合| 日韩欧美一二三| 国产精品国产三级国产三级人妇 | 国产一区二区三区在线观看免费 | 亚洲一区二区成人在线观看| 免费看日韩精品| 不卡的电视剧免费网站有什么| 欧美视频在线播放| 久久久久久电影| 亚洲最快最全在线视频| 久久国产精品99久久久久久老狼 | 老司机精品视频导航| 成人免费视频一区| 欧美日韩国产成人在线免费| 精品国产伦一区二区三区观看方式| 国产精品久久99| 日韩精品久久久久久| 成人黄色av网站在线| 欧美精品黑人性xxxx| 欧美国产精品一区| 午夜精品福利一区二区三区蜜桃| 国产精品自拍三区| 欧美午夜理伦三级在线观看| 久久综合色婷婷| 亚洲综合精品自拍| 国产精品一区二区三区99| 在线中文字幕一区| 国产亚洲精久久久久久| 亚洲成人黄色小说| 成人sese在线| 日韩网站在线看片你懂的| 日韩美女精品在线| 精品亚洲porn| 欧美亚日韩国产aⅴ精品中极品| 久久亚洲综合av| 午夜激情综合网| jiyouzz国产精品久久| 精品日韩一区二区三区| 一区二区三区精品在线| 国产精品一二三四区| 欧美日韩国产免费| 亚洲欧美另类小说| 国产河南妇女毛片精品久久久| 在线电影欧美成精品| 亚洲精选在线视频| 风间由美一区二区三区在线观看| 6080国产精品一区二区| 亚洲男人天堂av| 国产成人啪午夜精品网站男同| 日韩亚洲欧美在线观看| 亚洲精品第1页| 成人av午夜影院| 国产亚洲一区二区三区四区| 视频在线观看国产精品| 在线观看三级视频欧美| 日本一区二区三区dvd视频在线| 日本欧美韩国一区三区| 91精品办公室少妇高潮对白| 欧美经典三级视频一区二区三区| 免费一级欧美片在线观看| 欧美性色黄大片| 亚洲精品欧美在线| 91在线一区二区| 国产精品私人影院|