Hillhouse Investment has acquired an approximately 17% stake in Hong Kong-listed Modern Dental Group for about HK$935 million ($120 million), according to a recent exchange filing.
The Asian private equity major, via its fifth fund, purchased 161.2 million shares at an average price of HK$5.80 each, the filing said.
Modern Dental’s shares rose 16.05% on Monday (Jan. 26) following the news of the deal. The company now commands a market cap of about HK$5.6 billion ($913 million).
The group is a global dental prosthetics provider, distributor and consultant, offering a one-stop-shop service to more than 35,000 customers across over 28 countries, including Europe, North America, Greater China, Australia and Southeast Asia, per its website. Its product portfolio spans three core segments: fixed prosthetics such as crowns and bridges; removable prosthetics including dentures; and other dental devices, including orthodontic products, clear aligners, sports guards and anti-snoring devices.
In the Asia-Pacific, healthcare private equity deal value reached a record in 2025, exceeding the previous 2021 peak by more than 30% despite a slowdown in the second quarter, according to a Bain & Company report. While biopharma and provider assets continued to account for the bulk of deal value, activity also picked up in medtech and healthcare IT.
Provider and hospital transactions remained a core theme, with deal value expected to double from about $5 billion in 2024 to more than $10 billion for full-year 2025. Exit value in the region also increased by more than 20%, alongside a roughly 6% rise in exit volumes.
