HCC Healthcare Pte. Ltd. has signed a Business Combination Agreement (BCA) with RF Acquisition Corp III to pursue a listing on the Nasdaq Stock Market, a move that will transition the Singapore-based company into a publicly traded entity. The transaction assigns a pre-transaction equity value of approximately US$500 million to HCC Healthcare and is expected to close in the fourth quarter of 2026. This strategic merger aims to provide the capital necessary to accelerate the consolidation of HCC Healthcare's integrated medical and long-term care platform in Taiwan and facilitate expansion into the Japanese market.

Strategic Integration and Market Position

On a pro forma basis, HCC Healthcare and its network of affiliated and allied care providers will form one of the largest platforms for integrated medical and long-term care services in Taiwan. The network encompasses more than 120 long-term care facilities and over 9,000 beds. A key component of this ecosystem is a distinctive "hospital-within-an-eldercare-institution" model, which includes one of the largest caregiving institutions in the country with more than 1,300 beds. Operations are primarily concentrated in Northern Taiwan, a region representing approximately one-third of the country's population.

Operational Scope and Service Delivery

The Group provides a comprehensive range of services across its network, including medical transportation, medical consumables procurement, and medical and long-term care education. Additionally, it offers medical information and consulting services. HCC Healthcare also manages community- and home-based services, including case management for more than 7,000 individuals. The company's "one-stop" integrated care model is designed to coordinate medical care, long-term care, caregiver support, rehabilitation, hemodialysis, pharmaceutical services, infection control, nutrition, and social work within a single framework.

Growth Roadmap and Technology

HCC Healthcare has outlined a strategic growth roadmap focused on four priorities. The company plans to deploy a proprietary AI platform integrating spatial intelligence, causal inference, and multimodal clinical data to enhance decision support. It intends to expand into the Japanese market by leveraging existing infrastructure and the country's regulatory framework for regenerative medicine. The Group will also develop cross-sector partnerships with fitness and wellness operators and accelerate investment in precision and regenerative medicine, including AI-driven biomarker profiling.

Transaction Details and Advisory

The closing of the business combination is subject to the approval of RF Acquisition’s shareholders and the effectiveness of a Registration Statement on Form F-4 to be filed with the U.S. Securities and Exchange Commission (SEC). Bedrock Investment Private Limited is acting as strategic consultant to HCC Healthcare. EarlyBirdCapital, Inc. is serving as financial advisor to RF Acquisition. Legal counsel includes K&L Gates LLP for HCC Healthcare in the U.S., PricewaterhouseCoopers Legal for HCC Healthcare in Taiwan, and Winston Taylor LLP for RF Acquisition in the U.S.