The rush to list on the HKEx continues. Microport Scientific medtech subsidiary MicroPort CardioFlow has revived plans to list that were delayed by the Covid-19 pandemic.
A specialist in transcatheter aortic valve implantation, the company had intended to float in the first quarter this year.
In a statement, MicroPort said that the spin-off would “unlock value” at a time when MicroPort CardioFlow was growing rapidly and would give shareholders “an opportunity to realise the value of their investment in the spinoff group under a separate standalone platform.”
The company posted a loss of Rmb192.6m (US$29.7m) for the first seven months of the year on revenues of Rmb48.8m.
Proceeds from the IPO will be used for R&D and to develop its products.
In April, the company raised US$130m from a pre-IPO round of funding.
JP Morgan, Citi and CICC are managing the deal.