The pipeline of mainland companies wanting to list in Hong Kong shows no sign of slowing down with cancer diagnostics company New Horizon Health just the latest to file to the HKEx.
The pioneer in China’s colorectal cancer screening market, the company’s ColoClear proprietary, non-invasive, multi-target, FIT-DNA test, is the first and only molecular cancer screening test that has been approved in China.
New Horizon Health was founded in 2015 by chief executive Yeqing Zhu, who has more than 20 years of senior management experience in Fortune 500 multinational companies and currently serves as a council member of the Cancer Foundation of China. The company’s chief scientific officer Yiyou Chen has six patents in the US and over 20 patent applications globally, while chief technology officer Ning Lu has over a decade of IVD development experience at multiple global companies, including Roche Diagnostics and Quest Diagnostics.
Last year the company reported a smaller net loss of Rmb106.5m (US$16.1m) thanks to revenues – and greater acceptance of its tests. Revenues almost tripled to Rmb58.3m.
Funds raised will be used for commercialisation, R&D and possible diversification.
Banks on the deal are Goldman Sachs and UBS.