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微創心通醫療科技
Microport Cardioflow Medtech
COMPANY PROFILE

Microport Cardioflow Medtech Corporation is a medical device company in China focusing on the research, development and commercialization of innovative transcatheter and surgical solutions for valvular heart diseases.

The Group's self-developed first-generation transcatheter aortic valve implantation (TAVI) product, VitaFlowTM, was approved by the NMPA in July 2019 and subsequently commercialized in China in August 2019. As of 17 Jan 2021, there were five approved or commercialized TAVI products in China, among which, VitaFlowTM is the first one utilizing bovine pericardium as valve tissue, according to Frost & Sullivan.

The Group also launched its first generation in-house developed AlwideTM balloon catheter and AlpassTM catheter sheath as part of the VitaFlowTM offering, making it the only medical device company in China that has a comprehensive offering of in-house developed complementary TAVI procedural accessories.

As of 17 Jan 2021, VitaFlowTM II was the only TAVI product developed in China that had commenced a clinical trial in Europe. In addition to TAVI products, the Group currently have five transcatheter mitral valve (TMV) pipeline products strategically targeting all mainstream viable transcatheter valve therapy(2) (TVT) options for mitral regurgitation through inhouse development and collaboration with its global partners, namely 4C Medical and ValCare, each being a medical device company focusing on the R&D of mitral and tricuspid valve medical devices.

As of July 31, 2020, the Group had sold 872 units of VitaFlowTM—an average of over 70 units per month in the first year of its commercialization. TAVI procedures using VitaFlowTM had been performed at over 145 hospitals in China, most of which are Class IIIA Hospitals located at tier-one and tier-two cities, including 18 of the Top 20 TAVI Hospitals.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHealth Care
Websitewww.cardioflowmedtech.com
Board Lot1,000
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares206m shares
No. of International Offer Shares185m shares
No. of HK Offer Shares20.56m shares
Offer Price$11.10 - $12.20
Nominal ValueUS$ 0.000005 each
Stock Code2160
Joint SponsorsJ.P. Morgan Securities (Far East) Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Hong Kong Securities Limited
Joint Global CoordinatorsJ.P. Morgan Securities (Asia Pacific) Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Hong Kong Securities Limited
Joint Bookrunners and Joint Lead ManagersJ.P. Morgan Securities (Asia Pacific) Limited, J.P. Morgan Securities plc, Citigroup Global Markets Asia Limited, Citigroup Global Markets Limited, China International Capital Corporation Hong Kong Securities Limited
TIME TABLE
Application PeriodJan 26 (Tue) - Noon, Jan 29 (Fri)
Price Determination DateOn or Before 5pm, Jan 29 (Fri)
Result Announcement DateOn or Before Feb 3 (Wed)
Dispatch of Shares and Refund ChequesOn or Before Feb 3 (Wed)
Dealings in Shares commence onFeb 4, 2021. (Thu)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveChen Guoming, Yan Luying, Wu Guojia
Non-ExecutiveLuo Qiyi (Chairman), Zhang Junjie, Wu Xia
Independent Non-ExecutiveJonathan H. Chou, Jiang Hualiang, Sun Zhixiang
MAJOR SHAREHOLDERS
Microport (00853)45.59%
CR Holdings (01911)8.10%
CICC Kangrui7.67%
Wang Zheng6.34%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue48,44021,502-
Gross Profit20,9856,302-
Pre-Taxed Profit(192,628)(144,522)(60,263)
Attributable Profit for the period(192,628)(144,522)(60,263)
EPS - Basic (RMB)(0.11)(0.08)(0.04)
* For the seven months ended July 31, 2020.
FY 2020 LOSS ESTIMATE (RMB)
Attributable Loss (not more than)400 m
OFFER STATISTICS (HK$)
Offer Price$11.10 - $12.20
Capitalization$26,265m - $28,867m
Unaudited pro forma adj NAV / share$1.35 - $1.44
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $11.65, the net proceeds raised would be HK$2,247.5m, of which:
* $674.2m (30.0%) to be allocated to our Core Product VitaFlowTM II ;
* $76.4m (3.4%) to be allocated to its first commercialized TAVI product, VitaFlowTM ;
* $606.8m (27.0%) will be allocated to the remaining products in its current product pipeline ;
* $337.1m (15.0%) will be used to fund the expansion of portfolio through collaboration with global enablers;
* $328.1m (14.6%) will be used to expand our production capacity and strengthen manufacturing capabilities for VitaFlow? and VitaFlow? II; and
* the balance of $224.7m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
00853MICROPORTdown48.300-1.200-2.424%
02160CARDIOFLOW-Bunchange14.5400.0000.000%
02500VENUS MEDTECH-Bup61.0000.6000.993%
09996PEIJIA-Bup25.8000.5502.178%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 13/04/2021 17:59
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