Microport Cardioflow Medtech
Open-offer-subscription Rate: 769x One Lot Success Rate: 7.5%
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.
| Market | Hong Kong (Main Board) |
| Business Nature | Health Care |
| Website | www.cardioflowmedtech.com |
| Board Lot | 1,000 |
| Registrar & Transfer Office | Computershare Hong Kong Investor Services |
| No. of Offer Shares | 206m shares |
| No. of International Offer Shares | 185m shares |
| No. of HK Offer Shares | 20.56m shares |
| Offer Price | $11.10 - $12.20 |
| Nominal Value | US$ 0.000005 each |
| Stock Code | 2160 |
| Joint Sponsors | J.P. Morgan Securities (Far East) Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Hong Kong Securities Limited |
| Joint Global Coordinators | J.P. Morgan Securities (Asia Pacific) Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Hong Kong Securities Limited |
| Joint Bookrunners and Joint Lead Managers | J.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 |
| Application Period | Jan 26 (Tue) - Noon, Jan 29 (Fri) |
| Price Determination Date | On or Before 5pm, Jan 29 (Fri) |
| Result Announcement Date | On or Before Feb 3 (Wed) |
| Dispatch of Shares and Refund Cheques | On or Before Feb 3 (Wed) |
| Dealings in Shares commence on | Feb 4, 2021. (Thu) |
| Times of HK Offer Shares Subscription | 15X - 50X | 50X - 100X | Over 100X |
| % of total shares reallocated to HK Offer | 30% | 40% | 50% |
| Executive | Chen Guoming, Yan Luying, Wu Guojia |
| Non-Executive | Luo Qiyi (Chairman), Zhang Junjie, Wu Xia |
| Independent Non-Executive | Jonathan H. Chou, Jiang Hualiang, Sun Zhixiang |
| Microport (00853) | 45.59% |
| CR Holdings (01911) | 8.10% |
| CICC Kangrui | 7.67% |
| Wang Zheng | 6.34% |
| (Year ended Dec 31) | |||
| 2020 * | 2019 | 2018 | |
| Revenue | 48,440 | 21,502 | - |
| Gross Profit | 20,985 | 6,302 | - |
| 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. | |||
| Attributable Loss (not more than) | 400 m |
| Offer Price | $11.10 - $12.20 |
| Capitalization | $26,265m - $28,867m |
| Unaudited pro forma adj NAV / share | $1.35 - $1.44 |
| 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. |
| 04/02/2021 16:08 |
| {New Stock}CARDIOFLOW-B(02160) ends up 54.26% at HK$18.82 |
| 04/02/2021 09:20 |
| {New Stock}CARDIOFLOW-B(02160) opens up 76.23% at HK$21.5 |
| Code | Name | Nominal | Change | %Change | |
| 00853 | MICROPORT |  | 49.200 | 0.900 | 1.863% |
| 02160 | CARDIOFLOW-B | | 14.620 | 0.080 | 0.550% |
| 02500 | VENUS MEDTECH-B | | 62.000 | 1.000 | 1.639% |
| 09996 | PEIJIA-B | | 26.500 | 0.700 | 2.713% |
| 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: 14/04/2021 10:19 |
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