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蘇州貝康醫療
Suzhou Basecare Medical Corp
Nominal: 19.140 RT Quote
Open-offer-subscription Rate: 402.8x One Lot Success Rate: 10%
COMPANY PROFILE

Suzhou Basecare Medical Corp is an innovative platform of genetic testing solutions for assisted reproduction in China. Its PGT-A kit, which screens for aneuploidy, a chromosomal disorder frequently associated with implantation failure in in vitro fertilization, or IVF, in embryos prior to implantation, is the first and only third-generation IVF genetic test kit which has been approved by the NMPA.

The NMPA registration of its PGT-A kit, in February 2020, as a Class III "innovative medical device," marked the birth of a regulated third-generation IVF market in China in which it is, to date, the only approved kit maker.

The Group is developing two other pre-implantation genetic testing, or PGT, products, namely, PGT-M and PGT-SR kits, which, together with its PGT-A kit, would form a complete test kit lineup to occupy the PGT field. It is expected to obtain NMPA registration approval for these kits in 2022 and 2024, respectively.

In addition to its self-developed products, the Group also distributes DA8600, the only NGS sequencer approved by the NMPA for PGT, on which its test kits are designed to run, and a number of other test kits.

The Group sold a significant portion of products directly to hospitals and reproductive clinics. To a lesser extent, it also sold its genetic test kits to distributors, who in turn sell its products to hospitals and reproductive clinics.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHealth Care
Websitewww.basecare.cn
Board Lot500
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares66.67m H shares
No. of International Offer Shares60.00m H shares
No. of HK Offer Shares6.67m H shares
Offer Price$26.36 - $27.36
Nominal ValueRMB 1.00 each
Stock Code2170
Sole SponsorCLSA Capital Markets Limited
Joint Global CoordinatorsCLSA Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Hong Kong Securities Limited
Joint BookrunnersCLSA Limited, Citigroup Global Markets Asia Limited, Citigroup Global Markets Limited, China International Capital Corporation Hong Kong Securities Limited, Haitong International Securities Company Limited, CMB International Capital Limited, ICBC International Capital Limited, SPDB International Capital Limited
Joint Lead ManagersCLSA Limited, Citigroup Global Markets Asia Limited, Citigroup Global Markets Limited, China International Capital Corporation Hong Kong Securities Limited, Haitong International Securities Company Limited, CMB International Capital Limited, ICBC International Capital Limited, SPDB International Capital Limited, Futu Securities International (Hong Kong) Limited
TIME TABLE
Application PeriodJan 27 (Wed) - Noon, Feb 1 (Mon)
Price Determination DateOn or Before 5pm, Feb 1 (Mon)
Result Announcement DateOn or Before Feb 5 (Fri)
Dispatch of Shares and Refund ChequesOn or Before Feb 5 (Fri)
Dealings in Shares commence onFeb 8, 2021. (Mon)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveLIANG Bo (Chairman), KONG Lingyin, RUI Maoshe
Non-ExecutiveXU Wenbo, ZHANG Jiecheng, WANG Weipeng
Independent Non-ExecutiveKANG Xixiong, HUANG Taosheng, YU Kwok Kuen Harry
MAJOR SHAREHOLDERS
Director LIANG Bo34.25%
Zhongcheng Fangyuan Phase II5.70%
Hillhouse HK5.11%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue57,24355,68532,609
Gross Profit20,47726,2538,137
Pre-Taxed Profit(852,724)(530,570)(157,005)
Attributable Profit for the period(851,384)(531,336)(154,877)
* For the nine months ended September 30, 2020.
FY 2020 LOSS ESTIMATE (RMB)
Attributable Loss (not more than)880m
OFFER STATISTICS (HK$)
Offer Price$26.36 - $27.36
Capitalization (H Shares)$1,953m - $2,027m
Unaudited pro forma adj NAV / share$7.58 - $7.82
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $26.86, the net proceeds raised would be HK$1,684.7m, of which:
* $505.4m (30.0%) will be allocated to the Core Product, the PGT-A kit ;
* $336.9m (20.0%) to be used for the clinical trial, registration filing and commercialization of PGT-M kit ;
* $505.4m (30.0%) to be allocated to the development, clinical trials and registration filings of other products;
* $168.5m (10.0%) to be used for improving research and; development capabilities and enhancing technologies; and
* the balance of $168.5m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01951JXRup16.8600.1801.079%
02170BASECARE-Bdown19.140-0.520-2.645%
08622HUAKANG BIOMEDunchange0.0940.0000.000%
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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