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Chinese startup Venus Medtech plans to raise $381 mn in HK IPO

Venus Medtech IPO

The company made the first transcatheter aortic valve implantation device to win CFDA approval

Chinese heart valve replacement maker Venus Medtech plans to raise $381 million in Hong Kong IPO next month, the South China Morning Post reported. The company is based in  Hangzhou. 

Earlier this week, Venus Medtech filed the paperwork with the Hong Kong Stock Exchange to proceed with its offering plans. It expects to price its 78.5 million shares between a range of HK$29 to HK$33 per share. Goldman Sachs, China International Capital Corporation, Credit Suisse and CMS will be acting as joint sponsors for the company’s IPO. 

Venus Medtech plans to use the proceeds from the IPO to commercialise its Venus A-Valve product, in addition to further research and development. 

The company won China FDA approval for its Venus A-valve device in April last year, making it the first transcatheter aortic valve implantation device to win CFDA approval. Venus Medtech had a market share of 79.3 percent in China last year owing to its transcatheter aortic heart valve replacement (TAVR) products. This product is a simple implant treatment for aortic valve disease. The company’s products are specially designed for transcatheter implantation.

However, the company reported a loss of 138.2 million yuan in the first five months of 2019, compared to 50.2 million yuan in the same period last year. 

The global transcatheter aortic valve market is expected to reach $10.4 billion in 2025 from $4.1 billion in 2018, according to a study by Frost & Sullivan. China’s TAV market is estimated to grow at a  CAGR of 65 percent from $28.7 million in 2018 to$956.6 million in 2025.

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