Medical firm rises in gray

Finance | Staff reporter 19 Oct 2021

Staff reporter

China's MicroTech Medical (Hangzhou) (2235) closed 3.3 percent higher at HK$31.5 on Futu Securities' platform in the gray markets ahead of its trading debut today after once slumping more than 10 percent.

The diabetes device maker raised HK$1.82 billion after pricing its initial public offering at HK$30.5, above the midpoint of the indicative price range. The retail portion of the public sale was oversubscribed 5.8 times.

Founded in 2011, the company focuses on diabetes management, providing both diabetes treatment and diabetes monitoring medical devices in China as well as the global market. It has attracted 11 cornerstone investors for its offering. Among them, Tencent (0700) invested US$10 million (HK$78 million), holding about 0.6 percent of the shares.

In 2020, its core product Equil accounted for about 3 percent of the market for insulin pumps, a subset of the diabetes treatment medical device market, in China, while nearly 80 percent of the insulin pump market in China was still dominated by international brands, it said in a filing.

Meanwhile, Chinese pharmaceutical company SSY Group (2005) said it is considering spinning off its subsidiary Jiangsu Best New Medical Material, which is principally engaged in the manufacturing and sale of pharmaceutical products and medical materials, on a stock exchange in mainland China.

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