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Assure Tech Lists on STAR Market, Raises $188 Million

Stock MarketsNov 18, 2021 12:15AM ET
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By Gina Lee – Assure Tech (Hangzhou) Co. Ltd. debuted on the Shanghai Science-Tech innovation board (STAR market) on Thursday, raising CNY1.2 billion ($187.95 million) in the process.

Shares jumped 19.28% to CNY93.37 as of 11:59 AM ET (4:59 AM GMT), after trading as high as CNY96.8 earlier in the session.

The Chinese company priced the 15.33 million shares on offer at CNY78.28 per share, and Minsheng Securities Co. Ltd. was the sponsor.

Assure Tech focuses on the development, production, and sales of POCT reagents and instruments, and has a biological raw material technology platform for the independent development and production of antigens and antibodies. The company’s products include different types of reagents, including a drug detection reagent, infectious disease detection reagent, pregnancy detection reagent, tumor detection reagent, heart muscle detection reagent.

According to the prospectus, the proceeds raised will be used to make a total of 300 million Class II and III medical devices, in vitro diagnostic reagents, instruments, and ancillary products; intelligent technical transformation project of in vitro diagnostic reagents and POCT instruments production; technology R&D center upgrade construction project; marketing and service network system construction project; and supplementary operating capital.

Assure Tech’s R&D expenses, however, are currently less than 8% of its revenue. From 2017 to 2020, the R&D expenses ratio of R&D expenses to revenue was 7.09%, 7.42%, 7.72%, and 4.87%, respectively.

Meanwhile, Assure Tech’s operating revenues from 2017 to 2020 were CNY111 million, CNY164 million, CNY210 million, and CNY1.2 billion respectively. Net profits were -CNY5.86 million, CNY33 million, CNY54 million, and CNY649 million, respectively.

Assure Tech Lists on STAR Market, Raises $188 Million

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