IPO | Baixinan-B will start offering shares now and is expected to be listed on December 23

Futu News, December 13, this Monday$BIOHEART-B (02185.HK)$ The announcement was announced that it will issue 239.37 million shares from December 13 to 16. The company plans to issue 239.37 million shares, including a public sale of 2.394 million shares and an international sale of 21.543 million shares, with an issue price of HK$21.25-24.79 per share, and 500 shares per lot. It is expected to be listed on December 23.

The company issued shares in mid-November this year and was originally scheduled to go public on November 26, but on the eve of the listing, it was decided to delay the listing schedule and return the shares applied for the Hong Kong public sale.

Established in 2014, Baixinan is a leading innovative interventional cardiovascular device company in China. It focuses on fully degradable stents (BRS) and renal nerve block (RDN) treatments to address the unmet medical needs of Chinese patients in coronary and peripheral artery disease and hypertension.

As of the last practical date, the company has a core product and eight other pipeline products under development. The core product, BioHeart, is a self-developed BRS system used for percutaneous coronary intervention, and according to Frost & Sullivan's data, it is expected to become the world's first second-generation fully degradable stent system approved by regulation based on the results of multi-center randomized controlled clinical trials.

In terms of financial status, the company currently has no products approved for commercial sale, and did not generate any revenue from product sales during the track record period. From 2019 to 2020, the company's R&D expenses were RMB 21.53 million and RMB 245 million, while R&D expenses for the first six months of 2020 and 2021 were RMB 12.124 million and RMB 120 million, respectively. Net losses for the same period were 237.19 million yuan, 340 million yuan, 136.45 million yuan, and 228 million yuan, respectively.

On the industry side, in the percutaneous coronary intervention device market in China, the growth trend of fully degradable stent products is more prominent. The market size is expected to grow from RMB 200 million in 2019 to RMB 6.6 billion in 2030, with a compound annual growth rate of 38.5%.

In 2019, the market size of fully degradable stent products in China accounted for about 2.6% of the total market size of stents used in percutaneous coronary intervention in China; this figure is expected to increase to about 77.2% by 2030.

In terms of financing, the company plans to use the net proceeds from the sale of shares for the following purposes: about 90% will be used to develop and commercialize the company's core product Bioheart® and the company's other major products under development; and about 10.0% will be used for general corporate and working capital purposes.

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