Lei Jianping on July 11
Zhejiang Taimei Medical Technology Co., Ltd. (hereinafter referred to as "Taimei Medical") has recently passed the IPO filing of the China Securities Regulatory Commission.
Taimei Medical intends to issue no more than 134.5 million overseas listed ordinary shares and list them on the Hong Kong Stock Exchange.
Taimei Medical submitted a prospectus to the Science and Technology Innovation Board in December 2021, but failed to pass the IPO in March 2023 and finally chose to switch to Hong Kong stocks.
Taimei Medical once had a strategy of weighted voting rights, but with the sprint to the Hong Kong Stock Exchange, this strategy has been abandoned. And with the IPO filing this time, it also means that Taimei Medical has got the listing key.
9-month revenue of 410 million and loss of 300 million
Taimei Medical is a digital solution provider for the life science industry based on cloud computing and big data technology, and its products and services cover clinical research, pharmacovigilance, pharmaceutical marketing and other links.
With collaboration as its core concept, Taimei Medical creates a collaborative digital environment for pharmaceutical companies/sponsors, hospitals/clinical research institutions, third-party service providers (CROs, SMOs, central laboratories, cold chain logistics companies, etc.), doctors/researchers, patients/subjects and other parties in the industry chain.
During the reporting period, the company mainly sold self-developed SaaS products in the fields of clinical research, pharmacovigilance, pharmaceutical marketing, etc., and provided professional services in related fields based on the advantages of digital technology.
According to the prospectus, Taimei Medical's revenue in 2021 and 2022 will be 466 million yuan and 549 million yuan respectively; gross profit was 164 million yuan and 185 million yuan respectively; operating losses were 506 million yuan and 443 million yuan respectively; The losses during the period were 480 million yuan and 423 million yuan respectively.
Taimei Medical's revenue for the first nine months of 2023 was 410 million yuan, compared with 383 million yuan in the same period last year, and the gross profit was 124 million yuan, compared with 128 million yuan in the same period last year.
Taimei Medical's operating loss for the first nine months of 2023 was 294 million yuan, compared with an operating loss of 273 million yuan in the same period last year, and a loss of 269 million yuan for the period, compared with a loss of 256 million yuan in the same period last year.
Taimei Medical's main revenue comes from cloud software and digital service revenue, and Taimei Medical's revenue from cloud software in the third quarter of 2029 is 153 million yuan, accounting for 37.2%; Revenue from digital services was RMB256 million, accounting for 62.6%.
As of September 30, 2023, Taimei Medical had cash and cash equivalents of $516 million.
Tencent Jingwei Hillhouse Yunfeng is a shareholder
The executive directors of Taimei Medical are Zhao Lu, Ma Dong, Zhang Hongwei, Huang Yufei, Wan Bangxi, and Ni Xiaomei; The independent non-executive Directors are Dr. Jiang Xiao, Dr. Li Zhiguo and Feng Zhiwei. Ms. Tang Lili is Zhao Lu's wife.
Since its establishment, Taimei Medical has received many financings, including the completion of the C round of financing of 100 million yuan in 2017; In 2018, it completed the D round of financing of 300 million yuan, and in October 2019, Taimei Medical announced the completion of a total of 623 million yuan of E and E+ round of financing. The investment was led by Tiger Global Fund and Tencent, followed by SoftBank China, Morningside Capital, Kaifeng Ventures, SAIF Investment Fund, Zheshang Venture Capital, and Ivy Capital.
In October 2020, Taimei Medical announced the completion of a 1.07 billion yuan Series F financing, led by Tencent, Hillhouse Ventures, Yunfeng Fund, etc., followed by Morningside Capital, Matrix Partners China, Zheshang Venture Capital, SoftBank China, Kaifeng Ventures, Ivy Capital, Future Startup Fund, and Fanzhuo Capital.
Before the IPO, Zhao Lu held 17.29% of the shares; At the same time, Zhao Lu controls part of the company's shares through the shareholding platforms Shanghai Xiaotang, Shanghai Kunrui, Xinyu Haolin, Xinyu Shenkong, Xinyu Seven Samurai, Zhoushan Yijin, Xinyu Nuoming, Xinyu Xingmeng, and Soft Enterprise Management, accounting for about 16% of the company's total share capital. Zhao Lu controls a total of about 33% of the shares of Taimei Medical Technology.
Zhao Lu, male, born in 1978, graduated from the Department of Molecular Biology of Jilin University and the Department of Pharmacy of Shenyang Pharmaceutical University in 2000 with a bachelor's degree in biotechnology (technology), and worked as a technician in Shanghai Xinyi Pharmaceutical Co., Ltd. from August 2000 to March 2001; From March 2001 to April 2008, he served as a product manager in the oncology and biotechnology products department of Schering-Plough (China) Co., Ltd.; From April 2008 to January 2016, he served as a director and deputy general manager of Shanghai Home Credit Pharmaceutical Technology Co., Ltd.; Since January 2016, he has served as the chairman and general manager of the company.
Tencent holds 10.43% of the shares, Jingwei Venture Capital holds 9.38% of the shares, Wuyuan Chenxi holds 3.84% of the shares, Nanjing Kaiyuan holds 3.83% of the shares, Shanghai Xiaotang holds 3.78% of the shares, Northern Light Zhengyuan holds 3.77% of the shares, Shanghai Kunrui holds 3.6% of the shares, Xinyu Shenkong holds 3.38% of the shares, Suzhou Saifu holds 3.2% of the shares, Gongqingcheng Yuanxi holds 2.83% of the shares, Hangzhou Yangjian holds 2.8% of the shares, and Aochuan Bond holds 2.63% of the shares;
Xinyu Haolin holds 2.6% of the shares, Nanjing Kaitai holds 2.39% of the shares, Yunfeng Rui holds 2.38% of the shares and Zhuhai Fuheng holds 2.38% of the shares, Ningbo Softbank holds 2.32% of the shares, Northern Lights Hongyuan holds 2.15% of the shares, Suzhou Paiyi holds 1.63% of the shares, Chengdu SoftBank holds 1.6% of the shares, Kaifeng Taimei holds 1.37% of the shares, Changzhou Ivy holds 1.07% of the shares, and Zhoushan Yijin holds 1% of the shares;
Wuyuan Chenyu holds 0.75%, Kaifeng Zhide holds 0.71%, Xinyu Seven Samurai holds 0.67%, Jingwei Chuangbo holds 0.65%, Zheshang Venture Capital holds 0.6%, Wuyuan Qixing holds 0.59%, Jinjiao Langqiu holds 0.58%, Xinyu Xingmeng holds 0.45%, Soft Enterprise Management holds 0.43%, and Kaifeng Changyang holds 0.42%;
Sunrise Hsinchu and Hangzhou Qizhen hold 0.36% of the shares, Mr. Li holds 0.27% of the shares, Shenzhen SAIF, Nanjing SAIF and Huangshan SAIF hold 0.22% of the shares, Jiaxing SoftBank holds 0.18% of the shares, Ms. Jiang holds 0.16% of the shares, Xinyu Nuoming holds 0.15% of the shares, and Kaifeng Housheng, Qichuang Keyuan and Gongqingcheng Jingqiong hold 0.12% of the shares respectively.
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