On June 5, the IPO review status of Sichuan Jinjiang Electronic Medical Device Technology Co., Ltd. (referred to as: Jinjiang Electronic) on the Shanghai Stock Exchange was changed to "Terminated."At the same time, the Shanghai Stock Exchange announced: Due to Sichuan Jinjiang Electronic Science and Technology Co., Ltd. and its sponsor withdrawing their application for issuance and listing, the review of its issuance and listing has been terminated in accordance with the relevant provisions of Article 63 of the "Shanghai Stock Exchange Stock Issuance and Listing Review Rules."Jinjiang Electronic is an old startup enterprise in China's medical device industry.
The reason it is called "an old brand" is that the company's prospectus disclosed its establishment date as January 24, 2002, which was 22 years ago.However, as of June 2023 when applying for the STAR Market listing, the company was still in a loss-making state and adopted the fifth set of listing standards designed for unprofitable enterprises.
In this sense, it is another start-up enterprise.Jinjiang Electronic is an innovative medical device company that focuses on the research, development, production, and sales of diagnostic and ablation medical devices in the field of cardiac electrophysiology.As a pioneer in China's cardiac electrophysiology industry, the company continuously innovates its technology matrix and expands its product lines, establishing seven core technology platforms: a simulation and validation technology platform, a medical electronics technology platform, a mapping and navigation technology platform, a radiofrequency ablation energy technology platform, a pulsed electric field ablation energy technology platform, a catheter technology platform, and a system integration technology platform.According to public information, Jinjiang Electronic is one of the few companies in China with a complete range of cardiac electrophysiology products, capable of providing a full suite of equipment and consumables required for the entire process of cardiac electrophysiology surgeries, including "mapping, modeling, ablation, and validation."The company's core product, LEAD-Mapping® Cardiac Electrophysiology 3D Mapping System, was approved in December 2022 and is currently in the early stages of commercialization. In addition, according to the prospectus, several of the company’s core products are in the clinical or registration application stages.In terms of operating revenue, Jinjiang Electronic achieved revenues of RMB 41.339 million, RMB 60.6159 million, and RMB 59.159 million in 2020, 2021, and 2022 respectively, with net profits of RMB 24.725 million, -RMB 16.5897 million, and -RMB 1.0424 million respectively.In terms of commercialization efficiency, Jinjiang Electronic is much lower than its peer company in the electrophysiology industry, Huitai Medical.
According to the prospectus, in the first half of 2023, the per capita revenue generated by sales personnel of Jinjiang Electronic was 438,000 yuan, only about 20% of that of惠泰医疗, but the per capita reimbursement amount was nearly 1.5 times that of 惠泰医疗.
Jinjiang Electronic's shareholder lineup includes well-known listed companies and leading investment institutions in China.
According to the announcement by A-share listed pharmaceutical company Salubris on January 17, 2018, the company acquired 12% equity of Jinjiang Electronic for 48 million yuan using its own funds. Meanwhile, it invested an additional 40 million yuan into Jinjiang Electronic.As of the IPO filing date, Salubris holds approximately 16.68% of Jinjiang Electronic's shares.At the end of 2021, Jinjiang Electronic successfully completed a financing round of several hundred million RMB in its Series A round, which was invested by Gaoling Venture Capital.According to the previous IPO plan, Jinjiang Electronic planned to raise 2.691 billion yuan. If the IPO is successful, the market value after issuance will exceed 10 billion yuan.Pharmaceutical ResearchReportShare CampCollect and Share Mainstream Pharmaceutical Research Reports in the Entire Market
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