Shanghai HeartCare Medical Files for Hong Kong IPO, Focused on Stroke Intervention Market

　Source: Zhitong Finance Network

According to the disclosure by the Hong Kong Stock Exchange on January 27, Shanghai HeartCare Medical Technology Co., Ltd. (hereinafter referred to as “HeartCare”) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs,China International Capital Corporationserve as its joint sponsor.

The prospectus shows that HeartCare is a neurointerventional medical device company in China, with a portfolio of 23 commercialized products and products under development. The portfolio ranges from the treatment and prevention of ischemic stroke (including acute ischemic stroke and intracranial stenosis) to the treatment of hemorrhagic stroke. Its main core product is Captor.TMThrombectomy Devices and LAA Occluders. According to Frost & Sullivan, CaptorTMThe thrombectomy device is the first multi-point radiopaque thrombectomy stent approved by the NMPA in China.

Furthermore, the Company expects to commercialize nine of its late-stage pipeline products in 2021, and to commercialize ten of its early-stage pipeline products between 2022 and 2025, including the world’s first rapamycin-coated intracranial drug-eluting balloon catheter for intracranial stenosis.

According to Frost & Sullivan, in 2019, the number of stroke patients in China reached 14.8 million (including 11.9 million patients with ischemic stroke and 2.9 million patients with hemorrhagic stroke), and the annual incidence of ischemic stroke reached 2.3 million. On the other hand, the penetration rate of neurointerventional procedures in China is relatively low compared to that in developed countries.

For the nine months ended September 30, 2019 and September 30, 2020, the Company’s net loss increased from RMB62.5 million to RMB67.7 million (in Renminbi, unless otherwise stated); from December 31, 2019 to September 30, 2020, the Company’s total assets increased from RMB91.3 million to RMB375.8 million; and from December 31, 2019 to September 30, 2020, the Company’s total liabilities increased from RMB10.2 million to RMB106.6 million.

Responsible Editor: Lu Yujun