Cofoe Medical Technologies Files for GEM IPO on Shenzhen Stock Exchange

It is reported that the application by Cofoe Medical Technology Co., Ltd. (hereinafter referred to as “Cofoe” or the “Company”), a company in the home medical device sector, for an initial public offering and listing on the ChiNext Board was accepted by the Shenzhen Stock Exchange on July 20, 2020.

Cofoe Medical plans to issue 40 million shares in this offering, accounting for no less than 25% of the company’s total share capital after the issuance. The proceeds raised from this offering are intended to be invested in the construction of the Changsha Smart Health Monitoring and Medical Care Product Production Base, Phase I of the Xiangyin Intelligent Medical Industrial Park, and the R&D Center and Warehousing & Logistics Center, thereby strengthening its core competitiveness across R&D, production, and various segments of the industrial chain.

Cofoe Medical is a leading large-scale, comprehensive domestic enterprise specializing in home-use medical devices. The company is engaged in the research and development, manufacturing, sales, and service of home-use medical devices. Always guided by customer needs and user experience, Cofoe primarily sells its proprietary and distributed brands of home-use medical devices to consumers through diversified channels, including major e-commerce platforms such as Tmall, JD.com, Pinduoduo, and Vipshop, as well as chain pharmacies and offline self-operated stores. Its product portfolio covers five major categories: health monitoring, rehabilitation aids, respiratory support, medical nursing, and traditional Chinese medicine physiotherapy, including blood pressure monitors, nursing beds, infrared thermometers, nebulizers, and wheelchairs, thereby meeting consumers’ demand for multi-scenario, one-stop shopping.

ComeSource: Company Prospectus

According to the prospectus, the Company’s operating revenues for 2017–2019 were RMB 850.5113 million, RMB 1,087.0811 million, and RMB 1,462.0295 million, respectively, with year-over-year growth rates of 27.82% in 2018 and 34.49% in 2019. The net profits attributable to owners of the parent company, after deducting non-recurring gains and losses, were RMB 15.3698 million, RMB 62.2359 million, and RMB 105.4385 million, respectively. The specific composition of the Company’s revenue from principal operations is as follows:

Source: Company Prospectus

In 2017, Cofoe secured exclusive Series A financing from Huaige Capital; in 2019, it successively obtained funding from renowned firms such as Dingxin Taihe, Danlu Capital, and Fortune Venture Capital. This journey has witnessed Cofoe’s evolution into a highly competitive and influential enterprise within China’s home medical device industry, driven by R&D innovation, lean manufacturing, business expansion, industrial cluster development, and IPO planning.