Hong Kong: Venus Medtech returns to HK for IPO

It’s back on in Hong Kong. After abandoning plans for IPO in Hong Kong last year in favour of the bright lights of Shanghai’s Nasdaq-style STAR Market, Venus Medtech has now filed once again for an IPO in Hong Kong.

The Hangzhou-based, transcatheter heart valve company has an almost 80% market share and a comprehensive product pipeline covering all four heart valves, as well as a robust intellectual property portfolio with 177 issued patents and 202 patent applications.

For the first five months of this year Venus Medtech posted a loss of Rmb138.4m (US$19.7m) on revenues of Rmb86.2m. In 2018 it had a loss of Rmb300.5m on revenues of Rmb115.3m.

Funds raised will be used to commercialise and launch new products.

The company has raised US$62m in four rounds of funding since 2013, according to Crunchbase.

Joint sponsors are Goldman Sachs (which led the firm’s venture round in March 2016), CICC, Credit Suisse and CMS.