Transaction Overview
Peijia Medical Limited (Stock code: 9996.HK) is successfully listed on the Hong Kong Stock Exchange on May 15, 2020. CMBI acted as Joint Bookrunner and Joint Lead Manager for this IPO.
Peijia focuses on the high-growth interventional procedural medical device market in China, and is a leading domestic player in each of the transcatheter valve therapeutic medical device market and the neurointerventional procedural medical device market in China. Peijia is one of the only four domestic players in the China market with transcatheter aortic valve replacement (“TAVR”) products at the clinical trial or more advanced stage, and ranked third in the China transcatheter valve medical device market in terms of the combined number of commercialized products and product candidates in the clinical trial stage; Peijia also ranked first among domestic players in the China market in terms of the combined number of commercialized products and product candidates in the clinical trial stage, and were the first domestic player to commercialize an embolization coil product in China according to Frost & Sullivan. Peijia has a comprehensive portfolio of interventional procedural medical device products and product candidates focusing on these two fields. As of the Latest Practicable Date, Peijia had developed six registered products, and had an additional 20 product candidates in various stages of development.
Peijia issued 152,511,000 shares (assuming the Over-allotment Option is not exercised) with offering price fixed at HK$15.36, and the offering size was approximately HK$2,343 million (assuming the Over-allotment Option is not exercised). A strong lineup of cornerstone investors for this offering which includes several key opinion leaders. 14 cornerstone investors committed to subscribe for a total of US$151m, representing 49.96% of the base deal size. The offering has received wide recognition from the market with the international tranche significantly oversubscribed. And HKPO tranche of Peijia was 1,184.41 times oversubscribed and has frozen over HK$ 260 billion in the market. As of the listing date, Peijia’s HKPO level is the highest in 2020 and is the highest of the Chapter 18 A biotech companies.
As the joint bookrunner of this transaction, CMBI fully leveraged distribution network and introduced many high-quality orders. from International Long Only funds, Healthcare Specialist funds and top tier Chinese Long Only funds and insurance funds, perfectly demonstrating CMBI's broad investor coverage and strong underwriting capability.
The listing of Peijia is the 11th IPO from CMBI since 2019 in healthcare sector, and this transaction has once again demonstrated the leading position of CMBI in this sector, especially in Chapter 18A.
Source: Prospectus and Company Announcement
About Peijia
Peijia focuses on the high-growth interventional procedural medical device market in China, and is a leading domestic player in each of the transcatheter valve therapeutic medical device market and the neurointerventional procedural medical device market in China. Peijia is one of the only four domestic players in the China market with transcatheter aortic valve eplacement (“TAVR”) products at the clinical trial or more advanced stage, and ranked third in the China transcatheter valve medical device market in terms of the combined number of commercialized products and product candidates in the clinical trial stage; Peijia also ranked first among domestic players in the China market in terms of the combined number of commercialized products and product candidates in the clinical trial stage, and were the first domestic player to commercialize an embolization coil product in China according to Frost & Sullivan.
Peijia has a comprehensive portfolio of interventional procedural medical device products and product candidates focusing on these two fields. As of the Latest Practicable Date, Peijia had developed six registered products, and had an additional 20 product candidates in various stages of development.
Source: Prospectus
