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Noah Medical eyes Hong Kong IPO to expand China and Hong Kong push
The SoftBank-backed surgical robotics firm is seeking to raise more than US$100 million and said it plans to file its listing application as early as next year.
SoftBank-backed surgical robotics company Noah Medical has started preparations for a Hong Kong initial public offering as it looks to broaden its presence in mainland China and Hong Kong, according to SCMP Economy. The US-headquartered company targets raising more than US$100 million, and founder Zhang Jian said the firm plans to file its listing application as early as next year.
Zhang said Hong Kong is the “natural choice” for a listing because the city is an international financial center with a globally recognized stock exchange. SCMP Economy reported the company is aiming to support its China expansion while also leveraging Hong Kong’s fundraising market.
Noah Medical cited hospital customers tied to its medical device approvals. SCMP Economy said Sir Run Run Shaw Hospital is a target customer after China’s drug regulator approved the company in November last year, and that Prince of Wales Hospital in Hong Kong has purchased its equipment.
The firm also provided a snapshot of its current business mix, saying 90% of its revenue comes from the United States. SCMP Economy added that surgical robots have treated about 15,000 patients there.