Mega Genomics Eyes Hong Kong IPO To Ride Growing Popularity of Genetic Testing

The genetic testing company is looking to raise up to $33 million in a Hong Kong IPO as its services become popular in China Key Takeaways: Mega Genomics is looking to list about 11.9 million shares at HK$18-HK$22 apiece in Hong Kong on June 23 Although the company’s net profit didn’t grow last year amid pressure on margins, it remained profitable unlike listed competitors New Horizon Health and Burning Rock Biotech By Molly Wen Chinese consumers are increasingly keen to know what their genes tell about themselves. For Mega Genomics…

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FAST NEWS: Genetron’s Losses Grow as Covid Restrictions Hurt Business

The latest: Cancer-screening device maker Genetron Holdings Ltd. (GTH.US) said on Thursday its revenue grew 9.6% year-on-year in the fourth quarter to 146.9 million yuan ($23 million). Its loss for the period more than doubled to 165.3 million yuan from 73.2 million yuan a year earlier. Looking Up: The company had 58 hospital partners at the end of 2021, up nearly 50% from its 40 partners at the end of 2020. Such partners are crucial for a company like Genetron as they are often the final buyers and users of…

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I-Mab Co-founds a SPAC: What’s Up With That?

Vivere Lifesciences Acquisition Corp, a special purpose acquisition company co-founded by the U.S.-listed drug maker, has filed for a Hong Kong IPO Key Takeaways: Vivere Lifesciences Acquisition Corp., whose co-founders include U.S.-listed I-Mab, could become the first Hong Kong SPAC backed by a U.S.-listed Chinese company The SPAC is targeting Chinese or multinational companies with Chinese operations in the health sector By Fai Pui The Hong Kong Stock Exchange (0388.HK) took a major step this January by allowing special purpose acquisition companies (SPACs) to file for IPOs. Though off-limits to…

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FAST NEWS: JPMorgan Discloses Major Stake in New Horizon Health

The latest: JPMorgan disclosed it purchased 701,600 shares in medical products maker New Horizon Health Ltd. (6606.HK) on Jan. 19, raising its stake above the 5% threshold that requires it to disclose its holdings. However, the bank reduced its stake by 427,500 shares the next day, bringing its shareholding back below the 5% reporting threshold. Looking up: JPMorgan’s purchase marks a strong vote of confidence in New Horizon,  which issued a positive profit forecast in mid-January saying its revenue last year doubled. Smaller stock buyers will often take their cues…

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FAST NEWS: New Horizon Health Sees 2021 Revenue Tripling

The latest: New Horizon Health Ltd. (6606.HK) said it expects to post full-year 2021 revenue of 205 million ($32.3 million) to 217 million yuan, up 191% to 208% from the previous year, according to a profit alert issued on Friday after markets closed. Looking up: The company attributed the strong growth to two of its products that let people self-screen for colon cancer, “ColoClear” and “Pupu Tube.” Those two are expected to post revenue growth of up to 163.5% and 270.6%, respectively. Their gross profit margins were also expected to reach as…

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New Horizon Health Gets Booster with New Product Approval

Company says its UU Tube used to self-screen for stomach cancer has been approved by China’s health regulator Key takeaways: New Horizon Health says its first-of-its-kind UU Tube self-screening product for stomach cancer has been approved for sale in China Company is already frothily valued compared with peers, though sales from new device could bring that down to healthier levels By Tina Yip Think back to last February when a hot Hong Kong biotech IPO wowed investors with a story of big riches from its early colorectal cancer screening kits.…

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