By Ben Otto
Medlive Technology Co., an online medical information and marketing platform, is advancing plans for an initial public offering in Hong Kong, joining the growing list of Chinese healthcare-focused companies seeking to tap into bullish sentiment in the Asian financial hub.
The Beijing-based online platform intends to use the proceeds to expand its business, invest in technology and make strategic investments or acquisitions, it said in a filing to the Hong Kong bourse Tuesday. It didn't specify a timeline for the offering or the amount it planned to raise.
Medlive operates China's largest online platform for doctors by number of registered physician users, it said in a draft prospectus, citing industry consultancy Frost & Sullivan. Its users include some 2.4 million licensed physicians, who can use the platform to access content including research articles, clinical guides and drug references.
The company generates revenue primarily from marketing services to pharmaceutical and medical device companies using the platform. Its major shareholders include Tokyo-based M3 Inc., an online medical services provider and an affiliate of Sony Group Corp.
Medlive's listing plans come as a number of Chinese healthcare-focused startups are seeking to go public. Biotech companies Transcenta Holding Ltd., Brii Biosciences and Keymed Biosciences Inc. filed IPO documents this week. These filings come close on the heels of companies ranging from hair transplant specialist Yonghe Medical Group to teeth alignment company Angelalign Technology Inc., which raised about US$350 million in an IPO last week.
Medlive reported a net profit of 85.2 million yuan (US$13.2 million) in 2020 and CNY213.5 million revenue.
Goldman Sachs and Haitong International Capital are acting as joint sponsors for the planned IPO.
Write to Ben Otto at email@example.com
(END) Dow Jones Newswires