Two heavy news hit the medical equipment circle: one from A shares | one from H shares

February 26 2018 February 24, two heavy news at the same time hit the medical equipment circle, one from A shares, one from H shares.

In the "China Securities Regulatory Commission on February 23 disclosure of the '2018 initial public offering of shares to terminate the list of companies', the domestic medical instruments Faucet enterprise Shenzhen Mindray Biomedical Electronics Co., Ltd. impressively in the column.

Mindray has embarked on an A-share capital market since the delisting of the NYSE in the United States, and the prospectus for Mindray IPO was disclosed on the SFC website in late May last year, followed by the termination of the review.

IPO queuing companies to terminate the review, the initiative to withdraw the application and termination, but also forced to terminate; specific reasons are varied, including: performance, compliance, finance and other issues, the company's ownership structure changes, strategic adjustment, or Listing program adjustments, failure to respond regularly, and failure to update filings promptly to automatically terminate financial information expired, etc. Even extreme points, such as individual marriages of issuers shareholders, can lead to the cessation of censorship.

And the end of last year, the Commission of the issuance of a new issuance examination committee, IPO auditing standards tightening tightening.Securities and securities Commission in the issuance of regulatory issues, to further clarify the initial public offering of the application documents documented in the financial information has been Companies that are valid and not renewed within three months of the expiration date will be censored, a regulation that is believed to be or will result in a change in the number of companies under IPOs.

The cessation of the review also does not mean that from here and A stocks missed .Can prepare for IPO material comeback, you can land through mergers and acquisitions or backdoor listing of A shares .Of course, you can also abandon the A shares, the choice of H shares and other listed.

At present, it is not clear, Mindray termination of the review what is the case? Because of termination? Is affected by the Commission's IPO rules affect the new? What future plans?

In 2017 and 2018, it is the year of IPOs in the pharmaceutical industry. A large number of pharmaceuticals and medical equipment companies are lined up to land on A-shares. Among them, one has successfully passed the examination and the IPO has been vetoed, with the suspension of censorship And terminate the review.

Busy medical companies listed IPO and pharmaceutical companies through the difficult, but also became the A-share two major phenomenon, triggering hot.

Beijing News reported that it had checked the IPOs of pharmaceutical companies from January 1, 2017 to January 17, 2018, and whether 11 IPOs were filed and 14 terminated their census.

IPO is the list of enterprises, medical equipment circle include: steady health care, safety technology, Lei Du life sciences, Aiwei technology, Hong Kong-Group, Lily Medical.

In the list of enterprises that have been censored, the medical equipment circle includes: Wante Biological, Lanyi Technology, Kangji Medical, Cloud Clone Technology, Yicheng Biological and Kehui Medical.

Coincides with the tightening SFC audit tightened, in 2018, the termination of the medical device IPO review, rejected or more, IPO pass rate reduced to normalcy.

Medical device companies in the pass A-share outside, but also need to open more other financing channels.

On February 23, 2018, the Hong Kong Stock Exchange introduced specific details of the "Listing Rules" reform. It will introduce a new three chapters that will allow biotech issuers and diversified voting rights companies that have not yet passed any financial qualification test of the Main Board to go public in Hong Kong, And the newly established convenience secondary listing channel to accommodate Greater China and overseas companies to Hong Kong for the second listing.

HKEx is about to usher in the "25 years of the most significant reform of the listing system," and this reform has greatly favored domestic medical device companies.

According to the new rules of the Hong Kong Stock Exchange, biotech companies failing to pass the financial eligibility test include companies that have no record of earnings or earnings.

The requirements of the clinical trial period are: the product has passed the first phase of clinical trials, the competent authority also agreed or not opposed to the second phase of clinical trials.

In addition, the HKEx stipulates that biotech companies listed in Hong Kong are expected to have a market capitalization of not less than HK $ 1.5 billion. They must have been engaged in existing businesses for a minimum of two fiscal years prior to listing, and fundamental changes in their core businesses must be approved by the Stock Exchange .

And its definition of biotechnology is included drug , Medical equipment (including diagnostic equipment), including.

Hong Kong Stock Exchange's new regulations given biotechnology companies listed on the eligibility

In contrast, the threshold of the H-shares on the H-shares registered by medical device enterprises is not high, which is relatively easy for most high-growth enterprises to achieve.

Medical equipment companies in the early stages of development or product development, you can seek listing, coupled with a rich global investor resources, and a more flexible than the A withdrawal mechanism, a shorter return on investment in the Hong Kong Stock Exchange After the new regulations were officially released, the Mainland innovative type including medical devices medicine Companies listed in Hong Kong enthusiasm or going high.

Viagra, minimally invasive, etc., H shares medical enterprises have to blossom everywhere?