Shanghai-based heart implant maker mulls Hong Kong IPO

Microport Scientific Corp could raise about US$200m in a share sale.

Bloomberg reports that Shanghai-based medical device maker Microport Scientific Corp. is said to be mulling a Hong Kong IPO of its transcatheter aortic valve replacement business.

Also read: US biotech firms seeking larger valuations rush to Hong Kong

The company, which develops artificial valve implants to address the narrowing of the aortic valve opening, could raise about US$200m in a share sale.

If the company decides to push through with the listing, it will join a host of at least 16 other biotech firms lining up for an IPO after the bourse operator relaxed rules allowing biotech firms with no track record of profitability to list.

Also read: Goldman, Citi bankers abandon posts to cash in on biotech hype

The biotech sector was chosen as initial focus in widening market access as they make up a majority of companies in the pre-revenue stage seeking a Main Board listing and clinical trials tend to be highly regulated under the previous regime.

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