Chinese medical imaging OEM raises $1.6B on first day of trading
United Imaging Healthcare of Shanghai just became the seventh Chinese company this year to enjoy an IPO topping $1 billion—and the third best-performing of the bunch.
Multiple major outlets are following the development.
The Wall Street Journal reports the company plans to use the fresh monies to “fund its research and development of next-generation products, including high-end medical imaging equipment.”
Noting that UI counts among its clients the top 10 medical centers in China, Bloomberg suggests the company is drawing from that strength to buck market trends: “Fundraising through IPOs for Chinese healthcare companies has become more challenging in 2022 due to uncertainties that include the adjustment to the national drug approval policy, with growth rates for the sector slowing down.”
Reuters comments that investors seem to have “pinpointed the diagnostic imaging device manufacturer as a safe haven amid gloomy prospects for growth in the country.”
Law 360 headlines its coverage “Medical Imaging Startup Soars In Shanghai After Smash IPO.”
For its own part, United Imaging states in an Aug. 22 announcement that, by the end of last year, it had launched more than 80 products in more than 40 countries.
United Imaging chairman and CEO Al Zhang says the company will “seize this opportunity, adhere to the philosophy of putting customers and patients first and focus squarely on innovation and core technologies to ensure we remain an innovation and technology-driven, future-oriented, well respected high-tech company, and become a world-leading provider of high-end medical equipment and services.”
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.