Domestic Medical Imaging Giant United Imaging Healthcare Files for IPO

Healthcare Author: Manyu Zhang Editor: Yiru Qian Apr 19, 2022 10:30 PM (GMT+8)

If successful, the STAR Market will usher its largest IPO valued over CNY100 billion since 2022

Medical imaging

United Imaging Healthcare (Chinese:联影医疗) has been accepted for listing on the Science and Technology Innovation Board (also known as the STAR Market) on April 15. According to public information, it plans to raise CNY 12.48 billion (USD 1.96 billion) in this IPO.

The proceedings would be used for research and development, industrialization of premium medical imaging equipment, marketing and other projects, the company said.

Founded in 2011 and headquartered in Shanghai, United Imaging Healthcare is committed to providing global customers with high-performance medical imaging equipment, radiation therapy products, life science instruments and medical digital and intelligent solutions. Both of the co-founders, Dr. Zhang Qiang and Dr. Xue Min. are alumni of Case Western Reserve University and experts in medical imaging equipment.  

By the end of 2021, the company has launched more than 70 products, including magnetic resonance imaging systems (MR), X-ray computed tomography (CT), X-ray imaging systems (XR), molecular imaging systems (PET/CT, PET/MR), medical linear accelerator systems (RT) and life science instruments.

Previously, the company has completed 3 rounds of financing in 2017, 2018 and 2020 respectively, with investors including SDIC Fund, China State-Owned Capital Venture Capital Fund, CICC and CITIC Securities. 

 According to the prospectus, the demand for the company’s imaging diagnostic products related to COVID-19 detection has increased rapidly in 2020 due to the epidemic, significantly boosting its revenue to CNY 5.76 billion. Meanwhile, the company turned losses into profits with a net profit of CNY 937 million.

The main competitors of United Imaging Healthcare include GE Healthcare, Siemens (SIEGY:OTCMKTS), Philips (PHG:NYSE), Wandong and Mindray (300760:SZ).