Pharmaceutical sales platform YSB Inc. has raised funds in multiple rounds since its establishment in 2015. The investors include DCM Ventures, H Capital, Green Pine Capital Partners, and Shanghai Fosun Pharmaceutical Group. According to the prospectus, the fund-raising via IPO is mainly used to build the online pharmaceutical platform, develop innovative business and R&D investments in data and AI.
The online pharmaceutical platform YSB Inc. (Chinese: 药师帮) submitted its listing application to the Hong Kong Stock Exchange on May 24.
According to the prospectus, YSB built an online platform to connect registered drug sellers and buyers. The company collects a certain percentage of transaction commission from the sellers according to their sales on the platform. In 2021, the Gross Merchandise Volume (GMV) of the third-party merchants was CNY 17 billion (USD 2.55 billion), with a compound annual growth rate (CAGR) of 28.7% since 2019.
YSB began to develop its self-operated business in 2019 and generate revenues from direct selling. In 2021, the company purchased and sold about 196000 stock-keeping units to downstream pharmacies and primary healthcare institutions on average every month. The GMV was CNY 10.5 billion in 2021, with a CAGR of 81.1% since 2019.
From 2019 to 2021, the revenue of YSB was CNY 3.25 billion, CNY 6.06 billion and CNY 10.09 billion, respectively, and the compound growth rate in the recent three years was 76.2%, the prospectus shows.
It is worth noting that the company has not made a profit yet. And the annual losses in 2019, 2020 and 2021 were CNY 1.05 billion, CNY 572 million and CNY 500 million, respectively.
CICC (Chinese: 中金公司) and Goldman Sachs (Chinese: 高盛集团) are joint sponsors of the offering.