Medical Cosmetic Manufacture IMEIK Goes Public, Raising CNY 3.57 Bn
IMEIK Technology Development Co, Ltd is an enterprise focusing on Hyaluronic Acid's research and development manufacture and sales (known as 'HA'). The company landed on China's Growth Enterprises Market (GEM) and issued 30.2 million shares at CNY 118.27 per share, accounting for 25.12% of the total 120 million shares. IMEIK Tech raised CNY 3.57 billion and CNY 3.44 billion for net proceeds.
The company has primarily anchored on HA-based products and other relevant medical cosmetology products. IMEIK's two peers: Bloomage (688363:SH) and Haohai Biological (688366:SH) – Bloomage builds a vertically-extending industry chain Haohai Biological covers a broad spectrum of the downstream segment. Moreover, IMEIK's most revenue growth has come from only one core product, 'Haiti.'
Compare to its peers, IMEK has not built a substantial technology moat but still very competitive in the market and is expected to grow at a middle-term period.
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