Eyebright (688050) landed on the Chinese Nasdaq as the first ophthalmic device maker.
The ophthalmic device maker hit the SSE Star Market at an issuing price of CNY 33.55. The market later fired the share price to a high point of CNY 233.55, an over 500% increase within the IPO day.
The company plans to use the public fundraising to develop advanced ophthalmic equipment and lenses and expand its capabilities to produce complementary products.
The Beijing-based startup focuses on developing high-value medical equipment in two primary areas: ophthalmologic surgeries and vision care. It established the optometry product line in 2019 and obtained a total of up to CNY 195 million revenue that year, an 160.9% increase from CNY 74.74 million in 2017.
The COVID-19 pandemic has caused a negative impact on the company's business. Since February 2020, most hospitals and clinics gradually suspended ophthalmic surgeries. Eyebright's major competitor Aier Eye Hospital (300015:SZ) experienced a slump amid the outbreak and now is bouncing to a higher per-share price level. As the tension loosens, the company sees a recovery in order and expects to reach the same level as 2019 Q2.