Healthcare Author: Mengyao Zhang Jul 30, 2020 01:43 PM (GMT+8)

Eyebright (688050) landed on the Chinese Nasdaq as the first ophthalmic device maker.

Contact lenses are increasingly popular. Image credit: Hubble/Unsplash

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.