Taimei Technology has applied for listing on the Hong Kong Stock Exchange.
Taimei medical technology
Zhejiang Taimei Technology Co., Ltd., China's largest provider of digital solutions for life science R&D and marketing, recently submitted its prospectus, preparing for a listing on the Hong Kong Stock Exchange.
Taimei Technology previously submitted its prospectus to the STAR Market in December 2021, but its IPO did not pass the review in March 2023. Consequently, the company has chosen to shift its focus to the Hong Kong stock market. Taimei Technology had previously employed a dual-class share structure strategy, which has now been abandoned as it pursues listing on the Hong Kong Stock Exchange.
Taimei Technology is a provider of digital solutions for the life science industry based on cloud computing and big data technology, with products and services covering clinical research, drug safety monitoring, pharmaceutical marketing, and other areas.
During the reporting period, the company mainly sold self-developed SaaS products in the fields of clinical research, drug safety monitoring, pharmaceutical marketing, and provided professional services in related fields based on its digital technology advantages.
Between 2013 and 2019, Taimei Technology laid the foundation as one of China's first cloud-based life science SaaS solution providers through pharmaceutical R&D software. Since 2019, the company has upgraded its platform strategy and become the world's first company to launch a comprehensive platform-based digital solution in the life science field.
Currently, Taimei Technology is building a new generation of digital infrastructure to accelerate the research, development, and marketing of life science products such as innovative drugs and medical devices. As of September 30, 2023, the company has provided services to over 1,300 pharmaceutical companies and entrusted research institutions, covering 21 of the world's top 25 pharmaceutical companies and 90 of China's top 100 pharmaceutical innovation enterprises.
Taimei Technology's main revenue comes from cloud software and digital service revenue. In the third quarter of 2023, revenue from cloud software was CNY 153 million, accounting for 37.2%; revenue from digital services was CNY 256 million, accounting for 62.6%.
The prospectus shows that Taimei Technology's revenue for 2021 and 2022 was CNY 466 million and CNY 549 million respectively; gross profit was CNY 164 million and CNY 185 million respectively; operating losses were CNY 506 million and CNY 443 million respectively; and net losses were CNY 480 million and CNY 423 million respectively.
As of September 30, 2023, Taimei Technology held cash and cash equivalents of CNY 516 million.
Since its establishment, Taimei Technology has received multiple rounds of financing, including completing a CNY 100 million Series C financing in 2017, completing a CNY 300 million Series D financing in 2018, announcing the completion of a total of CNY 623 million in Series E and E+ financing in October 2019, and announcing the completion of a CNY 1.07 billion Series F financing in October 2020.