Split again and again
1 Minimally invasive medical robots to be listed
On January 12, according to China Electronic News, Shanghai MicroPort Medical Robot (Group) Co., Ltd. has signed a listing guidance agreement with CICC, and plans to list on the Science and Technology Innovation Board.
Prior to this, in December last year, MicroPort Medical issued an announcement showing that it was considering a possible spin-off of the company's non-wholly-owned subsidiary MicroPort Medical Robot and its shares for independent listing on a recognized stock exchange.
According to the information on the official website, the minimally invasive medical robot was established in 2014, and its business covers five major courses: endoscopy, orthopedics, vascular intervention, natural cavity, and percutaneous puncture.
According to the 2020 semi-annual report of MicroPort Medical, in the first half of last year, the reportable segment loss of MicroPort Medical Surgical Robots business was US$2.309 million.
At present, 3 flagship products of minimally invasive medical robots Dragonfly Eye™ DFVision™ 3D electronic laparoscope, Toumai™ Toumai™ endoscopic surgery robot, Honghu™ Skywalker™ joint replacement surgery robot, have all entered the ** Drug Administration Innovation Medical Equipment Green Channel.
It is understood that, at present, Tianzhihang, a domestic orthopedic surgical robot company, has successfully landed on the Sci-tech Innovation Board and has become a "domestic surgical robot" stock. Minimally Invasive Medical is the second surgical robot company that plans to land on the Sci-tech Innovation Board after Tianzhihang.
According to data from Zhiyan Consulting, my country's surgical robot industry has maintained a relatively high growth rate in recent years. The market size of the surgical robot industry in 2019 was 619 million yuan, a year-on-year increase of 40.6%. The proportion of domestic surgical robots increased from 20.58% in 2016 to 52.16% in 2019.
However, there are still many problems to be solved in the field of surgical robots. According to the analysis of China Industry Information Network, the price of surgical robots is high, and surgical costs basically need to be paid by themselves. They have not been included in medical insurance, and their domestic penetration and utilization rates are still low.
In addition, the development of surgical robots in my country still faces disadvantages such as the price threshold for surgical robots to enter medical institutions, the high cost of robotic surgery, and the monopoly of intellectual property rights restricting the research and development costs of domestic surgical robots.
2 Minimally Invasive Medical has multiple spin-offs
In addition to the spin-off and listing of MicroPort Medical Robots, on January 6th, MicroPort Medical issued an announcement stating that regarding MicroPort Xintong Medical Technology Co., Ltd.'s proposed spin-off and listing, the company stated that qualified shareholders were on the record date (January 19) You can subscribe for 1 reserved share for every 200 shares you hold at 4:30 pm.
It is understood that on November 9th, MicroPort Medical issued an announcement stating that it proposed to spin off the company's subsidiary MicroPortCardioFlowMedtech Corporation (MicroPortCardioFlowMedtech Corporation) for independent listing on the main board of the Stock Exchange.
MicroPort Xintong is mainly engaged in the R&D, manufacturing and sales of devices for the treatment of valvular heart disease.
According to the 2020 semi-annual report of Minimally Invasive Medical, its heart valve product ——VitaFlow transcatheter aortic valve system, obtained the registration certificate and production license of the ** National Medical Products Administration in July 2019, and completed the first implantation after the market on August 28, 2019. The 2020 semi-annual report shows that the number of hospitals covered by the above system has increased rapidly after the launch, and some hospitals or departments are developed by Minimally Invasive Medical**.
In addition, in 2019, Minimally Invasive Medical also split the aortic and peripheral vascular intervention business-the subsidiary Xinmai Medical was listed on the Science and Technology Innovation Board.
According to the prospectus, Xinmai Medical ranks first in the field of aortic vascular interventional medical devices in my country. From 2016 to 2018, Xinmai Medical’s revenue was approximately 1.25 billion, 1.65 billion, and 2.31 billion, respectively, with a compound growth rate of 136%. Its main Arterial stent sales accounted for about 80% of total revenue.
Regarding the reasons for the split and listing, take MicroPort Xintong as an example. On November 9 last year, MicroPort Medical stated in an announcement that the reasons for recommending the spin-off of MicroPort Xintong are as follows:
(a) It will release the value of the spin-off company that is in a rapid growth stage, and realize its investment value in the spin-off group under the independent platform of the spin-off business;
(b) Separate the spin-off business from the retained business, so that shareholders and investors can separately evaluate the strategy, success factors, functional risks, risks and returns of the spin-off group and the group;
(c) The cost of business research and development is relatively high, and it takes some time for the product to complete clinical trials before it can be commercialized and begin to generate revenue. The spin-off allows the spin-off group to directly enter the capital market for equity and/or debt financing to fund the continued sales and marketing of its products;
(d) Enhance the image of the spin-off group and increase its ability to attract investors to invest in the spin-off group;
(e) It will enhance the operational and financial transparency of the spin-off company and improve the corporate governance of the spin-off company;
(f) It will enable the retained group and the spin-off group to conduct more concentrated development, strategic planning and better allocation of resources for their respective businesses.