Equity· IPO

Zhejiang Gongdong Medical Technology’s IPO debut on Shanghai Stock Exchange today

minutes 2020/09/16 05:28:03

Sep 16, 2020 (China Knowledge) - Zhejiang Gongdong Medical Technology (605369) to start trading on the Shanghai Stock Exchange - Main Board today, at a public offering price of RMB 31.65 per share, raising RMB 633 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.99.

Zzhongtai Secutiries acted as the lead underwriter and sponsor for the IPO.

Earlier, Zhejiang Gongdong Medical Technology said its IPO was 7,495 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Zhejiang Gongdong Medical Technology Co Ltd is a China-based company principally engaged in the research and development, production and sales of disposable medical consumables. The Company's main products cover vacuum blood collection systems, laboratory testing consumables, body fluid collection consumables, medical care consumables and pharmaceutical packaging materials. Its products include disposable vacuum blood collection tubes, petri dishes, culture plates, cuvettes, pipette tips, disposable sterile sampling swabs, dispensers, dressing containers and others. The Company's products are applied in clinical diagnosis and nursing, scientific research and testing, pharmaceutical packaging and other fields. The Company distributes its products in the domestic market and to overseas markets, including many countries in North America, Asia, South America, Africa and Europe.

In financial year 2019, Zhejiang Gongdong Medical Technology garnered a total revenue of RMB 552.98 mln, up 15% YoY. In terms of net income, it achieved RMB 132 mln, up 33% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 30.43% and 22.71% respectively, earning per share (EPS) of 1.89 RMB.


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