Capital favors multiple policy support on the track——Analysis of the listing situation of my country's medical device companies in 2021

In recent years, with the support of a series of policies such as encouraging innovation and increasing domestic substitution, China's medical device industry has developed healthily and rapidly
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At the same time, the upsurge of listing of medical device companies in China continues to heat up
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According to the data of Zhongcheng Medical Device Research Institute, in 2021, the total number of listed medical device companies in China will reach 143, with a total market value of nearly 2.
59 trillion yuan.
The number of listed companies reached a new high that year
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The number of IPOs and the amount of funds raised have increased significantly.
According to the statistics of Zhongcheng Medical Device Research Institute, in 2021, there will be a total of 37 new listed companies of medical devices in China.
See Figure 1)
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In terms of A-shares, 482 new A-share listed companies in Shenwan’s 31 primary industries and 134 secondary industries, including 51 new companies in the biopharmaceutical sector, and new listed companies in the sub-industry medical devices are: 25, accounting for half of the new companies in the biopharmaceutical sector, and ranking third in the secondary industry, second only to special equipment and chemical products, which is 7 times the average number of listed companies in the secondary industry; in Hong Kong stocks, newly listed companies There are 12 medical device companies, 6 times the increase of last year, accounting for 40% of the current stock of medical device companies listed on the Hong Kong Stock Exchange
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In 2021, the IPO (initial public offering) of new medical device companies in China will raise funds of 59.
6 billion yuan, a year-on-year increase of 107%, of which A shares will be 25.
7 billion yuan and Hong Kong stocks will be 33.
9 billion yuan
.
The average amount of funds raised by corporate IPOs reached 1.
61 billion yuan, a year-on-year increase of 17.
4% (see Figure 2 for details)
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Investment enthusiasm continues to rise.
Statistics from Zhongcheng Medical Device Research Institute also show that in 2021, China's biopharmaceutical industry will generally perform steadily in the A-share market, with an increase of 112%; among them, the medical device sector has performed well, with an average increase of 185% for 25 newly listed companies.
%
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Judging from the dynamic price-earnings ratio data of newly listed companies in 2021, the biopharmaceutical industry maintains a consistent high quality and high valuation characteristics, which is favored by investors, and its sub-industry medical device valuation is as high as about 56 times
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Affected by the A-share listing policy, some unprofitable companies choose to list in Hong Kong
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According to Zhongcheng Medical Device Big Data, only 1 of the 12 medical device companies listed in Hong Kong in 2021 will be profitable
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Despite this, investors still have high investment enthusiasm for these companies.
All 12 companies have completed the top-level fundraising expectations.
The average amount of funds raised by corporate IPOs reached 2.
8 billion yuan, nearly three times the average amount of A-share funds raised
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The reason is that most of the above-mentioned companies focus on emerging high-tech, such as artificial intelligence medical treatment, precision and minimally invasive surgical robots, etc.
, and the development prospects are very broad
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For enterprises, obtaining financing means winning development opportunities, and how to improve R&D capabilities and seize market share is undoubtedly a huge challenge and problem
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The distribution pattern of listing is clear IVD is still the most popular According to the statistics of Zhongcheng Medical Device Research Institute, among the 37 newly listed companies, there are 17 in the field of in vitro diagnosis (IVD), and the number and proportion have increased significantly compared with the previous year.
Nano-microsphere materials, molecular diagnosis, POCT (on-site rapid detection), immunodiagnosis and many other sub-fields
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In addition, the proportion of listed companies in the field of cardiovascular intervention in 2021 will increase compared with the previous year; innovative companies in artificial intelligence-assisted medical care have also begun to emerge, and have entered the public eye one after another
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In 2021, the Science and Technology Innovation Board will add 20 new listed medical device companies, becoming the sector with the largest number of listed medical device companies; there are 12 medical device companies listed on the Hong Kong Stock Exchange, surpassing the Shanghai and Shenzhen main boards for the first time
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With the comprehensive advancement of the medical device registration system, medical device companies will usher in a broader space of choice; at the same time, the continuously improved information disclosure system and the increasingly strict delisting system will also put forward higher requirements for the company's own management system
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Jiangsu, Zhejiang and Shanghai account for more than half.
From the perspective of geographical distribution, there are 21 new listed medical device companies in the Yangtze River Delta, including 8 in Shanghai, 7 in Zhejiang, and 6 in Jiangsu; in addition, 6 new companies are added in Beijing, 4 in Guangdong, and 2 in Hunan.
There are 1 each in Henan, Shaanxi, Shandong and Hebei
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The company has entered a high-quality development track.
At present, under the background of the normalization of new crown pneumonia epidemic prevention and control, the medical device industry is developing rapidly
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Affected by the centralized procurement policy of medical devices, especially high-value consumables, corporate profits have been impacted in the short term, but the enthusiasm of investors remains undiminished, which fully shows that the implementation of the centralized procurement policy will promote competition in the medical device industry in the long run.
The reshaping of the pattern has put forward higher requirements for enterprise management capabilities, R&D innovation capabilities, and quality control capabilities, which is conducive to promoting the high-quality and healthy development of the industry
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According to the statistics of Zhongcheng Medical Device Research Institute, among the 25 companies that have submitted listing materials for review and have passed the meeting to be listed, there are 9 high-end companies in the field of cardiovascular intervention, which fully demonstrates the strong driving force of domestic substitution; Emerging companies in the United States and artificial intelligence-assisted medical services have entered the market one after another, gradually opening up new competitive markets; the number of IVD companies has decreased to only 2, indicating that the market structure in this field has initially formed, and research and development capabilities will become the key to enterprise development.

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(Contributed by Zhongcheng Medical Device Research Institute)