MicroPort picks banks for Hong Kong IPO of heart valve unit

FILE PHOTO: A Chinese national flag (R) flies beside a flag of the Hong Kong Exchanges (HKEx) in Hong Kong April 15, 2015. REUTERS/Bobby Yip

MicroPort Scientific Corp. has selected Citigroup Inc. and JPMorgan Chase & Co. to arrange a separate listing of its heart valve replacement business in Hong Kong as soon as this year, said people familiar with the matter.

The company said in January it’s considering a possible spinoff of Shanghai MicroPort CardioFlow Medtech Co., which develops devices treating structural heart diseases, principally heart valve diseases. An initial public offering could raise about $200 million to $300 million, giving the business a valuation of about $1 billion, said the people, who asked not to be identified as the information is private.

A first-time share sale by MicroPort could come after Chinese biotech firm Innocare Pharma Ltd. raised $288 million in its Hong Kong IPO despite the worst stock market rout in more than 30 years. Shares of Innocare jumped as much as 16% on its Monday debut. The stock is trading on Wednesday at about 8% above its IPO price.

MicroPort CardioFlow Medtech, founded in 2015, aims to provide therapies for structural heart diseases, according to its website. Its area of focus involves transcatheter aortic valve replacement surgery, a minimally invasive procedure that implants an artificial valve without removing the old one.

Deliberations are ongoing and details of the share sale, including its timeline and size, could still change, the people said. Representatives for Citigroup and JPMorgan declined to comment, while a representative for MicroPort didn’t immediately respond to requests for comment.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.