Chinese cancer screening firm New Horizon Health said to pick banks for IPO

New Horizon Health Ltd., a Chinese maker of home test kits for colon cancer, has picked Goldman Sachs Group Inc. and UBS Group AG to arrange its planned initial public offering in Hong Kong, according to people familiar with the matter.

The seven-year-old company is considering raising about $300 million from the share sale, said the people, requesting not to be named because the matter is private. The startup, which counts Qiming Venture Partners and Duke Management Co. among its investors, aims to kick off the share sale as soon as the third quarter, one of the people said.

The Covid-19 epidemic is spotlighting inadequacies in China’s healthcare system, spurring investor interest in companies focusing on improving everything from cancer detection to drugs and online diagnosis. New Horizon Health is set to join firms like WeDoctor in targeting an IPO this year even as travel restrictions have made due diligence in mainland China difficult.

New Horizon Health detects colon cancer by allowing users to ship stool samples back to its laboratory after using its home test kits. Founded by Zhu Yeqing, a former GE Capital executive, the company’s investors also include Fountainvest Partners and Legend Capital, according to its website.

Last month, the startup raised $20 million in a series-D funding round led by private equity firm Omniscience Capital and Exome Asset Management LLC. The company has raised more than $130 million in total.

Details of New Horizon Health’s offering including size and timeline could change as deliberations are still at an early stage, the people said. New Horizon Health’s founder Zhu, representatives for Goldman Sachs and UBS declined to comment.

Bloomberg

Singapore Reporter/s

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).

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

  • 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.

Singapore Reporter/s

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).

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

  • 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.