Mar 05, 2020 (China Knowledge) - Yesterday Sansure Biotech’s application to list on STAR Market was accepted. The company is engaged in the R&D, production and sales of diagnostic reagents and instruments, as well as third-party medical examination services.
During the epidemic outbreak, Sansure Biotech has developed an accurate, rapid, simple and high-throughput viral nucleic acid detection box, and was one of the first 6 companies that received approval to sell the COVID-19 detection products in China.
As of Feb 29, the company had provided nearly 4 mln virus detection kits, of which about 540,000 were sent to Hubei province, the epicenter of the COVID-10 outbreak with a largest infested population of over 40,000 patients, marking a great contribution to the prevention and control of the epidemic.
In the prospectus, Sansure Biotech has clarified and highlighted the outbreak of COVID-19 has a profound impact on the company. Due to its product’s outstanding detection efficiency and high sensitivity when screening suspected cases and applicable on a large scale of people, its products and instruments have gained recognition from medical institutions across China.
Bringing along its stellar financial performance for IPO, Sansure Biotech’s financials have exceeded the most basic listing requirements. Despite a huge loss in 2017, the company had turned the loss into a profit by 2018, with operating revenue of RMB 303 mln and net profit of RMB 6.76 mln. Its profit increased rapidly in 2019, with operating revenue of RMB 365 mln and net profit recording RMB 39.78 mln, up 20.41% and 483.82% YoY respectively.
Although booking merely RMB 365 mln revenue last year, it should hit a billion yuan mark a year or two to gain high multiples on its IPO debut in START Market, considering the industry is very well supported by the Chinese government in the midst of containing the COVID-19.
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