New Horizon Health (SEHK:6606) was officially listed on the Main Board of Hong Kong Stock Exchange (HKEx) today which is the first listed Chinese cancer early screening company.
The issue price is HK$26.66 per share; the stock opens at HK$76 per share, up 185.07%, with a market cap of HK$31.764 billion. New Horizon Health public offering shares were oversubscribed for 4,133 times with over HK$850 billion committed, making it the second most oversubscribed stock in the HKEx history.
Founded in 2015, New Horizon Health is a cancer screening market leader, focusing on the design, development and commercialization of cancer screening tests. The company’s vision is to prevent and cure cancer by screening and early detection. The company markets its tests through multiple channels, including hospitals, health checkup centers, insurance companies, pharmacy and online channels. The company has built a portfolio of 71 patents and patent applications globally.
New Horizon Health’s two approved cancer screening products, Pupu Tube and ColoClear, address target populations with various risk levels.
ColoClear, the company’s proprietary, non-invasive, multi-target, FIT-DNA test, is the first and only molecular cancer screening test in China approved by NMPA. ColoClear targets a 120 million high-risk colorectal cancer population in China.
Pupu Tube, the company’s proprietary, non-invasive, stool-based FIT test, is the first self-conducted FIT screening product approved by NMPA. Pupu Tube targets a market of 633 million population (2019) recommended for colorectal cancer screening.
Additionally, New Horizon Health has two late-stage product candidates for gastric and cervical cancer screening – UU Tube and CerviClear. UU Tube is a stool-based self-conducted screening test for gastric cancer. CerviClear is a non-invasive urine-based home-use screening test for cervical cancer.
The company has built a proprietary and extensive database of Asian-specific colorectal cancer methylation profiles. The company’s multi-parameter risk assessment algorithm is the first and only one for cancer screening in China.
“New Horizon will address the big unmet cancer screening demands in China, and early detection will hopefully increase survival rate for cancer patients. The market size in China is expected to exceed 150 billion yuan. As an early market entrant, New Horizon Health has overcome regulatory and operational barriers with strong R&D and clinical capacities,” said Nisa Leung, Managing Partner of Qiming Venture Partners. Qiming started investing in New Horizon Health since its Series B round and followed on in all subsequent funding rounds and now owns 8.59% of New Horizon after the IPO.