SHANGHAI, Oct. 19, 2021 /PRNewswire/ -- Qiming Venture Partners' portfolio company Microtech Medical (SEHK:2236), a leading Chinese diabetes management medical device maker, today listed on the main board of the Hong Kong Stock Exchange. The issue price is HK$ 30.5 per share. The stock opened at HK$ 31 per share, representing a market cap of HK$ 13.1 billion.
Qiming Venture Partners started investing in Microtech Medical in 2016, leading its Series B round, and followed on in subsequent funding rounds. Qiming was the company's largest institutional shareholder before its IPO. The listing of Microtech Medical is the eleventh public listing in Qiming's portfolio in 2021.
Founded in 2011, Microtech Medical has been focused on diabetes management, providing both diabetes
treatment and diabetes monitoring medical devices to improve diabetes management in China and globally. Microtech has a diverse pipeline of self-developed product candidates, including closed loop artificial pancreas, second generation patch insulin pump system, AiDEX X and IVD devices. According to CIC Report, Microtech is the only company globally that has received regulatory approval for patch insulin pumps and calibration-free continuous glucose monitoring systems.
Microtech has demonstrated strong commercial capacity. As of date, Microtech's two products are in the commercialization stage. The company's core product Equil was the second commercialized semi-disposable patch insulin pump globally and the only patch insulin pump that received regulatory approval in China and EU markets. AiDEX G7 is the second commercialized calibration-free real-time CGMS in the world. AiDEX G7 completed a clinical trial in China in May 2020 and the NMPA accepted its registration application in Q1' 2021. When approved, AiDEX G7 is expected to be the first calibration-free CGMS approved for commercialization in China.
Microtech is building a model for diabetes management. With the synergistic platform consolidating R&D, manufacturing and commercialization capabilities, Microtech will continue to focus on the whole-process management of diabetes, forming a closed-loop model of monitoring, treatment, and chronic disease management.
Dr. Pan Zheng, Founder and Chairman of Microtech Midecal, said, "Microtech Medical provides diabetes treatment and diabetes monitoring medical devices to improve diabetes management in China and globally. We will build a cloud-based diabetes management platform and advance diabetes monitoring, treatment and management to benefit more diabetes patients globally."
William Hu, Managing Partner of Qiming Venture Partners, said, "Diabetes is one of the chronic diseases with the highest incidence in the world. Diabetics need good blood glucose monitoring and treatment services. Microtech can provide such solutions. With the leadership of Dr. Zheng, the company has a global vision, solid development capabilities, and has a long-term commitment to diabetes management. The company has the potential to become a global leader. The IPO is an important milestone for the company. We look forward to seeing the company's continuous growth, providing effective management methods for patients in China and globally."
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.
Currently Qiming Venture Partners manages nine US Dollar funds and six RMB funds with $5.9 billion in assets under management. Since our establishment, we have invested in outstanding companies in the TMT and healthcare industries at the early and growth stages.
Since our debut, we have backed over 400 fast-growing and innovative companies. Over 160 companies are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. There are also over 40 portfolio companies that have achieved unicorn status.
Many of our portfolio companies are today's most influential firms in their respective sectors, including Xiaomi (SEHK:1810), Meituan (SEHK:3690), Bilibili (NASDAQ:BILI, SEHK:9626), Roborock (SHSE:688169), Gan & Lee Pharmaceuticals (SHSE: 603087), Tigermed (SZSE:300347, SEHK:3347), Zai Lab (NASDAQ:ZLAB, SEHK:9688), Venus MedTech (SEHK:2500), CanSino Biologics (SEHK:6185, SHSE:688185), Schrödinger (NASDAQ:SDGR), APT Medical (SHSE:688617), Sanyou Medical (SHSE:688085), New Horizon Health (SEHK:6606), AmoyDx (SZSE:300685), Berry Genomics (SZSE:000710), SinocellTech (SHSE: 688520), WeDoctor Group, and UBTech among many others.
SOURCE Qiming Venture Partners