New Stock News | TMI Medical Technology passes the hearing at the Hong Kong Stock Exchange. It has been in a loss-making state since its establishment in 2013.

According to the news from the Hong Kong Stock Exchange on September 16, Zhejiang Taimei Medical Technology Co., Ltd. (referred to as: Taimei Medical Technology) has conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with Morgan Stanley and CICC as its joint sponsors. Hong Kong Stock Exchange data shows that the company submitted its application for listing to the Hong Kong Stock Exchange for the second time on July 30, 2024. The prospectus shows that Taimei Medical Technology is a digital solution provider focusing on the pharmaceutical and medical device industry in China, designing and providing industry-specific software and digital services to assist in research and development (R&D) and marketing of pharmaceuticals and medical devices. Taimei Medical Technology's software is based on the cloud, allowing users to access it anytime from various devices via the Internet without the need to install or maintain the software on their devices. This cloud-based software covers key scenarios in the research and marketing of innovative drugs and medical devices. For example, the software can help in planning, tracking, and monitoring on-site and trial-related activities, as well as simplifying the management and archiving of clinical research documents. The company's software can also be used for patient recruitment and follow-up, data collection and analysis, and sales relationship management to help clients conduct R&D and marketing activities more efficiently and quickly. In addition to software, Taimei Medical Technology also provides a range of digital services to support clients' R&D and marketing activities. The company's cloud-based software includes standardized SaaS products that can be flexibly deployed through public cloud and customized non-SaaS products that meet specific customer requirements and can be deployed locally through private cloud. During the reporting periods, most of the company's cloud-based software revenue came from SaaS products. SaaS (or Software as a Service) is standard software hosted and provided to multiple customers simultaneously by the supplier through the Internet. SaaS products are typically subscription-based. On the other hand, the company's customized products are usually operated on a private cloud infrastructure designed for a single customer, charged based on project development efforts, while digital services are charged based on actual services provided. Taimei Medical Technology's customers mainly include pharmaceutical and medical device companies, contract research organizations (CROs), and clinical research institutions. The number of the company's customers increased from 908 in 2021 to 1,033 in 2022, and further to 1,107 in 2023. As of 2023 and the three months ended March 31, 2024, the number of customers was 893 and 867, respectively. Financially, as of 2021, 2022, 2023, and the three months ended March 31, 2024, the company's revenue was approximately 466 million, 549 million, 573 million, and 132 million RMB, respectively. During the same period, the annual losses were approximately 480 million, 423 million, 356 million, and 118 million RMB, respectively.