Hong Kong, China, May 31 – Time Medical Systems has been invited to the 2nd HKEX Biotech Summit held on 29th to 30th, May in Hong Kong as an innovative company on medical device and a representative company that plans to list.
Carrie Lam, HKSAR Chief Executive delivered a speech in the opening ceremony on 29th May. She expressed her hope on Hong Kong becoming the world’s largest listing venue for biotechnology corporations.
Charles Li, Chief Executive of HKEX emphasized in the Summit that there should be no national boundary in biotechnology development. Only by cooperation, an all-win situation can be achieved and the innovation on global medical biotechnology can be fostered -- helping to solve health issues concerned. Li pointed out that the challenges biotechnology corporations usually face include long research and development cycle, time-consuming approval process and large capital demand. Now that Hong Kong can leverage its strength as a capital market to provide timely assistance to the development of biotechnology industry, which does not only benefit all mankind, but also provide new investment opportunities for investors.
Charles Li also pointed out that Hong Kong has already become the world’s second largest biotech listing venue. There are 10 biotechnology companies issuing new shares in Hong Kong, financing HK$33 billion in total, including seven pre-revenue companies that raised through the new listing chapter. A further 10 biotech firms have already submitted listing applications, and the pipeline is expected to continue to be strong.
Wilfred Yiu, HKEX Head of Markets made a speech in Deep Dive Workshop on 30th May. In the Workshop, Shi Lin, HKEX Head of IPO Audit introduced the listing audit procedures of biotechnology companies in detail. Dr. Eric Gao, Time Medical CTO was invited to the Medical Device Roundtable Forum which is presided over by Dr. Lawrence Y.Tian, Founding Partner of Yuanming Capital, Dr. Gao, Cyber Cao, Managing Director of Sequoia Capital China, Michael Zhao, CEO of Broncus Medical, James Meng, President of Mevion Medical Systems and Wendy Pan, Lawyer from Sidley Austin. The forum covered topics such as the development prospect of international medical device market and medical device industry in China. In the Workshop, Dr. Gao talked about the development potential of medical device and medical imaging in China and Asia market, as well as the huge business opportunity brought by China medical reform, hierarchical medical system and cancer screening. He emphasized with two specific examples when discussing specialty diagnosis market segment and innovation and model: the adoption of two-child policy in China leads to a tightness in resources in pediatric medical sector, resulting in a high demand in precise and safe neonatal MRI imaging. Another example is the essential on women breast tumor screening. There are 8,600 molybdenum target x-ray screening centers that cover 80% population in the US, while the number of screening centers in China only cover 1% of population. It is therefore essential for China to establish 20 thousand screening centers in the future. Among various breast tumor screening methods, the safest and the most precise choice is breast MRI imaging. However, the most common molybdenum target examination is still based on X-ray which is a radioactive method, and yield low accuracy images. As X-ray is not a suitable method for long-term use, there is a big potential in specialty innovative diagnosis market segment.
At the event, HKEX also held a project roadshow for biotech companies planning to list for the first time. The roadshow allows these companies to introduce themselves and their business plans to investment funds and brokers. Time Medical was one of the 3 medical device companies among the 12 companies invited to the roadshow, and being the only large-scale diagnostic equipment and technology company. In the roadshow, Simon Yeung, COO of Time Medical Systems introduced the background, products and future development of Time Medical. Yeung mentioned the company’s founding team of the company – who are elites from Columbia University, Harvard Medical School and University of Hong Kong. He put emphasis on the company’s original technologies, innovative products and differentiated marketing strategy. Another focus is put on breast MRI system and mobile medical big data diagnosis platform developed by Time Medical. Time Medical plans to establish breast tumor screening chain centers in China, the US and Southeast Asia etc., hoping to provide common and affordable mobile diagnostic service to countries along the Belt and Road.
Yeung concluded that the global medical imaging diagnostic equipment market worth billions of US dollars, while market for digital medical diagnostic services worth trillions of US dollars. The goal of Time Medical is to become the leading digital medical diagnostics company in Asia – capable of competing with Siemens Medical in Europe and GE Medical in the US. "We are a local entrepreneurial team based in Hong Kong. Throughout the past 10 years we have been receiving supports from elites in technology, medical and investment sectors from both China and the US,” Yeung said. Today we are honored to have the opportunity to stage on the HKEX platform to tell our story of entrepreneurship, as well as our dream: Through going public on the Biotech Board, to maximize the capital raised to drive the “R&D from Hong Kong, China-made high-end medical equipment” global idea!
Attendants of the workshop included about 200 brokers, fund managers, and leaders from legal and accounting firms, and were highly interested in the unique development of Time Medical and its original specialty products, the dedicated neonatal MRI system in particular. Executive members of Time Medical conducted in-depth communications and discussions with brokers from investment banks and well-known fund executives including JP Morgan Chase, CCB International, China Merchants International, China Merchants Capital, Sequoia Capital at the meeting. The group was optimistic about the prospects of the future of medical device market. For the listing plan on the Hong Kong Main Board (18A Bio-Board), investors were highly interested and said that they will start contacting TM as soon as possible.