提供支持Chinese biopharmaceutical company BrightGene Bio-Medical Technology Co., Ltd. ("BrightGene") has announced it officially listed on Sci-Tech Innovation Board in Shanghai Stock Exchange, under stock code '688166'. The company issued 47 million shares at 12.71 yuan (equivalent to 1.82 dollars) per share, with a total fundraising of 520 million yuan (equivalent to 75 million dollars).
The stock opened at 27.77 yuan, reaching the highest price at 33.3 yuan, and the lowest price at 27.13 yuan; by the end of the day the stock closed at 30.61 yuan, which was 17.9 yuan higher than the issue price of 12.71 yuan, an increase of 140.83%. After the IPO, the market value had reached 12.5 billion yuan (equivalent to 1.7 billion dollars).
Founded in 2001, Suzhou-based Bio-medical firm BrightGene engages in the R&D and manufacturing of innovative medicine as well as special generic APIs and FDFs, with a primary strategic focus on the regulated market. Aiming at the regulated market, BrightGene has cGMP compliance factories and has got approval from USFDA, EMA, PMDA, KFDA, and CFDA.
In early 2019, BrightGene completed a pre-IPO round, worth CNY 550 million, led by Beijing-based VC firm Sequoia Capital China and Jiangsu-based VC firm HighLight Capital, with the additional participation of GF Qianhe Investment.
The IPO move also indicates that the company's strategy is to attract more investors, increase its market share, and create more challenges for competitors, like the Israel-based Biotechnology company Mapi Pharma and the American-based Biopharma firm KBI Biopharma.
The recently-listed firm has experienced rapid growth in its performance over the past three years. The company revenue increased from CNY 200 million in 2016 to CNY 400 million in 2018, with a compound growth rate of 45%, an outstanding achievement in a short period of time. It continues to focus on 'innovation and health,' and is constantly seeking breakthroughs to reward the investors with excellent business performance.
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