United Imaging Healthcare of Shanghai just became the seventh Chinese company this year to enjoy an IPO topping $1 billion—and the third best-performing of the bunch.
Multiple major outlets are following the development.
The Wall Street Journal reports the company plans to use the fresh monies to “fund its research and development of next-generation products, including high-end medical imaging equipment.”
Noting that UI counts among its clients the top 10 medical centers in China, Bloomberg suggests the company is drawing from that strength to buck market trends: “Fundraising through IPOs for Chinese healthcare companies has become more challenging in 2022 due to uncertainties that include the adjustment to the national drug approval policy, with growth rates for the sector slowing down.”
Reuters comments that investors seem to have “pinpointed the diagnostic imaging device manufacturer as a safe haven amid gloomy prospects for growth in the country.”
Law 360 headlines its coverage “Medical Imaging Startup Soars In Shanghai After Smash IPO.”