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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Cancer screening firm seeks US$300m IPO
    2020-05-14  08:53    Shenzhen Daily

NEW Horizon Health Ltd., a Chinese mainland maker of home test kits for colon cancer, has picked Goldman Sachs Group Inc. and UBS Group AG to arrange its planned initial public offering (IPO) in Hong Kong, according to sources familiar with the matter.

The seven-year-old firm is considering raising about US$300 million from the share sale, said the sources. The startup, which counts Qiming Venture Partners and Duke Management Co. among its investors, aims to kick off the share sale as soon as the third quarter, the sources said.

The COVID-19 epidemic is spotlighting inadequacies in China’s health care system, spurring investor interest in companies focusing on improving everything from cancer detection to drugs and online diagnosis. New Horizon Health is set to join firms like WeDoctor in targeting an IPO this year even as travel restrictions have made due diligence on the mainland difficult.

New Horizon Health detects colon cancer by allowing users to ship stool samples back to its laboratory after using its home test kits. Founded by Zhu Yeqing, a former GE Capital executive, the company’s investors also include Fountainvest Partners and Legend Capital, according to its website.

Last month, the startup raised US$20 million in a series-D funding round led by private equity firm Omniscience Capital and Exome Asset Management LLC. The company has raised more than US$130 million in total.

Details of the firm’s offering including size and timeline could change as deliberations are still at an early stage, the sources said. (SD-Agencies)

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