Wednesday, 08 August 2018 12:54

ASX-listed G Medical seeks subsidiary listing on HKSE

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Medical and e-health company G Medical Innovations is seeking to list its Chinese subsidiary, Guangzhou Yimei Innovative Medical Science and Technology, on the main board of the Hong Kong stock exchange.

Under the proposed listing, Guangzhou Yimei Innovative Medical Science and Technology (GYIMSTC) would "spin off from G Medical, with the ASX-listed G Medical to retain not less than a 50% ownership stake in the proposed Hong Kong Stock Exchange listed GYIMSTC Ltd".

G Medical Parent currently owns 70% of GYIMSTC.

iTWire interviewed G Medical chief executive Dr. Yacov Geva in October 2017 in an article entitled: "VIDEO Interview: G Medical Innovations brings 21st century 'tricorder' to life" and in May 2018 wrote a follow-up article entitled "G Medical's new e-store lets consumers buy Prizma medical smartphone case direct". 

The management of G Medical has appointed global Investment Bank, UOB Kay Hian (Hong Kong) to act as the financial adviser.

UOB has "committed to the proposed IPO in accordance with all minimum listing requirements of HKSE, with all parties working towards a listing within the next six to nine months".

"G Medical cautions investors that there can be no certainty that the proposed IPO will proceed, and that the listing is subject to satisfaction of all legal and regulatory requirements in Australia and Hong Kong, including any shareholder approval that may be required under the ASX Listing Rules. Shareholders will be updated throughout the process as appropriate.

"Guangzhou Yimei Innovative Medical Science and Technology Co. Ltd oversees all China-based manufacturing for G Medical, ensures all local certifications are met, and has worked to build a strong relationship with the China Food and Drug Administration. It was the first company in 2018 to be granted acceptance to the Green Channel expedited Guangdong Provincial CFDA regulatory approval process.

"This process was successfully applied to G Medical’s Prizma Medical Smartphone Case, and will play a crucial role in the global commercialisation of this product. Future innovative medical solutions currently in the development pipeline should also benefit from this process. Green Channel also ensures expedited future CFDA applications and delivers a reduction in local enterprise income tax from 25% down to 15%.

"Funds raised from this listing will provide substantial working capital and fuel the research and development of innovative mobile health solutions and enable continued investment into state-of-the-art manufacturing facilities. The amount of capital to be raised will be determined closer to the proposed IPO.

"Under the terms of the Agreement, UOB will obtain an in-principle approval from the Hong Kong Stock Exchange to proceed with the listing application, with the initial market capitalisation of GYIMSTC Ltd to be at least HK$1,500,000,000 (~A$260 million), as required under the Hong Kong Stock Exchange Listing Rules for biotech companies (Chapter 18A provisions).

"G Medical will also provide a submission to the ASX to determine the requirements to proceed with the proposed IPO of GYIMSTC Ltd. G Medical advises that it previously disclosed this potential IPO in its ASX announcement dated 22 May 2017 in respect of the joint venture agreement in China."

G Medical chief executive Dr Yacov Geva said, “Our proposed listing of GYIMSTC Ltd on the Stock Exchange of Hong Kong Limited is an important step in our global growth ambitions, shows our continued investment in the Chinese market and delivers an important avenue through which to raise the capital required to continue to innovate and introduce world-leading mobile health monitoring solutions to global markets.”

The company has included its corporate structure below to exhibit where the proposed entity to be listed on the Hong Kong Stock Exchange, Guangzhou Yimei Innovative Medical Science and Technology lies within the corporate structure.

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