China-based gene testing platform company Mega Genomics Limited has successfully completed an initial public offering (IPO) of 12 million shares on the Hong Kong Stock Exchange at HKD 18 (USD 2.98) per share. The offering, sponsored by China Securities, marks a significant milestone for the company as it seeks to expand its consumer gene testing and cancer screening services.
Company Overview
Founded in 2016, Mega Genomics has established itself as a leader in the Chinese gene testing market. The company offers 80 gene testing services, supported by a comprehensive technology platform and an extensive sales and marketing network. Its market dominance was evident in 2020 when it emerged as the No. 1 consumer-grade genetic testing platform in China based on revenue and testing volume.
Financial Performance
Mega Genomics reported revenues of RMB 147.1 million (USD 21.9 million) in 2020 and RMB 152.4 million (USD 22.69 million) in the first three quarters of 2021. The company achieved net profits of RMB 51.4 million (USD 7.6 million) in 2020 and RMB 41.6 million (USD 6.19 million) in the first three quarters of 2021, demonstrating strong financial performance and growth potential.
Future Outlook
The proceeds from the IPO will be used to further expand Mega Genomics’ service offerings and market reach. With a growing demand for gene testing and cancer screening services, the company is well-positioned to capitalize on the expanding market for personalized healthcare solutions.-Fineline Info & Tech
