It helped to pioneer cardiovascular interventional devices in China, and was a model for medical technology collaboration between Hong Kong and the Chinese mainland. Now, 22-year-old Chinese medical device maker OrbusNeich Medical Group Holdings Ltd. wants to move to another new frontier with plans for a Hong Kong IPO.
The company’s bread-and-butter is balloons, coronary stents and other cardiovascular interventional devices used in percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA). With sales to over 70 countries and regions worldwide, OrbusNeich Medical is one of the few in its class from China that can compete with global giants like Abbott Laboratories (ABT.US), Boston Scientific (BSX.US) and Medtronic Inc. (MDT.US) in the lucrative PCI/PTA balloon markets in Europe, the U.S and Japan.
Mainly used in interventional procedures for cardiovascular and cerebrovascular infarction, PCI/PTA balloons, along with coronary stents, are high-consumption medical devices. OrbusNeich sold 866,000 PCI balloons worldwide last year, ranking second in Japan's PCI balloon market with 20% share, according to its IPO prospectus. It also ranks in the top six in Europe, the U.S. and China.