Medical-Device Maker Looks for New Life With $1 Billion IPO
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. has filed to raise more than 6 billion yuan ($935 million) through a listing on China’s Nasdaq-style ChiNext board, becoming the latest Chinese firm to abandon a New York listing to seek a higher valuation by relisting at home.
The filing comes after the medical-device maker abandoned an earlier plan to list in Shenzhen, one of China’s two main boards. It took that action in February after disclosing an intangible-assets ratio that was higher than levels permitted by the regulator due to a change in accounting rules. Since then, the regulator has lowered that ratio to just under the maximum allowable level of 20%.
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