WI Harper Group | July 16, 2021 | Source: Kindstar
WI Harper Group-backed Kindstar Global (Beijing) Technology, Inc. (9960.HK), has successfully landed on the Hong Kong Stock Exchange. At the proposed IPO price of HK$9.78 per share, Kindstar will have a market cap of HK$8,8570 ($1.1 billion), with total net proceeds of HK$1,931.1 million ($250 million). Seven cornerstone investors will subscribe for $140 million of the offer shares including: BlackRock, CPE, Snow Lake Capital, Carmignac Funds, Natixis Investment Managers, Athos Capital and IvyRock Asset Management.
WI Harper Group initially led Kindstar’s Series B round in 2011, identifying the company’s ability to link innovative scientific discovery with clinical medicine. As part of Kindstar’s Board of Directors, WI Harper’s value-add helped steer the specialty test provider with leading international standards in China. Baird Capital Partners Asia, Mayo Clinic and Morningside Ventures also participated in the Series B round.
Established in 2003, Kindstar is the leading independent esoteric clinical testing service provider in China, with a service network covering 600 cities in 31 provinces and municipalities. The company specializes in testing for: hematology, oncology, medical genetics, cardiovascular diseases, infectious diseases and autoimmune diseases to medical specialties.
Dr. Shiang Huang, Founder and CEO of Kindstar.
In 2020, Kindstar had a 4.1% revenue market share of the total full-spectrum testing services market in China. Over the same period, revenue grew to 832.8 million yuan (~$130 million). Kindstar plans on using the funds from the IPO for the research and development of its testing services, expanding sales and increasing marketing to cover additional hospitals in its network. Some proceeds will be allocated to expanding in Southeast Asia and Middle East markets, as well as improving testing capacity.
| About WI Harper Group
WI Harper is a pioneer and leading cross-border venture capital firm investing in early and expansion stage companies globally. With offices in San Francisco, Beijing, and Taipei, the firm actively oversees more than $1 billion in assets under management. Since inception nearly three decades ago, WI Harper has invested in over 400 startups and has successfully experienced more than 100 IPO and M&A exits.
We look for innovative companies and visionary founders in healthcare, technology and sustainability fields where there are high synergies and meaningful value added cross selling opportunities. While our healthcare team is presently honing on bioinformatics and digital biology, our technology team is focused blockchain, big data, analytics, artificial intelligence, AR/VR, IoT, robotics, drones, autonomous driving, as well as digital media and green energy projects.