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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

Founded in 2014, we are a China-based medical device company, with our current focus on the design, development and commercialization of coronary angiography-derived fractional flow reserve system (“caFFR System”) and coronary angiography-derived index of microvascular resistance system (“caIMR System”). Our Core Products, caFFR System and caIMR System, are innovative medical devices used to evaluate the severity of myocardial ischemia arising from coronary artery stenosis and microvascular dysfunction, which are the underlying causes of coronary artery diseases (“CAD”). They are designed to eliminate the usage of pressure wires, significantly reduce the risk of technical errors and operation time, and improve physiological assessment. These two systems are currently utilized singularly for precision diagnosis of CAD. As fractional flow reserve (“FFR”) measures the macro- circulation of arteries which account for 5% of all arteries and index of microcirculatory resistance (“IMR”) measures the micro-circulation of arteries which account for 95% of all arteries, therefore, using a combination of IMR and FFR can provide a comprehensive evaluation on coronary circulation status of CAD patients. These two systems are expected to form the center and crucial modules for our future vascular interventional surgical robots. Our caFFR System has obtained both certificates of CE Mark in Europe and NMPA approval in China. With the high accuracy rate of over 95% and convenient operation process that takes less than five minutes, our caFFR System has become a leading domestic FFR measurement product and is currently competing closely with an international leading medical device company for the national leader position in FFR measurement market in China, according to CIC. We plan to expand the indication of our caFFR System from the current scope (covering patients with stable angina pectoris, unstable angina pectoris and post-acute phase of myocardial infarction) to further cover patients experiencing acute ST segment elevation myocardial infarction (“STEMI”), acute Non-ST segment elevation myocardial infarction (“NSTEMI”) and heart failure with preserved ejection fraction (“HFpEF”). In addition, we are also developing our caIMR System, which is the only less-invasive IMR measurement product having completed a confirmatory clinical trial globally and is expected to become the first less-invasive IMR system approved for commercialization globally, according to CIC. Building on our caFFR System and caIMR System, we aim to launch our vascular interventional surgical robot, a one-stop hybrid procedure, that can be carried out for diagnostic and therapeutic purposes by connecting and integrating all our clinical applications, to automate the whole process of percutaneous coronary intervention (“PCI”) by 2024. WE MAY NOT BE ABLE TO SUCCESSFULLY DEVELOP AND/OR MARKET OUR CAFFR SYSTEM AND CAIMR SYSTEM, INCLUDING THE EXPANSION OF THE INDICATION OF OUR CAFFR SYSTEM. We are deeply rooted in precision diagnosis for CAD in China, which is an underpenetrated market. Among all the precision diagnostic methods, FFR, a physiological functional parameter, is an important precision diagnosis measurement to assess the functional significance of coronary artery stenosis that is strongly recommended by multiple authorities globally, including the European Society of Cardiology and the Chinese Society of Cardiology, to guide PCI together with coronary angiography (“CAG”). Despite the high prevalence of CAD and the benefits of precision diagnostic methods, however, the penetration rate of FFR is rather low, leaving the market underpenetrated. According to CIC, in 2020, the number of FFR measurement procedures performed per million CAD patients was approximately 800, and the penetration rate of FFR measurement procedures among all patients receiving CAG was 0.4% in China, as compared to approximately 16,300 and 22.5% in the U.S., respectively. This low penetration rate in China is expected to reach 22.5% in 2030, according to CIC. One particular reason for the current low penetration of FFR measurement in China is the inefficiency and complexity of the conventional pressure wire-based approach. According to CIC, each Chinese cardiologist performs approximately four times the number of CAG each day as compared to U.S. cardiologists, and the conventional FFR measurement, which takes 15-30 minutes to complete, significantly limits Chinese cardiologists’ capability to perform time-consuming wire-based diagnosis procedures. In comparison, FFR measurement can be completed within five minutes using our caFFR System, at a high accuracy rate of over 95%. When calculating accuracy rates, the results of wire-free measurement (including FFR) are compared with the results of wire-based measurement, which is considered as the reference measurement standard with a theoretical 100% accuracy rate given it remains the gold standard in guiding the decision to proceed with PCI. IMR is a quantitative method to assess the microvascular function of blood vessels, and is used to identify effective adjunctive treatment to reduce microcirculatory dysfunction and improve future prognosis after PCI. According to CIC, up to 70% of patients receiving CAG have microvascular dysfunction, and thus are in need of IMR measurement. However, it has been impossible to obtain a precise measurement of IMR without invasive procedures thus far, which makes IMR measurement time-consuming and unstable due to the complexity of the operation. Our caIMR System is an innovative and less-invasive product that is designed to address these shortcomings in the diagnosis of microcirculation disorders. It achieved a high evaluation accuracy of 84.2% in the feasibility clinical trial and 93.8% in the confirmatory clinical trial. Our caIMR System can significantly reduce the measurement time of IMR and diagnosis of coronary microvascular diseases (“CMVD”) to less than five minutes on average compared with 40-60 minutes in wire-based IMR measurements. Source: Rainmed Medical-B (02297) Prospectus (IPO Date : 2022/06/27)
Listing Market	MAIN
Industry	Biotechnology - Medical Devices
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Huo Yunfei (18.52%) Huo Yunlong (13.73%) [02318] Ping An Insurance (Group) Company Of China Limited (10.28%) Shanghai Tongxiang Haoqian Enterprise Management Partnership (8.58%) Zhou Bin & Associates (6.97%) Liu Jingxia & Associates (5.12%) Shanghai Jingmairun Enterprise Management Center (L.P.) (5.05%)
Directors	Huo Yunfei (Chairman and Chief Executive Officer and Executive Director) Gu Yang (Vice President and Executive Director) Lyu Yonghui (Co-Chief Executive Officer and Executive Director) Heng Lei (Non-Executive Director) Wang Lin (Non-Executive Director) Huo Yunlong (Non-Executive Director) Li Ho Man (Independent Non-Executive Director) Liu Shuen Kong (Independent Non-Executive Director) Chen Xuefeng (Independent Non-Executive Director)
Company Secretary	Chu Cheuk Ting Zhang Liang
Principal Bankers	China Merchants Bank China CITIC Bank Corporation Limited
Solicitors	Campbells Jingtian & Gongcheng O Melveny & Myers LLP
Auditors	Shinewing (HK) CPA Limited
Registered Office	Room 19-108, 19th Floor, Cityplaza Three, 14 Taikoo Wan Road, Taikoo, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.rainmed.com
Email Address	[email protected]
Tel No	(86 512) 6262-2215
Fax No	(86 512) 6262-0120

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