Tinavi Medical to Raise RMB1.34bn via Private Placement

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Chinese orthopedic surgery robots manufacturer Beijing Tinavi Medical Technology [688277:CH] released a statement on June 23, announcing that the company plans to raise up to RMB1.34bn via privately issuing no more than 62.98m A-shares, accounting for 15% of the total equity before the issuance, as reported by Sina on June 24. In addition, the company will select 35 qualified investors to complete the refinancing. Moreover, the purposed private placement is still pending approval from the company’s shareholders, the Shanghai Stock Exchange (SSE), and the CSRC.

Established in 2005, Beijing Tinavi Medical Technology focuses on developing, producing, and distributing orthopedic surgery robots, orthopedic robotic systems, and surgical navigation equipment. In July 2020, the enterprise debuted on the STAR Market and raised a total of RMB504.5m in the listing. Tinavi intends to leverage the private placement to ramp up the development and industrialization of its orthopedic surgery robots. Specifically, according to the refinancing plan, the company will use 49% of the proceeds from the private placement for the development and industrialization of its new-generation orthopedic surgery robots, 23% for the upgrade of its marketing system, 16% for the establishment of its intelligent medical center, and the rest for working capital replenishment. As for the performance, citing the 1Q21 earnings report, Tinavi achieved operating revenues and net loss attributable to shareholders of RMB22.52m and RMB24.46m in 1Q21, up 4.14% YoY and expanding 81.62% YoY, respectively.

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