Chinese healthcare website Zhongchao to make Nasdaq debut
Source: Busiunion | 2020-02-23
Zhongchao Inc., a provider of healthcare information, professional training and educational services to healthcare professionals and the public in China, plans to list on the Nasdaq.
The company announced on Friday the pricing of its initial public offering of 3,000,000 Class A ordinary shares at a public offering price of 4 U.S. dollars per share, adding that the shares are expected to begin trading on the Nasdaq Capital Market on Feb. 24 under the ticker symbol "ZCMD."
The company commenced its operation, through Zhongchao Shanghai, in 2012, with a vision to offer a wide range of accessible and immediate healthcare information and continuous learning and training opportunities for Chinese healthcare professionals as well as the public.
It intends to use the proceeds from this offering primarily for development of the online course content, platform technology upgrade and system integration, and expansion of its existing locations to develop new customers through the hiring of more qualified personnel.
Network 1 Financial Securities, Inc. is acting as the lead underwriter and bookrunner for the offering.
The number of Chinese firms listed on the U.S. exchanges has increased in recent years. As of Friday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 3,357.53, marking an 8.74-percent increase for the month-to-date returns and a 6.01-percent gain for the year-to-date returns.