On November 4, 2024, Mirxes Holding Company Limited, the controlling shareholder of Huizhou Mirxes Technology Co., Ltd., headquartered in Singapore and Huzhou, Zhejiang (hereinafter referred to as "Mirxes"), submitted a prospectus to the Hong Kong Stock Exchange, planning to list on the main board of Hong Kong. This is its second application after its submissions failed on July 25, 2023, and April 30, 2024.
Mirxes prospectus link:
https://www1.hkexnews.hk/app/sehk/2024/106894/documents/sehk24110400349_c.pdf
Main Business
Established in 2014, Mirxes, as a Singapore-based Ribonucleic Acid (RNA) technology company, focuses on promoting disease screening and diagnostic solutions globally. It is a pioneer and leader in the development and commercialization of accurate, non-invasive, affordable, blood-based microRNA (miRNA) test kits for cancer and other early disease detection.
According to Frost & Sullivan, Mirxes is one of the few companies globally that has obtained regulatory approval for in vitro diagnostic (IVD) products in the molecular cancer screening industry. It is also the first and only company worldwide to have achieved regulatory approval for molecular gastric cancer screening IVD products.
As of October 31, 2024, Mirxes has one core product (GASTROClearTM), two other commercialized products (LungClearTM and FortitudeTM), and six pre-clinical stage candidate products. The core product GASTROClearTM is a blood-based miRNA testing panel for gastric cancer screening composed of 12 miRNA biomarkers. GASTROClearTM was successfully commercialized after obtaining a Class C In Vitro Diagnostic (IVD) certificate from the Health Sciences Authority (HSA) of Singapore in May 2019.
Mirxes has developed two business divisions: Early Detection and Precision Multiomics Division (providing various early disease detection products and services, multiomics candidate discovery, and clinical genomic testing) and Infectious Disease Division.
Early detection
MiRAY's core product GASTROClear™ is the world's first and only molecular diagnostic IVD product approved for gastric cancer screening, which obtained the Class C IVD certificate from the Health Sciences Authority (HSA) in September 2019 and successfully commercialized. It received CE certification in November 2017, and in May 2023, it was honored with the breakthrough medical device title from the Food and Drug Administration (FDA) in the United States. In March 2023, subject recruitment for the GASTROClear™ registered clinical trial was completed in China, recruiting 9,472 subjects, making it the world's largest prospective clinical trial for molecular early cancer screening. In December 2023, the company submitted a registration application to the China National Medical Products Administration, expected to be approved in the fourth quarter of 2024. Additionally, the company completed a clinical study in Japan in July 2022 to assess the suitability of GASTROClear™ in the Japanese population, and has engaged in discussions with the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan to explore IVD approval for GASTROClearTM in Japan.
Other early screening candidate products include LungClear™ for lung cancer screening and early detection, CRC-1 for early detection of colorectal cancer, the multi-cancer detection reagent kit CADENCE, and the miRNA-based detection reagent kit PHinder developed in collaboration with Actelion Pharmaceuticals for early detection of pulmonary hypertension.
Precision multi-omics business
Focusing on providing complex miRNA-centric multi-omics testing solutions to biopharmaceutical companies, government institutions, academic and clinical institutions. Collaborating with partners to develop next-generation high-complexity diagnostic applications to discover new biological correlations presented in the form of biomarkers for various diseases, aiding in the discovery of candidate therapies, and developing a comprehensive portfolio of intellectual property and diagnostic solutions for clinical clients and partners.
Infectious Disease Business Division
In addition to the early detection and precision multi-omics business divisions, the company has developed, produced, and deployed the Fortitude™ COVID-19 diagnostic test kits for approximately 35 countries during the pandemic. MiRAY addresses the COVID-19 pandemic by mass-producing and commercializing Fortitude™ test kits, making the company a leading diagnostic testing provider in Southeast Asia.
Shareholder Structure
The prospectus shows that in the shareholder structure before listing,
Mr. Sun Tongyu, through Central Road, holds 22.03% of the shares;
Dr. Zhu Xingfen holds 14.11% of the shares;
Dr. Zhou Lihan, through SLW Trust, holds 8.12% of the shares;
Dr. Zou Ruiyang, through Accurate Gene Trust, holds 7.77% of the shares;
Stock incentive plan, through MSEA Trust, holds 6.60% of the shares;
Mr. He Haojie, through Perpetuity Eagle International, holds 5.19% of the shares;
Mr. Lu Shanrui, through Octenniel, holds 4.60% of the shares;
Peking Fupu holds 3.33% shares;
Mr. CAI Wensheng holds 1.89% shares;
CR-CP Life Science Fund jointly established by China Resources Group and Zhengda Group, holds 1.88% through Capstar Management Group Limited;
China Construction Bank holds 1.88% through Jian Cheng Kaiyuan;
Rock Springs Capital holds 1.88% and 0.38% through Rock Springs Capital Master Fund LP and Four Pines Master Fund LP respectively;
Singapore Economic Development Board holds 1.77% through EDB Investments Pte Ltd;
Singapore Agency for Science, Technology and Research holds 0.33% through Accelerate Venture Creation PteLtd;
Gao Rong Capital holds 1.74% and 0.31% through Banyan Partners Fund III, L.P. and Banyan Partners Fund III-A, L.P. respectively;
Accelerate Technologies, holding 1.70% stake;
Jane Street, holding 1.51% stake;
Ms. HO Yoon Khei, holding 1.16% stake;
Mr. Hu Peng (GP), holding 1.02% stake through NHH Venture Fund, LP;
Alpha Win IX LPF, holding 0.94% stake;
Mr. Liu Chee Ming's Divine Limited, holding 0.94% stake;
Mr. Zhou Joe (GP), holding 0.94% stake through Keytone Collaboration II, L.P., Keytone Ventures III, L.P. respectively;
Morningstar Capital, holding 0.91% stake through CRF Investment Holdings Company Limited, CDG Group Fund L.P. respectively;
Kan Yaw Kiong, Zhao Huan, Zhang Wen hold 0.83% through IGBE Tech Pte Ltd;
Mitsui & Co., Ltd. holds 0.83%;
Tan Choon Hian, Roger, hold 0.83% through RDS1 Holdings Pte Ltd;
Intertrust (Singapore) Ltd holds 0.56% through Jubilant Peace Trust;
Tay Yew Beng Peter holds 0.50% through Blue Spark Hub Pte Ltd;
Rongquan Biotechnology, Mr. Gan Guocheng, hold 0.47% through BPC SPV MRX Limited;
China Chengtong holds 0.38%;
Chao Yu-Chien Sonia holds 0.38% through Denning Holdings Limited;
Mr. CHEONG Kok Yew holds 0.37% of the shares;
Mr. ONG Jeong Shing (WANG Jiongxing) holds 0.37% of the shares;
Mr. ENG Bak Chim holds 0.19% through Ebco Capital Pte Ltd;
Zhongyuan No. 9 Limited Partnership Fund SDG Alpha Win PE LPF holds 0.19% of the shares;
Knowledge World Co. Ltd controlled by Ms. Deng Wei holds 0.09% of the shares;
Ms. Susan Ho Li Wah, Mr. Amos Leong Hong Kiat holds 0.08% through JASS Assets;
Board of directors and executives
The Board of Directors of Mirui is composed of 9 directors, including:
Three executive directors: Dr. Zhou Lihan (Chief Executive Officer), Dr. Zou Ruiyang (Deputy Chief Executive Officer, Chief Technology Officer), Mr. He Haojie (Chief Investment Officer);
Three non-executive directors: Dr. Zhu Xingfen (Chairman of the Board, Chief Science Advisor), Dr. Le Beilin (High Rong Capital Executive Director), Mr. Liu Da (Managing Director of CR Capital Life Science Fund);
Three independent non-executive directors: Dr. Lin Qianli, Mr. Fang Xiao, Ms. Ma Luling.
In addition to the executive directors, the senior management team includes Chief Financial Officer Mr. Zhu Minglu.
Corporate Performance
The prospectus shows that in the past 2021, 2022, 2023, and the first six months of 2024, Mirui's revenue was 60.6498 million, 17.759 million, 24.185 million, and 9.5668 million US dollars respectively, with corresponding research and development expenses of 7.8821 million, 18.4818 million, 22.6103 million, and 10.6931 million US dollars respectively, and corresponding net losses of 3.0811 million, 56.2027 million, 69.5693 million, and 44.3259 million US dollars.
Intermediary Team
The main intermediary team for Mirui's IPO includes: China International Capital Corporation and China Construction Bank International as its joint sponsors; KPMG as its auditor; Jingtian & Gongcheng, Davis Polk & Wardwell respectively as its corporate lawyers in China, and Hong Kong & US lawyers for the company; TransAsia, Wilson Sonsini separately as its brokerage lawyers in China, and Hong Kong & US lawyers for the brokerage; Frost & Sullivan as its industry consultant.
