[TechWeb] on 3 May, at 9:30 EDT, the first new oxygen technology on the Internet Medical and American Service platform officially landed on NASDAQ under the symbol "SY" at a price of US $13.80, calculated on the basis of the offer price. New oxygen technology has a market capitalization of 1.38 billion US dollars. New oxygen technology opened at $16.50, up nearly 20 percent from its offering price, before reaching $19.91, or 44.28 percent, in session. By the end of the day, New oxygen shares were trading at $18.2, up 31.88 percent from the offering price and with a market capitalisation of $1.82 billion.
"New oxygen is China's most popular platform for medical beauty on the Internet, and we are proud of it," Venus, founder of New oxygen Technology and CEO, said at the bell-ringing ceremony. "New oxygen helps users to seek, evaluate and book medical services. We are also committed to reaching NASDAQ and global investors with trust and confidence in us. "
New oxygen Technologies has issued 13 million U.S. depositary shares or 10 million Class A common shares (15 percent over-allotted), raising about $180 million. According to the prospectus, 30% of the fund raised is planned for technology investment and R & D; 20% for brand promotion and user access; 20 percent was spent on business expansion, while the remaining 10 percent was spent on enhancing the platform's content supply and potential future co-operative investments.
Before the IPO, New oxygen Technology had completed eight rounds of financing, attracting Matrix Partners China, Trustbridge Partners, Tencent, and even a number of capital giants, including China-Russia investment funds and Bank of China International Holdings. After the IPO, Novo founder and CEO Venus will hold 15.6 percent of its shares and 84.7 percent of its voting rights.
As a continuous entrepreneur, Venus hopes to build new oxygen into the most trusted consumer medical technology company, starting from the transformation of China's medical and beauty market, and then transforming the entire consumer medical service industry.
In 2013, Venus chose the subdivision track of medical beauty in the third venture. The reason why he chose medical beauty was also influenced by the mother of Venus Plastic Surgeon. He had a deeper understanding of the medical beauty industry earlier. Understand and be keenly aware of the great commercial value.
Given that a significant pain in the medical industry is the serious asymmetry of information between buyers and sellers. As a result, Venus initially chose to start with the community, allowing consumers with experience in plastic surgery to share their experiences and provide potential users with more effective decision-making support information.
And the community operations officially Venus's strengths. Prior to the creation of the new oxygen, Venus had been operating as a product in the cat, and from 2007 to 2011, it conducted two community-related ventures. The experience of community operations management accumulated by Venus lays the foundation for the operation of the new oxygen community and the start of new oxygen.
Over the past nine quarters, New oxygen Technology's revenue has continued to grow quarter-on-quarter compared with the same period last year, according to the prospectus. And this growth is still relatively strong. New oxygen Technology has achieved profit in 2017. In 2018, the company achieved operating income of 617 million yuan (US $89.8 million), up 138% from the same period last year, and achieved net profit of 55.08 million yuan, up 220% from the same period last year. The first quarter of 2019 was a year-on-year increase of 220%. New oxygen technology realized operating revenue of 206 million yuan, an increase of 81.8 percent over the same period last year. Net profit was 45.9 million yuan, up 49.9% from the same period last year.
The number of monthly active users of New oxygen Mobile grew from 1.08 million in the first quarter of 2018 to 1.93 million in the first quarter of 2019, an increase of 78.7 percent. The number of paid-in accounts also rose from 68900 in the first quarter of 2018 to 127300 in the first quarter of 2019, an increase of 84.9 percent.
At present, the transaction volume of medical beauty services promoted on the new oxygen platform has increased by 68.4% from 412 million yuan in the first quarter of 2018 to 694 million yuan in the first quarter of 2019. The number of paid medical institutions on the platform has increased by 37.4% from 1966 in the first quarter of 2018 to 2,701 in the first quarter of 2019.
Venus hopes that the new oxygen in the future will not only solve fundamental problems such as information asymmetry for the industry, but also become an indispensable infrastructure for the industry as a whole.