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Investing.com -- Chinese online medical services platform Pomdoctor Ltd began trading on the Nasdaq Global Market Wednesday, with shares opening at $4.50 per American Depositary Share (ADS), 12.5% above its initial public offering price.
The company, which operates a platform focused on chronic disease management in China, priced its IPO at $4.00 per ADS, raising approximately $20 million in gross proceeds from the offering of 5,000,004 ADSs.
Pomdoctor trades under the ticker symbol "NASDAQ:POM" and has granted underwriters an option to purchase up to an additional 750,000 ADSs within 45 days at the public offering price, less underwriting discounts. Joseph Stone Capital, LLC is serving as the underwriter for the offering.
According to Frost & Sullivan, Pomdoctor ranked sixth in China’s internet hospital market based on the number of contracted doctors in 2022. The company provides a one-stop platform connecting patients with doctors and pharmaceutical products, with operations primarily covering internet hospital services and pharmaceutical supply chain management.
Six ADSs represent one Class A ordinary share of Pomdoctor, which aims to enhance healthcare value chain efficiency by connecting users, pharmacies, suppliers, medical professionals, and other healthcare participants.
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