Golden Meditech, a Growth Enterprise Market-listed Chinese supplier of medical equipment, plans to list its shares on the Nasdaq Stock Market within a year.
Meditech said it would seek either a dual-listing on the GEM and Nasdaq or buy back all Hong Kong-listed shares and pursue only a Nasdaq listing.
The company's shares fell 1.17 per cent yesterday, closing at $2.10.
The plan was unveiled as the firm announced a 307 per cent profit growth to $563.82 million for the year ended March and a 17.4 per cent increase in turnover to $280.57 million. Part of the profit came from exceptional gains after selling shares of its associate, China Medical Technologies (CMED), which was listed on the Nasdaq in August last year.
Despite strong earnings growth, Meditech did not propose a dividend because of the planned Nasdaq listing, its chairman Kam Yuen said.
'We had better keep more cash in hand because the Nasdaq listing plan may cost us a lot of money,' said Mr Kam.
He said Meditech's share price might reach 35 to 40 times company earnings, based on the average of US companies in the same industry, compared with less than 10 times in Hong Kong.