Jin Medical International Ltd.

General Information
Business:

We are a holding company incorporated in the Cayman Islands. Our Ordinary Shares offered in this prospectus are shares of our Cayman Islands holding company. As a holding company with no material operations of our own, we conduct our operations through the VIE established in the PRC. We do not have any equity ownership of the VIE; instead, we control and receive the economic benefits of the VIE’s business operations through certain contractual arrangements, or “VIE Agreements”, which are used to provide contractual exposure to foreign investment in China-based companies where Chinese law prohibits direct foreign investment in the Chinese operating companies.

The China-based VIE, Changzhou Zhongjin, and its subsidiaries, design and manufacture wheelchairs and living aids products for people with disabilities, the elderly, and people recovering from injury. Our business focuses primarily on wheelchairs. For the six months ended March 31, 2022, and 2021, and fiscal years ended September 30, 2021, and 2020, sales of wheelchairs and wheelchair components represented approximately 97.3%, 99.7%, 99.7%, and 98.9%, respectively, of our revenue, while sales of living aids products such as oxygen concentrators and bathing machines represented approximately 2.7%, 0.3%, 0.3% and 1.1%, respectively, of our revenue. Currently, our living aids products are only sold to a few selected customers to test the markets for these products. The majority of our products are sold to dealers in Japan and China, while a small number of our products are also sold to dealers located in other regions, including the United States, Canada, Australia, Korea, Israel, Singapore, and others.

 Since 2006, Changzhou Zhongjin has been designing and manufacturing wheelchairs. Almost all of its wheelchairs currently for sale are manual wheelchairs. Changzhou Zhongjin only started selling electric wheelchairs in 2018, and electric wheelchairs accounted for 0.5% and 1.0% of our revenues for the six months ended March 31, 2022, and 2021, respectively, and 1% of its revenues for the fiscal years ended September 30, 2021 and 2020. The manual wheelchair product category has a wide range of products at various price points, consisting of more than thirty models. The mid to high-end wheelchairs and components are mostly geared towards customers in Japan, and the relatively lower-end wheelchairs and components are targeted for customers in China.

We believe the wheelchair markets in Japan and China are favorably exposed to multiple macro-economic growth driving factors such as rising spending power, growing popularity of outdoor and active lifestyles for the disabled population, and general needs for better mobility equipment. In addition, we believe demand for our products in Japan and China will increase over the next several decades due to the growing aging population. According to the Frost & Sullivan Report, as of early 2020, more than 25% of Japan’s population is over 65 years old, the highest proportion in the world, and by 2030, one in every three people will be 65 or older. Japanese demographers estimate that senior citizens will account for 40% of the population in Japan in 2060. Similarly, in China, according to the National Bureau of Statistics of China, the population aged 65 or above has grown at a Compound Annual Growth Rate (“CAGR”) of 6.1% from approximately 150.4 million to approximately 190.6 million from 2016 to 2020. We believe the expansion of the aging populations in Japan and China will continue in the near future, providing a real opportunity for us to grow our business. 

**Note: Revenue and net income figures are in U.S. dollars for fiscal year 2021, which ended on Sept. 30, 2021.

(Note: Jin Medical International Ltd. filed its F-1 on Sept. 24, 2021; it filed confidentially on Dec. 28, 2022.)

Industry: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Employees: 291
Founded: 2006
Contact Information
Address No. 33 Lingxiang Road, Wujin District Changzhou City, Jiangsu Province People’s Republic of China
Phone Number +86-519 89607972
Web Address http://www.zhjmedical.com/
View Prospectus: Jin Medical International Ltd.
Financial Information
Market Cap $137.5mil
Revenues $20.76 mil (last 12 months)
Net Income $2.63 mil (last 12 months)
IPO Profile
Symbol ZJYL
Exchange NASDAQ
Shares (millions): 5.0
Price range $5.00 - $6.00
Est. $ Volume $27.5 mil
Manager / Joint Managers Prime Number Capital LLC
CO-Managers
Expected To Trade:
Status: TBA
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change