We are a holding company incorporated in the Cayman Islands. we conduct all of our operations through our operating entities established in the PRC, primarily Work Hangzhou, our wholly owned subsidiary, and its subsidiaries (collectively referred to herein as the “PRC subsidiaries”).
We are a supplier of medical devices in China. We develop and manufacture Class I and II medical devices and sell Class I and II disposable medical devices through operating subsidiaries in China. The PRC subsidiaries’ products include, to name a few, medical face masks, artery compression tourniquets for bleeding control, disposable breathing circuits for delivering oxygen and anesthetic gases, laryngeal mask airways for keeping patients’ airways open during anesthesia and endotracheal tubes for keeping the trachea open for air to get to the lungs.
The PRC subsidiaries have been providing medical devices to hospitals, pharmacies and medical institutions since 2002. The PRC subsidiaries currently have a total of 20 medical devices in their product portfolio. All of them are sold domestically, and 15 of them are sold internationally.
In the Chinese market, the PRC subsidiaries’ products are sold in 34 provincial-level administrative regions. Internationally, the products are exported to more than 30 countries in Asia, Africa, Europe, North America, South America, and Oceania. In the meantime, the PRC subsidiaries have established a strict quality management system. The PRC subsidiaries have 17 products that have passed the inspections administered by local authorities in Zhejiang province and obtained the registration certificates. The PRC subsidiaries have also received international “CE” certification and ISO 13485 system certification. Furthermore, the PRC subsidiaries have registered with the FDA for 17 products.
The PRC subsidiaries have three types of customers, i) direct end-user customers, which include hospitals, pharmacies, and medical institutions, ii) domestic distributor customers that distribute the PRC subsidiaries’ products to end-user customers in China, and iii) export distributor customers that distribute the PRC subsidiaries’ products to end-user customers in Asia, Africa, Europe, North America, South America, and Oceania. The top 10 countries and regions outside of mainland China where these products are sold are Saudi Arabia, Germany, Switzerland, Hong Kong, France, Poland, Netherlands, Mexico, Romania and Russia.
As of Sept. 30, 2022, the PRC subsidiaries had a total of 1,058 customers, of which, 154 are direct end-user customers, 867 are domestic distributor customers, and 37 are export distributor customers.
**Note: Net income and revenue are for the fiscal year that ended Sept. 30, 2022.
(Note: WORK Medical Technology Group filed an F-1/A dated June 30, 2023, and disclosed its IPO terms: 3.0 million shares at $4.00 to $5.00 to raise $14.0 million. The company filed its F-1 on April 27, 2023. WORK Medical Technology Group filed confidential IPO documents with the SEC on June 22, 2022.)