Jenscare Scientific Co Ltd makes its initial public offering on the Hong Kong Stock Exchange on Oct 10, becoming the first global unicorn from Ningbo, East China's Zhejiang province to be listed. [Photo/Ningbo Daily]

Jenscare Scientific Co Ltd made its initial public offering on the main board of the Hong Kong Stock Exchange on Oct 10, becoming the first global unicorn from Ningbo, East China's Zhejiang province to be listed.

The company's market value rose to 12.06 billion yuan ($1.86 billion) as of 1:00 pm that same day after debuting on the bourse.

Founded in 2011 in the Ningbo Qianwan New Area, Jenscare Scientific is a medical device company that deals with the development of interventional products for the treatment of structural heart diseases.

In 2021, the company made the list of new global unicorns released by Hurun. Global unicorns refer to companies worth more than $1 billion yuan but are not yet listed on a stock exchange.

The Qianwan New Area where Jenscare is located is home to more than 70 healthcare and life sciences projects that have a combined investment value of 18 billion yuan. These projects are mostly related to biopharmaceutical, medical devices, biomedical engineering, modern Chinese medicine, and pharmaceutical R&D service outsourcing.

Additional nine companies in the area have been also listed as listed company candidates, according to data from Ningbo Municipal Bureau of Financial Supervision.