About an hour by rapid train northwest of Shanghai, China in the city of Changzhou (pop: 5.2 million) are the offices of Jin Medical International, a maker of “high-end” wheelchairs. Incorporated in the Cayman Islands in January 2020, Jin’s wheelchairs are known for being ergonomic and lightweight and recently the company began making electric and ski-friendly models.
Last March, with the help of a little known New York-based underwriter named Prime Number Capital LLC, Jin Medical IPO’d on Nasdaq, raising $8 million at 40 cents per share on a split adjusted basis. While the Nasdaq 100 index, which includes market stars like Nvidia, has risen 40% in the last 12 months or so, Jin’s stock has climbed to $14, logging near 3,000% gains and a market capitalization of $1.73 billion.
Though the company hasn’t filed any financial statements with the SEC since August 2023, at the time its revenues were running at about $20 million, with profits of around $3.5 million, giving it a price-earnings ratio in excess of 500....
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