G Medical Innovations Holdings Ltd. is planning an IPO of its Chinese unit on the Hong Kong Stock Exchange.

The company is listing Guangzhou Yimei Innovative Medical Science and Technology Co. Ltd., or GYIMSTC Ltd., on the main board of the stock exchange. G Medical owns 70% of the unit.

Under the proposed listing, GYIMSTC will be spun off from G Medical, with the parent retaining not less than 50% ownership of the spunoff company.

G Medical, which designs smartphone apps to monitor health vitals, has hired UOB Kay Hian (Hong Kong) Ltd. to be the financial adviser for the IPO. The company and UOB are aiming toward a listing within six to nine months.

The initial market capitalization of GYIMSTC should be at least HK$1.50 billion under Hong Kong Stock Exchange rules.

Proceeds from the listing will be used for working capital and research and development.

The proposed listing is subject to legal and regulatory requirements in Australia and Hong Kong, including shareholder approval.