Medcaptain 02041Hong Kong Stock ExchangeIPOProspectus Information

6.1952.44%( -0.155 )
Nov 13 · End-of-day data, not live · Hong Kong Stock Exchange
Listing Date: 2026-09-07 · Registrar: 卓佳
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IPO Timeline Raw facts

Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading

Company Overview

Stock NameMedcaptain
Stock Code02041
Company Full NameMedcaptain Medical Technology Co., Ltd.
IndustryHealthcare
Principal ActivitiesA global medical device provider, capable of meeting the clinical needs of a wide range of clinical departments, wards and clinics within medical institutions, as well as community health centers, testing institutions and home care settings.
Listing Date2026-09-07
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules Chapter8A不同投票权
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)深圳市南山區西麗打石一路深圳國際創新谷7棟A座701房
Business Address (Hong Kong)香港 銅鑼灣 希慎道33號 利園一期19樓1916室
Place of IncorporationChina
Listing MethodGlobal Offering
Listing BoardMain Board
Websitemedcaptain.com
Share Registrar卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar Contact卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室
A-Share/US Dual ListingNo

Offering Information

Offering Mechanism Mechanism B
Offer PriceHK$ 15.42 / shares
Offer Price RangeFinal offer price only, no range
Lot Size100 shares
Entry ThresholdHK$ 1,542
Par ValueRMB 1.0 / shares
Offer Period2026-08-28 to 2026-09-02
Global Offering Shares38,910,600 shares
HK Public Offer Shares (Initial)3,891,100 shares (10.0%)
Public Offer Lots (Initial)38,911lots (Pool A19,455lots，Pool B19,456lots)
International Placing Shares (Initial)35,019,500 shares (90.0%)
Offer Ratio~10.0%
Total Shares Post-IPO538,626,686 shares
Greenshoe (Over-allotment Option)No
Stabilizing Manager (Greenshoe)—
Cornerstone ShareNo cornerstone investors
Clawback TiersMechanism B: no clawback mechanism
Reallocation OptionYes
Total Global Offering SizeHK$ 600,001,452

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 100 HK$ 1,542
2 lots 200 HK$ 3,084
3 lots 300 HK$ 4,626
4 lots 400 HK$ 6,168
5 lots 500 HK$ 7,710
6 lots 600 HK$ 9,252
7 lots 700 HK$ 10,794
8 lots 800 HK$ 12,336
9 lots 900 HK$ 13,878
10 lots 1,000 HK$ 15,420
15 lots 1,500 HK$ 23,130
20 lots 2,000 HK$ 30,840
25 lots 2,500 HK$ 38,550
30 lots 3,000 HK$ 46,260
35 lots 3,500 HK$ 53,970
40 lots 4,000 HK$ 61,680
45 lots 4,500 HK$ 69,390
50 lots 5,000 HK$ 77,100
60 lots 6,000 HK$ 92,520
70 lots 7,000 HK$ 107,940
80 lots 8,000 HK$ 123,360
90 lots 9,000 HK$ 138,780
100 lots 10,000 HK$ 154,200
200 lots 20,000 HK$ 308,400
300 lots 30,000 HK$ 462,600
400 lots 40,000 HK$ 616,800
500 lots 50,000 HK$ 771,000
600 lots 60,000 HK$ 925,200
700 lots 70,000 HK$ 1,079,400
800 lots 80,000 HK$ 1,233,600
900 lots 90,000 HK$ 1,387,800
1,000 lots 100,000 HK$ 1,542,000
2,000 lots 200,000 HK$ 3,084,000
3,000 lots 300,000 HK$ 4,626,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
4,000 lots 400,000 HK$ 6,168,000
5,000 lots 500,000 HK$ 7,710,000
6,000 lots 600,000 HK$ 9,252,000
7,000 lots 700,000 HK$ 10,794,000
8,000 lots 800,000 HK$ 12,336,000
9,000 lots 900,000 HK$ 13,878,000
10,000 lots 1,000,000 HK$ 15,420,000
15,000 lots 1,500,000 HK$ 23,130,000
19,455 lots 1,945,500 HK$ 29,999,610

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway Regular Path
HK Market Cap HK$ 3.06B
Est. Threshold HK$ 9.44B
Analysis Result HK market cap below threshold, need +209%

Valuation & Financials

Market Cap (at Offer Price)HK$ 8,305,623,498
H-Share Market Cap (at Offer Price)HK$ 7,389,598,398
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot disclosed
Profit/Loss StatusNet profit RMB 50.7 million
Period-End Cash BalanceRMB 301.26 million
Listing ExpensesTo be extracted
Listing Expenses / Funds RaisedTo be extracted
Total Pre-IPO Investmentapproximately RMB 359.8 million

Financial Data

Unit: '000 RMB
Income Statement
Item 202320242025
Revenue 1,313,2971,399,3611,619,152
Cost of sales -661,861-704,289-749,492
Gross profit 651,436695,072869,660
Other income and gains, net 82,41756,33146,546
Selling and distribution expenses -328,322-332,538-353,667
Administrative expenses -145,950-177,003-187,665
Operating profit -27,131-53,60897,046
Net finance costs -21,419-15,998-18,331
Share of associates and JVs -1,274-8960
Profit before tax -49,824-70,50278,715
Income tax expense -14,684-26,115-27,977
Profit for the year -64,508-96,61750,738
Profit attributable to owners -63,709-96,40048,886
Balance Sheet
Item 2023202420252026-03
Cash and cash equivalents 262,267283,988301,259
Trade and bills receivables 104,775133,073168,234
Inventories 236,957230,212263,438
Total current assets 822,089848,832936,241
Total assets 2,755,5632,804,9612,931,084
Total current liabilities 496,786542,668579,418
Total liabilities 1,055,2771,053,7471,055,112
Total equity 1,700,2861,751,2141,875,972
Equity attributable to owners 1,705,8071,753,5321,876,438
Interest-bearing borrowings 436,063344,570292,050330,117
Cash Flow Statement
Item 2023202420252026-03
Net cash from operating activities 64,845183,350203,794
Net cash from investing activities -260,424-118,345-89,775
Net cash from financing activities 127,272-46,922-99,065
Net increase in cash -68,30718,08314,954
Depreciation of PP&E 37,62838,78638,22911,178
Depreciation of right-of-use assets 29,30030,97128,6527,670
Amortisation of intangible assets 48,90052,52252,81613,479
Purchase of PP&E -79,648-120,140-90,735-21,264
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approximately 35.0% for research and development, approximately 20.0% for developing manufacturing centers to expand production capacity, approximately 20.0% for enhancing sales and marketing capabilities, approximately 10.0% for potential strategic investments and acquisitions, approximately 5.0% for upgrading IT infrastructure and digital platforms, and approximately 10.0% for working capital and other general corporate purposes.

Underwriting Syndicate

Joint Sponsors (1)
Morgan Stanley Asia Limited CE AAD291
Sponsor cum Overall Coordinator (1)
Morgan Stanley Asia Limited CE AAD291
Overall Coordinators (2)
Morgan Stanley Asia Limited CE AAD291 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Joint Global Coordinators (3)
Morgan Stanley Asia Limited CE AAD291 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
Joint Bookrunners (12)
Morgan Stanley Asia Limited CE AAD291 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669 CELESTIAL SECURITIES LIMITED CE AAF532 Eddid Securities and Futures Limited CE BHT550 Futu Securities International (HONG KONG) Limited CE AZT137 Huafu International Securities Limited CE BQC241 JINLUO SECURITIES LIMITED CE BOK354 SBI China Capital Financial Services Limited CE ABD523 TradeGo Markets Limited CE BRO637 UOB KAY HIAN (HONG KONG) LIMITED CE AAW261 Yuet Sheung International Securities Limited CE BEZ371
Joint Lead Managers (12)
Morgan Stanley Asia Limited CE AAD291 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669 CELESTIAL SECURITIES LIMITED CE AAF532 Eddid Securities and Futures Limited CE BHT550 Futu Securities International (HONG KONG) Limited CE AZT137 Huafu International Securities Limited CE BQC241 JINLUO SECURITIES LIMITED CE BOK354 SBI China Capital Financial Services Limited CE ABD523 TradeGo Markets Limited CE BRO637 UOB KAY HIAN (HONG KONG) LIMITED CE AAW261 Yuet Sheung International Securities Limited CE BEZ371
Capital Market Intermediaries (12)
Morgan Stanley Asia Limited CE AAD291 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669 CELESTIAL SECURITIES LIMITED CE AAF532 Eddid Securities and Futures Limited CE BHT550 Futu Securities International (HONG KONG) Limited CE AZT137 Huafu International Securities Limited CE BQC241 JINLUO SECURITIES LIMITED CE BOK354 SBI China Capital Financial Services Limited CE ABD523 TradeGo Markets Limited CE BRO637 UOB KAY HIAN (HONG KONG) LIMITED CE AAW261 Yuet Sheung International Securities Limited CE BEZ371

Service Providers

RoleInstitution
Legal Advisor to Company 史密夫斐尔凯迈律师事务所
嘉源律师事务所
Hogan Lovells Cadwalader International LLP
Legal Advisor to Sponsors/Underwriters 美迈斯律师事务所
竞天公诚律师事务所
Auditor and Reporting Accountant 安永会计师事务所
Industry Advisor 灼识行业咨询有限公司
Compliance Advisor UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
Receiving Banks 中国银行（香港）有限公司

Cornerstone Investors

This stock has no cornerstone investors.

Directors & Management

PositionChinese nameEnglish Name
ChairmanLIU Jie—
Company Secretary顏仁仲—
No director data available.

Major Shareholders

Major Shareholders & HoldingsMr. Liu, Ms. Li and Mr. Zhong are the controlling shareholders, collectively controlling approximately 36.70% of the voting rights; other major shareholders include Zhuhai Hillhouse Fund Management, Shenzhen Innovation Investment Group, and others.
About this page

This page shows Medcaptain (02041) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements. New to IPO subscription? See Hong Kong IPO Subscription 101.

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