IPO Timeline Raw facts
Company Overview
| Stock Name | Edge Medical-B |
|---|---|
| Stock Code | 02675 |
| Company Full Name | Shenzhen Edge Medical Co Ltd |
| Industry | Robotics |
| Principal Activities | advanced surgical robot company in the medical device industry, dedicated to designing, developing and manufacturing surgical robots |
| Listing Date | 2026-01-08 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18A |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Room 1901, Building 2B Business in the PRC Smart Park Phase II Baolong Street Longgang District Shenzhen, PRC |
| Business Address (Hong Kong) | 香港銅鑼灣 希慎道33號 利園一期 19樓1918室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.edgemed.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 43.24 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,324 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-30 to 2026-01-05 |
| Global Offering Shares | 27,722,200 shares |
| HK Public Offer Shares (Initial) | 2,772,300 shares (10.0%) |
| Public Offer Lots (Initial) | 27,723lots (Pool A13,861lots，Pool B13,862lots) |
| International Placing Shares (Initial) | 24,949,900 shares (90.0%) |
| Offer Ratio | ~7.15% |
| Total Shares Post-IPO | 387,722,200 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | Morgan Stanley Asia Limited CE AAD291 |
| Cornerstone Share | 16.2% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,198,707,928 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,324 |
| 2 lots | 200 | HK$ 8,648 |
| 3 lots | 300 | HK$ 12,972 |
| 4 lots | 400 | HK$ 17,296 |
| 5 lots | 500 | HK$ 21,620 |
| 6 lots | 600 | HK$ 25,944 |
| 7 lots | 700 | HK$ 30,268 |
| 8 lots | 800 | HK$ 34,592 |
| 9 lots | 900 | HK$ 38,916 |
| 10 lots | 1,000 | HK$ 43,240 |
| 15 lots | 1,500 | HK$ 64,860 |
| 20 lots | 2,000 | HK$ 86,480 |
| 25 lots | 2,500 | HK$ 108,100 |
| 30 lots | 3,000 | HK$ 129,720 |
| 35 lots | 3,500 | HK$ 151,340 |
| 40 lots | 4,000 | HK$ 172,960 |
| 45 lots | 4,500 | HK$ 194,580 |
| 50 lots | 5,000 | HK$ 216,200 |
| 60 lots | 6,000 | HK$ 259,440 |
| 70 lots | 7,000 | HK$ 302,680 |
| 80 lots | 8,000 | HK$ 345,920 |
| 90 lots | 9,000 | HK$ 389,160 |
| 100 lots | 10,000 | HK$ 432,400 |
| 200 lots | 20,000 | HK$ 864,800 |
| 300 lots | 30,000 | HK$ 1,297,200 |
| 400 lots | 40,000 | HK$ 1,729,600 |
| 500 lots | 50,000 | HK$ 2,162,000 |
| 600 lots | 60,000 | HK$ 2,594,400 |
| 700 lots | 70,000 | HK$ 3,026,800 |
| 800 lots | 80,000 | HK$ 3,459,200 |
| 900 lots | 90,000 | HK$ 3,891,600 |
| 1,000 lots | 100,000 | HK$ 4,324,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 8,648,000 |
| 3,000 lots | 300,000 | HK$ 12,972,000 |
| 4,000 lots | 400,000 | HK$ 17,296,000 |
| 5,000 lots | 500,000 | HK$ 21,620,000 |
| 6,000 lots | 600,000 | HK$ 25,944,000 |
| 7,000 lots | 700,000 | HK$ 30,268,000 |
| 8,000 lots | 800,000 | HK$ 34,592,000 |
| 9,000 lots | 900,000 | HK$ 38,916,000 |
| 10,000 lots | 1,000,000 | HK$ 43,240,000 |
| 13,861 lots | 1,386,100 | HK$ 59,934,964 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 13.96B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 16,765,107,928 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 13,992,591,471 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 218.5 million |
| Period-End Cash Balance | RMB 119.81 million |
| Listing Expenses | ~HK$ 82,100,000 |
| Listing Expenses / Funds Raised | ~6.8% |
| Total Pre-IPO Investment | approximately RMB 2,050 million |
| First Day Close | HK$ 56.6 |
|---|---|
| First Day Open | HK$ 59.0 |
| First Day Change | 30.90% |
| First Day Volume | 12674000.0 |
| First Day Turnover | 709649000.0 |
| Use of Proceeds | 1、約23.0%（即256.8百萬港元）為精鋒多孔腔鏡手術機器人進行中和規劃中的研發提供資金；
2、約19.0%（即212.2百萬港元）為精鋒單孔腔鏡手術機器人進行中和規劃中的研發提供資金；
3、約20.0%（即223.3百萬港元）為核心產品的商業化提供資金；
4、約10.0%（即111.7百萬港元）將用于擴大產能；
5、約8.0%（即89.3百萬港元）將分配至其他產品和在研產品；
6、約10.0%（即111.7百萬港元）將用于手術機器人行業及相關領域的潛在策略收購、投資或合作；
7、約10.0%（即111.7百萬港元）將用于營運資金及一般企業用途。 |
Underwriting Syndicate
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Cleary Gottlieb Steen & Hamilton (Hong Kong) 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
Clifford Chance 北京市通商律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | Somerley Capital Limited CE BAU754 |
| Receiving Banks |
招商永隆银行有限公司 创兴银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | ADIA | 15,000,000 USD | 2,699,000 | 9.70% | 0.70% | 6 months | 2026-07-08 |
| 2 | UBS AM Singapore | 10,000,000 USD | 1,799,300 | 6.50% | 0.50% | 6 months | 2026-07-08 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Dr. Wang Jianchen | Dr. Wang Jianchen |
| Company Secretary | Ms. Wu Mengyuan | Ms. Wu Mengyuan |
| Executive Director | 王建辰 | Wang Jianchen |
| Non-Executive Director | 盛利 | Sheng Li |
| Independent Non-Executive Director | 杨帆 | Yang Fan |
| Executive Director | 高元倩 | Gao Yuanqian |
| Non-Executive Director | 陈刚 | Chen Gang |
| Independent Non-Executive Director | 张国光 | Zhang Guoguang |
| Executive Director | 吴梦媛 | Wu Mengyuan |
| Non-Executive Director | 邱翔 | Qiu Xiang |
| Independent Non-Executive Director | 刘英杰 | Lau Ying Kit |
| Independent Non-Executive Director | 叶国强 | Ye Guoqiang |
| Independent Non-Executive Director | 张相平 | Zhang Xiangping |
| Independent Non-Executive Director | 林民才 | Lin Mincai |
Major Shareholders
| Major Shareholders & Holdings | Dr. Wang (through 協力創峰) holds approximately 12.09% of the non-listed shares and 31.22% of the H shares; Dr. Gao (spousal interest) holds the same proportion; 協力創峰 holds 2.76% of the H shares; Guadalupe Peak Limited holds 1.22% of the non-listed shares and 3.67% of the H shares; 成都明晟 holds 4.51% of the H shares; 中恒匯金 holds 4.22% of the H shares; 健稜投資 holds 2.72% of the H shares; 心健投資 holds 2.16% of the H shares; Intelligent Spark holds 1.11% of the non-listed shares and 2.59% of the H shares; Spark Plug holds 0.62% of the H shares; 蘇州君聯 holds 0.18% of the non-listed shares and 3.04% of the H shares; the Social Security Fund holds 0.07% of the non-listed shares and 1.18% of the H shares. |
|---|
Market Sentiment
The IPO drew massive enthusiasm with an oversubscription of 1,091.94 times, signaling extremely strong market appetite. The overall hit rate of only 10.18% underscores fierce competition for allocations, typical for a hot biotech offering under Chapter 18A. The final offer price was set at HKD 43.24, but without the initial price range, pricing dynamics are unclear. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Detailed tier subscription data is not available in the source, so specific anomalies like a narrow gap between 甲尾 and 乙头 or unusual winner ratios cannot be assessed. With such a high oversubscription, the distribution of lots is likely concentrated among the largest applications, potentially disadvantaging smaller subscribers. Broker fee efficiency comparisons are not feasible without tier-level allocation information. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors comprised 61.9% of the total holders, reflecting strong cross-border interest in Hong Kong-listed biotech firms. The gender split was 59.8% male and 40.2% female, with an average investor age of 44.2 years, indicating a mature demographic. The high mainland participation aligns with the growing appetite for innovative healthcare assets from China-based investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
