IPO Timeline Raw facts
Broker Deadline
2026-06-25
Morning deadline
HKEX Deadline
2026-06-25
Noon deadline
Broker Results (T-2)
2026-06-26
Some brokers release in afternoon
Grey Market (T-1)
2026-06-29
Afternoon
HKEX Allotment (T-1)
2026-06-29
Evening
Registrar Allotment (T-1)
2026-06-29
Evening
Listing Day (T)
2026-06-30
First day of trading
Company Overview
| Stock Name | TH Medical-B |
|---|---|
| Stock Code | 02697 |
| Company Full Name | Guangdong True Health Medical Technology Development Co., Ltd. |
| Industry | 機器人科技 |
| Principal Activities | We are engaged in the research, development and commercialization of percutaneous puncture surgical robots and ablation surgical robots in China. Our core product is the percutaneous puncture surgical robot (four models), and our key products include the percutaneous microwave ablation surgical robot, as well as five other candidate products such as the compact percutaneous puncture surgical robot, microwave ablation therapy device, cryoablation robot, ex vivo organ preservation and assessment system, etc. |
| Listing Date | 2026-06-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 廣東省珠海市橫琴新區環島東路1889號9棟第一層101室 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | truehealth.cn |
| 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 Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 119.30 - 135.40 |
| Lot Size | 20 shares |
| Entry Threshold | HK$ 2,708 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-22 to 2026-06-25 |
| Global Offering Shares | 3,564,700 shares |
| HK Public Offer Shares (Initial) | 356,480 shares (10.0%) |
| Public Offer Lots (Initial) | 17,824lots (8,912lots, 8,912lots) |
| International Placing Shares (Initial) | 3,208,220 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 35,647,003 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 482,660,380 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 20 | HK$ 2,708 |
| 2 lots | 40 | HK$ 5,416 |
| 3 lots | 60 | HK$ 8,124 |
| 4 lots | 80 | HK$ 10,832 |
| 5 lots | 100 | HK$ 13,540 |
| 6 lots | 120 | HK$ 16,248 |
| 7 lots | 140 | HK$ 18,956 |
| 8 lots | 160 | HK$ 21,664 |
| 9 lots | 180 | HK$ 24,372 |
| 10 lots | 200 | HK$ 27,080 |
| 15 lots | 300 | HK$ 40,620 |
| 20 lots | 400 | HK$ 54,160 |
| 25 lots | 500 | HK$ 67,700 |
| 30 lots | 600 | HK$ 81,240 |
| 35 lots | 700 | HK$ 94,780 |
| 40 lots | 800 | HK$ 108,320 |
| 45 lots | 900 | HK$ 121,860 |
| 50 lots | 1,000 | HK$ 135,400 |
| 100 lots | 2,000 | HK$ 270,800 |
| 150 lots | 3,000 | HK$ 406,200 |
| 200 lots | 4,000 | HK$ 541,600 |
| 250 lots | 5,000 | HK$ 677,000 |
| 300 lots | 6,000 | HK$ 812,400 |
| 350 lots | 7,000 | HK$ 947,800 |
| 400 lots | 8,000 | HK$ 1,083,200 |
| 450 lots | 9,000 | HK$ 1,218,600 |
| 500 lots | 10,000 | HK$ 1,354,000 |
| 1,000 lots | 20,000 | HK$ 2,708,000 |
| 1,500 lots | 30,000 | HK$ 4,062,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 40,000 | HK$ 5,416,000 |
| 2,500 lots | 50,000 | HK$ 6,770,000 |
| 3,000 lots | 60,000 | HK$ 8,124,000 |
| 3,500 lots | 70,000 | HK$ 9,478,000 |
| 4,000 lots | 80,000 | HK$ 10,832,000 |
| 4,500 lots | 90,000 | HK$ 12,186,000 |
| 5,000 lots | 100,000 | HK$ 13,540,000 |
| 6,000 lots | 120,000 | HK$ 16,248,000 |
| 7,000 lots | 140,000 | HK$ 18,956,000 |
| 8,000 lots | 160,000 | HK$ 21,664,000 |
| 8,912 lots | 178,240 | HK$ 24,133,696 |
Stock Connect Inclusion
| HK Market Cap | HK$ 14.26B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | 18A Biotech |
|---|---|
| Est. Threshold | HK$ 10.47B Met |
| Analysis Result | 预计2026年9月7日入通 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 4,541,400,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | RMB 6,910.9 million |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 90.1 million |
| Period-End Cash Balance | RMB 182.39 million |
| Listing Expenses | ~HK$ 66,100,000 |
| Listing Expenses / Funds Raised | ~14.5% |
| Total Pre-IPO Investment | RMB 520 million |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | Approximately 74.5% will be used for the research, development and commercialization of core products; approximately 25.5% will be used to replenish working capital and for general corporate purposes. |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (1)
DBS ASIA CAPITAL LIMITED CE AAE430
Overall Coordinators (2)
Joint Global Coordinators (3)
Joint Bookrunners (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
DBS ASIA CAPITAL LIMITED CE AAE430
ABCI CAPITAL LIMITED CE AWL249
Funde Securities Limited CE BHT984
CMBC SECURITIES COMPANY LIMITED CE APU820
Livermore Holdings Limited CE BJN764
Open Securities Limited CE ACS694
SPDB International Capital Limited CE BFZ375
Joint Lead Managers (9)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
DBS ASIA CAPITAL LIMITED CE AAE430
ABCI Securities Company Limited CE ACX411
Funde Securities Limited CE BHT984
CMBC SECURITIES COMPANY LIMITED CE APU820
Livermore Holdings Limited CE BJN764
Open Securities Limited CE ACS694
SOUTH CHINA SECURITIES LIMITED CE AAA874
SPDB International Capital Limited CE BFZ375
Capital Market Intermediaries (10)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
DBS ASIA CAPITAL LIMITED CE AAE430
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Funde Securities Limited CE BHT984
CMBC SECURITIES COMPANY LIMITED CE APU820
Livermore Holdings Limited CE BJN764
Open Securities Limited CE ACS694
SOUTH CHINA SECURITIES LIMITED CE AAA874
SPDB International Capital Limited CE BFZ375
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
德恒律师事务所（香港）有限法律责任合伙 北京德恒律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
欧华律师事务所 Jingtian & Gongcheng |
| Auditor and Reporting Accountant | Ernst & Young |
| Industry Advisor | China Insights Industry Consultancy Limited |
| Compliance Advisor | 迈时资本有限公司 CE BNO600 |
| Receiving Banks |
CMB Wing Lung Bank Limited DBS BANK (HONG KONG) LIMITED |
| H Share Registrar | Tricor Investor Services Limited |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | 張昊任 |
|---|---|
| Company Secretary | 陳妙娉、林慧怡 |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 張昊任 | — | Executive Director |
| 2 | 陳妙娉 | — | Executive Director |
| 3 | 郭健 | — | Executive Director |
Non-Executive Director (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 莫金玲 | — | Non-Executive Director |
Independent Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 劉良鋼 | — | Independent Non-Executive Director |
| 2 | 吳冠誠 | — | Independent Non-Executive Director |
| 3 | 馬劍鳴 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | The controlling shareholder is Ms. 張昊任 and the entities controlled by her: 任陽生物科技 (10.47%), 誠真健康 (9.35%), 嘉潤同創 (7.48%), 嘉潤合創 (7.15%), 珠海美吉睿 (6.46%), 嘉潤新創 (5.61%), 欣慧潤康 (0.10%), holding approximately 46.63% of the shares in aggregate. |
|---|
