Jingfeng Medical-B (02675) plans to globally issue 27.722 million H shares, introducing cornerstone investors Tencent, Huaxia Fund, and others.

JingFeng Medical - B (02675) will be listed from December 30th, 2025 to January 5th, 2026. The company plans to globally issue 27.7222 million H shares, with 10% for sale in Hong Kong and 90% for international sale, with an additional 15% for oversubscription. The offer price per share is HK$43.24, with H shares traded in units of 100 shares per lot, beginning trading on the Stock Exchange on January 8, 2026 (Thursday) at 9:00 am. Established in 2017, we are a leading company in the medical device industry, specializing in the design, development, and manufacturing of surgical Siasun Robot & Automation. We have three different models in various stages of development to capture the market potential of surgical Siasun Robot & Automation, including multi-port laparoscopic surgical Siasun Robot & Automation and single-port laparoscopic surgical Siasun Robot & Automation for minimally invasive surgery, as well as natural orifice surgery Siasun Robot & Automation for non-invasive surgery. Our product portfolio includes two core products developed in-house: JingFeng multi-port laparoscopic surgical Siasun Robot & Automation and JingFeng single-port laparoscopic surgical Siasun Robot & Automation. Our product portfolio also includes the JingFeng bronchoscope Siasun Robot & Automation, which is not a core product. Our revenue generation began in 2023 with the commercialization of products and solutions, increasing from RMB 48 million in the year ending December 31, 2023 to RMB 160 million in the year ending December 31, 2024. Our sales cost increased from RMB 19.6 million in the year ending December 31, 2023 to RMB 61.9 million in the year ending December 31, 2024. Our revenue increased from RMB 30.2 million in the six months ending June 30, 2024 to RMB 149 million in the six months ending June 30, 2025. Our sales cost increased from RMB 11.1 million in the six months ending June 30, 2024 to RMB 55.5 million in the six months ending June 30, 2025. However, we have not been profitable in previous years/periods and have incurred operating losses. Our net losses were RMB 213 million, RMB 218.5 million, RMB 133 million, and RMB 89.1 million for the years ended December 31, 2023 and 2024, as well as the six months ended June 30, 2024 and 2025, primarily due to our research and development expenses. We expect fluctuations in losses as we continue research and development, seek regulatory approvals, and commercialize our products under development. The uncertainty of the success of clinical trials, regulatory approvals, and commercialization of our pipeline products may result in fluctuations in our financial performance. We have entered into cornerstone investment agreements with OrbiMed Genesis, Huang River Investment Limited (Tencent), Huaxia Fund (Hong Kong), LYFE Capital Fund IV, Greater Bay Area Common Home Investment, China Alpha, Tekful Limited (Mr. Cai Dong Chen), ICSA, Sage Partners Master Fund, Panjing Fund, and Infini, who have agreed to subscribe for or cause Related amounts of shares to be subscribed at the offer price under certain conditions totaling US$ 75 million. Assuming no exercise of the oversubscription rights and an offer price of HK$43.24 per share, the net proceeds from the global offering will be approximately HK$1.116 billion. Approximately 42.0% will be allocated to ongoing and planned research and development for core products, approximately 20.0% for the commercialization of our core products, approximately 10.0% for expanding production capacity, approximately 8.0% for other products and products under development, approximately 10.0% will be used for potential strategic acquisitions, investments or collaborations in the surgical Siasun Robot & Automation industry and related fields, and approximately 10.0% will be used for working capital and general corporate purposes.