New Stock News | Mingzhi Technology submits application to Hong Kong Stock Exchange, ranking among the top three brands in the disposable ureteroscope market in the United States, Europe, and Japan.

According to the disclosure by the Hong Kong Stock Exchange on January 30, Micron Technology Co., Ltd. (referred to as "Micron Technology") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CIMB International as its exclusive sponsor. The prospectus shows that according to data from Zhushi Consulting, based on the shipment volume in 2024, Micron Technology ranks among the top three brands in the disposable ureteroscope market in the United States, Europe, and Japan. In addition, the company has developed one of the thinnest disposable ureteroscopes in the world, as well as one of the thinnest cystoscopes (with a 6.6Fr working channel). Company Overview According to the prospectus, Micron Technology is a platform-based medical device company that is a leader in the field of disposable urology endoscopes with innovative visualization and MICROPORT instruments. The company operates in Silicon Valley and China, focusing on the research and commercialization of disposable endoscope systems. Micron Technology is one of the very few companies globally to have successfully achieved vertical integration of the supply chain for disposable endoscopes, covering the entire process from the independent development and manufacturing of core optoelectronic components and precision parts to complete system assembly. With Micron Technology's proprietary brand portfolio - including OTU (ONETU), the jointly developed OTU joint brand with top medical technology companies, and WiScope - the company has developed a comprehensive product portfolio covering the fields of urology, hepatobiliary surgery, respiratory medicine, otorhinolaryngology, gastroenterology, and gynecology. As of the last practicable date, Micron Technology has 8 approved product categories and 5 products in development in major global markets, including the United States, the European Union, and China. Micron Technology's product portfolio consists of two main parts: 1. Disposable endoscopes: Disposable medical devices designed for specific clinical applications such as ureteroscopes, cystoscopes, and bronchoscopes. These devices feature patented miniature camera modules and industry-leading miniature joints (with a maximum 275-degree dual-direction patented deflection). 2. Image processors: Compatible with capital equipment (including the OTU-A series (main control panel) and OTU-T series (portable tablet computer)), these processors use advanced algorithms to ensure excellent image quality and seamless user experience. Micron Technology has established a comprehensive commercial and in-development product portfolio. As of the last practicable date, the company has 8 approved product categories covering major global markets, including the United States, the European Union, and China. The company also has a rich pipeline of candidate products, including choledochoscopes, gastroscopes, colonoscopes, duodenoscopes, and neuroendoscopes, expected to achieve regulatory milestones between 2026 and 2027. Financial Data Revenue For the fiscal years 2023, 2024, and the nine-month period ending September 30, 2025, the company achieved revenues of approximately RMB 135 million, RMB 141 million, and RMB 117 million, respectively. Annual/Periodic Profit For the fiscal years 2023, 2024, and the nine-month period ending September 30, 2025, the company's annual/periodic profits were approximately RMB 49.99 million, RMB 66.66 million, and RMB 49.92 million, respectively. Gross Margin For the fiscal years 2023, 2024, and the nine-month period ending September 30, 2025, the company's corresponding gross margins were 69.1%, 72.6%, and 73.7%, respectively. Industry Overview The global endoscope market is expected to expand from $16 billion in 2020 to $36.5 billion by 2032 (estimated), showing steady growth with a compound annual growth rate of 9.5% from 2020 to 2024 and 5.9% from 2024 to 2032 (estimated). Asia is expected to grow early at a compound annual growth rate of 14.5%, followed by 9.7%, while growth in North America and South America, Europe, Middle East, and Africa (EMEA), and other regions of the world is expected to be more moderate. By 2032 (estimated), North America and South America are expected to remain the largest market at $16.7 billion, followed by EMEA at $11.5 billion. Disposable endoscopes represent an emerging category of medical devices designed to address key infection control and operational efficiency challenges inherent in traditional reusable endoscope systems. The global disposable endoscope market is expected to grow from $700 million in 2020 to $9 billion by 2032 (estimated), showing strong expansion with a compound annual growth rate of 37.8% from 2020 to 2024, and subsequently slowing to 17.2% from 2024 to 2032 (estimated). Respiratory and urology are the largest and fastest-growing areas, with early compound annual growth rates exceeding 34-35% and remaining above 20% later on, while growth rates for gastroenterology and hepatobiliary applications are lower but still maintain strong double-digit growth. Despite its small base, the "other" category shows exceptional growth momentum of 70.7% in the early stage, stabilizing at 9.8% later on. The global disposable endoscope market, divided by region, is expected to grow from $700 million in 2020 to $9 billion by 2032 (estimated), driven by exceptionally strong regional growth rates, with a compound annual growth rate of 37.8% from 2020 to 2024 and 17.2% from 2024 to 2032 (estimated). Asia is expected to grow early at a compound annual growth rate of 47.3%, followed by 24.7% later on. North America and South America will grow at compound annual growth rates of 38.1% and 16.8%, respectively, during the relevant period. EMEA and other regions of the world show strong growth momentum, with compound annual growth rates of 35-40% in the early stages, followed by a slowdown. By 2032 (estimated), North America and South America are expected to account for approximately $48 billion, or 53% of the total market value. Board Information After the compilation, the Board will consist of seven directors, including four executive directors and three independent non-executive directors. Equity Structure Following the completion of the compilation (assuming no exercise of compilation and not taking into account any shares that may be issued under the exercise of compilation stock option plans), Mr. Wei Xibo (the founder, chairman, and chief executive officer of the company), USTCTEK (a company wholly owned by Mr. Wei Xibo), Ms. Wei Sara Shi (Mr. Wei Xibo's spouse), Dr. Liu Geping (an executive director and chief operating officer of the company), JadeOcean Tek (a company wholly owned by Dr. Liu Geping), Mr. Wei Xiyi (an executive director of the company), WeiNova (a company wholly owned by Mr. Wei Xiyi), Ms. Qiu Xiaoli (Mr. Wei Xiyi's spouse), and Qiu Star (a company wholly owned by Ms. Qiu Xiaoli) are considered a group of controlling shareholders. Chau Trust is established by Mr. Chau Paul Bee-Hee (an executive director and chief financial officer of the company) and his spouse as settlors, and they are both trustees, with the beneficiaries being Mr. Chau Paul Bee-Hee, his spouse, and their family members. Intermediary Team Exclusive Sponsor: CIMB International Financial Limited Company Legal Advisor: King & Wood Mallesons LLP, King & Wood Mallesons, Munsing & Co. LLC, Aldane & Co. Exclusive Sponsor Legal Advisor: Tianyuan Law Firm (Limited Liability Partnership), Tianyuan Law Firm Auditors and Reporting Accountants: Deloitte Sidd Yue Bee, Chartered Accountants Industry Advisor: Zhushi Industry Consulting Co. Ltd. Compliance Advisor: Jialin Capital Limited