Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Guangdong True Health Medical Technology Development / Equity Capital Markets

Guangdong True Health Medical Technology Development (THMT HK)

Guangdong True Health Medical Technology Development

<ul>
<li>True Health Medical, a commercial-stage medical device company, has launched HK IPO consisting of 3.6M H shares. The indicative offer price range has been fixed at HK$119.30–135.40 per share.</li>
<li>The company intends to raise HK$483M, primarily to fund R&amp;D activities and commercialization of the Core Product, a percutaneous puncture surgical robot.</li>
<li>The subscription period will close on June 25, with the shares expected to make trading debut on June 30. CICC and DBS are the joint sponsors to the issue.</li>
</ul>


True Health Medical, a commercial-stage medical device company, has launched HK IPO consisting of 3.6M H shares. The indicative offer price range has been fixed at HK$119.30–135.40 per share.
The company intends to raise HK$483M, primarily to fund R&amp;D activities and commercialization of the Core Product, a percutaneous puncture surgical robot.
The subscription period will close on June 25, with the shares expected to make trading debut on June 30. CICC and DBS are the joint sponsors to the issue.


True Health Medical IPO: Early Mover in a Niche Market; Full Commercialization Capability Holds Key

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>True Health does not enter the highly competitive fields of endoscopic or orthopedic robotic surgery. Instead, it chooses the niche market of percutaneous puncture and ablation surgery robots.</li>
<li>True Health hasn't yet entered the stage of large-scale revenue generation. It faces high dependence on hospital purchases and policy-driven uncertainties, and shares the common problem of low penetration rate.</li>
<li>We think valuation of True Health would be lower than <a href="https://www.smartkarma.com/entities/shenzhen-edge-medical-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48939:1" rel="noopener">Edge Medical (2675 HK)</a> and <a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot (2252 HK)</a> due to its smaller revenue scale and weaker commercialization channels.</li>
</ul>


True Health does not enter the highly competitive fields of endoscopic or orthopedic robotic surgery. Instead, it chooses the niche market of percutaneous puncture and ablation surgery robots.
True Health hasn't yet entered the stage of large-scale revenue generation. It faces high dependence on hospital purchases and policy-driven uncertainties, and shares the common problem of low penetration rate.
We think valuation of True Health would be lower than Edge Medical (2675 HK) and Shanghai MicroPort MedBot (2252 HK) due to its smaller revenue scale and weaker commercialization channels.


Pre-IPO Guangdong True Health Medical Technology (PHIP Updates) - Some Points Worth the Attention

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-true-health-medical-technology-development-co-ltd" target="_blank" data-smartkarma-citation="entities:50171:1" rel="noopener">Guangdong True Health Medical Technology Development (THMT HK)</a> plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, DBS, Zhongtai, Daiwa Capital.</li>
<li>GTH is a leader in developing and commercializing percutaneous puncture and ablation surgical robots in China.</li>
<li>According to CIC, it ranked first in China in terms of the market share for percutaneous puncture and ablation surgical robots for three consecutive years from FY22.</li>
</ul>



Guangdong True Health Medical Technology Development (THMT HK) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, DBS, Zhongtai, Daiwa Capital.
GTH is a leader in developing and commercializing percutaneous puncture and ablation surgical robots in China.
According to CIC, it ranked first in China in terms of the market share for percutaneous puncture and ablation surgical robots for three consecutive years from FY22.


Aequitas: Guangdong True Health Medical Technology Development Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> manage to stay above its IPO price, which should help the overall market</li>
<li>There were a few lockup expiry linked placements in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) manage to stay above its IPO price, which should help the overall market
There were a few lockup expiry linked placements in the past week.


Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

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Guangdong True Health Medical Technology Development (THMT HK)

True Health Medical IPO: Early Mover in a Niche Market; Full Commercialization Capability Holds Key

True Health Medical has launched HK IPO consisting of 3.6M H shares at HK$119.30–135.40 per share to fund R&D activities and commercialization of...

Tina Banerjee

Pre-IPO Guangdong True Health Medical Technology (PHIP Updates) - Some Points Worth the Attention

The fundamental reason for weak performance is True Health is in a crucial stage of transitioning from "R&D verification period" to "full-scale...

Xinyao (Criss) Wang

Aequitas: Guangdong True Health Medical Technology Development Pre-IPO Tearsheet

Guangdong True Health Medical Technology Development Co. Ltd. (GTH) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be...

Kajal Jain

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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