Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shenzhen Edge Medical / Equity Capital Markets

<ul>
<li>Edge Medical launched its Hongkong IPO aiming to raise up to HK$1,198M. The company plans to sell 27.7M shares at HK$43.24 per share.</li>
<li>Edge Medical is an advanced surgical robot company in the medical device industry, dedicated to designing, developing and manufacturing surgical robots.</li>
<li>Edge Medical’s growth momentum will gain pace eventually turning profits. We think the issue is evenly priced and investors can surely look to have a share in this growth story.</li>
</ul>


Edge Medical launched its Hongkong IPO aiming to raise up to HK$1,198M. The company plans to sell 27.7M shares at HK$43.24 per share.
Edge Medical is an advanced surgical robot company in the medical device industry, dedicated to designing, developing and manufacturing surgical robots.
Edge Medical’s growth momentum will gain pace eventually turning profits. We think the issue is evenly priced and investors can surely look to have a share in this growth story.


Edge Medical IPO: Product Mix and Pipeline Will Support Growth Momentum and Justify Valuation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Shenzhen Edge Medical, a China-based surgical robotic company, is seeking to raise at least USD 100 million via a Hong Kong listing. MS and GF are the joint book runners.</li>
<li>In this note, we look at the company’s main product, MP1000, and assess the selling point and the market dynamics.</li>
<li>We also look at the company’s management experiences and pre-IPO investors.</li>
</ul>


Shenzhen Edge Medical, a China-based surgical robotic company, is seeking to raise at least USD 100 million via a Hong Kong listing. MS and GF are the joint book runners.
In this note, we look at the company’s main product, MP1000, and assess the selling point and the market dynamics.
We also look at the company’s management experiences and pre-IPO investors.


Shenzhen Edge Medical (精锋医疗) Pre-IPO: Fast Follower, Competition Is Intense

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.</li>
<li>This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.</li>
<li>LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.</li>
</ul>


LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.
LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.


Equity Bottom-Up

Shanghai MicroPort MedBot / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot Group (2252 HK)</a> recorded 1H25 revenue of RMB 176M, up 77% YoY driven by rapid expansion of commercialization of multiple products. Overseas market sales grew 189% YoY.</li>
<li>Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 30+ units and achieving commercial installation of 22 units.</li>
<li>MedBot’s recent approvals of Toumai variants, technology advantages, diversified portfolio and commercialization strength place it at an inflection point, expected to be back in the black soon.</li>
</ul>



Shanghai MicroPort MedBot Group (2252 HK) recorded 1H25 revenue of RMB 176M, up 77% YoY driven by rapid expansion of commercialization of multiple products. Overseas market sales grew 189% YoY.
Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 30+ units and achieving commercial installation of 22 units.
MedBot’s recent approvals of Toumai variants, technology advantages, diversified portfolio and commercialization strength place it at an inflection point, expected to be back in the black soon.


MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Intuitive Surgical's recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per share rise of 23%.</li><li>The company saw robust growth in procedure volumes, with da Vinci procedures increasing by 17%, attributed to strong performance in benign general surgery in the U.S. and a notable rise in international procedures outside urology.</li><li>The introduction of their latest robotic platform, the da Vinci 5, is beginning to show positive traction with broad launches underway in the U.S., and initial adoption in Europe and Japan following regulatory clearances.</li></ul>

Intuitive Surgical's recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per share rise of 23%.The company saw robust growth in procedure volumes, with da Vinci procedures increasing by 17%, attributed to strong performance in benign general surgery in the U.S. and a notable rise in international procedures outside urology.The introduction of their latest robotic platform, the da Vinci 5, is beginning to show positive traction with broad launches underway in the U.S., and initial adoption in Europe and Japan following regulatory clearances.

Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?

United States

Intuitive Surgical, Inc. design, manufactures, and markets surgical systems. The Company offers endoscopes, endoscopic retractors and disectors, scissors, scalpels, forceps, needle holders, electrocautery, ultrasonic cutters, and accessories during surgical procedures. Intuitive Surgical operates worldwide.

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Intuitive Surgical (ISRG US)

Edge Medical IPO: Product Mix and Pipeline Will Support Growth Momentum and Justify Valuation

Edge Medical launches Hong Kong IPO to raise up to HK$1,198M, selling 27.7M shares at HK$43.24. Specializes in advanced surgical robots, poised...

Tina Banerjee

Shenzhen Edge Medical (精锋医疗) Pre-IPO: Fast Follower, Competition Is Intense

China's Shenzhen Edge Medical plans to raise $100 million through a Hong Kong listing. We look at their surgical robotic product MP1000, market...

Ke Yan, CFA, FRM

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25

MicroPort MedBot sees 77% revenue growth in 1H25. Toumai laparoscopic surgical robot continues to drive growth with new orders and installations....

Tina Banerjee

Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?

Intuitive Surgical's recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per...

Baptista Research

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52-week Range

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Edge Medical IPO: Product Mix and Pipeline Will Support Growth Momentum and Justify Valuation

​Edge Medical launches Hong Kong IPO to raise up to HK$1,198M, selling 27.7M shares at HK$43.24. Specializes in advanced surgical robots, poised...

Tina Banerjee

Shenzhen Edge Medical (精锋医疗) Pre-IPO: Fast Follower, Competition Is Intense

​China's Shenzhen Edge Medical plans to raise $100 million through a Hong Kong listing. We look at their surgical robotic product MP1000, market...

Ke Yan, CFA, FRM

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25

MicroPort MedBot sees 77% revenue growth in 1H25. Toumai laparoscopic surgical robot continues to drive growth with new orders and installations....

Tina Banerjee

Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?

Intuitive Surgical's recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per...

Baptista Research

Edge Medical launches Hong Kong IPO to raise up to HK$1,198M, selling 27.7M shares at HK$43.24. Specializes in advanced surgical robots, poised...

China's Shenzhen Edge Medical plans to raise $100 million through a Hong Kong listing. We look at their surgical robotic product MP1000, market...