APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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.

Equity Capital Markets

Medcaptain Medical Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medcaptain-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45767:1" rel="noopener">Medcaptain Medical Technology (MEDT HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>Medcaptain Medical Technology (MMT) is a global medical solution provider specializing in life support, minimally invasive intervention, and in-vitro diagnostics. </li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Medcaptain Medical Technology (MEDT HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
Medcaptain Medical Technology (MMT) is a global medical solution provider specializing in life support, minimally invasive intervention, and in-vitro diagnostics. 
In this note, we look at the company’s past performance.


Aequitas: Medcaptain Medical Technology Pre-IPO - Topline Growth with Inflection into Profitability

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Medcaptain has a certain level of innovation ability, which has solidified the Company’s market position, as evidenced by its leading rankings in China’s infusion workstation and enteral feeding pump market.</li>
<li>However, multiple niche markets where Medcaptain operates are all in a state of high competition/high concentration. Certain of Medcaptain’s products are facing the risk of VBP, leading to performance uncertainties. </li>
<li>Post-Money valuation in 2023 was RMB8.245 billion. Based on the current performance, we think valuation of Medcaptain should be lower than Mindray and Zylox, but would be higher than Microport.</li>
</ul>


Medcaptain has a certain level of innovation ability, which has solidified the Company’s market position, as evidenced by its leading rankings in China’s infusion workstation and enteral feeding pump market.
However, multiple niche markets where Medcaptain operates are all in a state of high competition/high concentration. Certain of Medcaptain’s products are facing the risk of VBP, leading to performance uncertainties. 
Post-Money valuation in 2023 was RMB8.245 billion. Based on the current performance, we think valuation of Medcaptain should be lower than Mindray and Zylox, but would be higher than Microport.


Pre-IPO Medcaptain Medical Technology - The Strength and the Concerns

<ul>
<li>Medcaptain Medical Technology (MMT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Huatai International.</li>
<li>Medcaptain Medical Technology is a global medical solution provider specializing in life support, minimally invasive intervention, and in vitro diagnostics. </li>
<li>Its products are widely used across hospitals, clinics, testing facilities, and home care scenarios, addressing the needs of critical care, surgery, and diagnostics.</li>
</ul>


Medcaptain Medical Technology (MMT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Huatai International.
Medcaptain Medical Technology is a global medical solution provider specializing in life support, minimally invasive intervention, and in vitro diagnostics. 
Its products are widely used across hospitals, clinics, testing facilities, and home care scenarios, addressing the needs of critical care, surgery, and diagnostics.


Medcaptain Medical Technology Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Zijin Gold International / Equity Capital Markets

<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/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> appears to be shining bright.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</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, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

China

Medcaptain Medical Technology Co., Ltd. is dedicated to pursuing innovation in 3 key fields: Life Support, Minimally Invasive Interventions, and In-Vitro Diagnostics. Medcaptain shares a global vision and aims to be captain in the medical device industry.

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Medcaptain Medical Technology (MEDT HK)

Aequitas: Medcaptain Medical Technology Pre-IPO - Topline Growth with Inflection into Profitability

Medcaptain Medical Technology (MEDT HK) plans to raise over US$100m in its Hong Kong IPO, offering medical solutions in life support, minimally...

Hong Jie Seow

Pre-IPO Medcaptain Medical Technology - The Strength and the Concerns

Medcaptain's innovative products have solidified its leading market position in China, but high competition and performance uncertainties may...

Xinyao (Criss) Wang

Medcaptain Medical Technology Pre-IPO Tearsheet

Medcaptain Medical Technology plans to raise $100m in Hong Kong IPO, offering medical solutions for critical care, surgery, and diagnostics. MS...

Hong Jie Seow

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

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

Dividend (Yield)

Aequitas: Medcaptain Medical Technology Pre-IPO - Topline Growth with Inflection into Profitability

​Medcaptain Medical Technology (MEDT HK) plans to raise over US$100m in its Hong Kong IPO, offering medical solutions in life support, minimally...

Hong Jie Seow

Pre-IPO Medcaptain Medical Technology - The Strength and the Concerns

​Medcaptain's innovative products have solidified its leading market position in China, but high competition and performance uncertainties may...

Xinyao (Criss) Wang

Medcaptain Medical Technology Pre-IPO Tearsheet

​Medcaptain Medical Technology plans to raise $100m in Hong Kong IPO, offering medical solutions for critical care, surgery, and diagnostics. MS...

Hong Jie Seow

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

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

Medcaptain Medical Technology (MEDT HK) plans to raise over US$100m in its Hong Kong IPO, offering medical solutions in life support, minimally...

Medcaptain's innovative products have solidified its leading market position in China, but high competition and performance uncertainties may...

Medcaptain Medical Technology plans to raise $100m in Hong Kong IPO, offering medical solutions for critical care, surgery, and diagnostics. MS...