HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Edge Medical / Equity Capital Markets

<ul>
<li>Edge's dual product line layout of "multi-port + single-port surgical robots" takes into account both current performance and long-term potential, but in actual implementation, it faces dual commercialization challenges.</li>
<li>How to encourage doctors to form usage habits and increase repurchase rate of consumables is the key to the implementation of technical route. The pressure on profit side remains prominent.</li>
<li>The IPO pricing is HK$43.24 per share. If based on 2025 revenue forecast, P/S is about 45.65x, lower than Medbot, which provides sufficient space and potential for future valuation increases.</li>
</ul>


Edge's dual product line layout of "multi-port + single-port surgical robots" takes into account both current performance and long-term potential, but in actual implementation, it faces dual commercialization challenges.
How to encourage doctors to form usage habits and increase repurchase rate of consumables is the key to the implementation of technical route. The pressure on profit side remains prominent.
The IPO pricing is HK$43.24 per share. If based on 2025 revenue forecast, P/S is about 45.65x, lower than Medbot, which provides sufficient space and potential for future valuation increases.


Pre-IPO Shenzhen Edge Medical (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

<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, launched its IPO to raise at least USD 154 million via a Hong Kong listing.</li>
<li>In this note, we look at the deal terms and provide a valuation for the company.</li>
<li>We think the deal is well timed when its comparable peer performed well.</li>
</ul>


Shenzhen Edge Medical, a China-based surgical robotic company, launched its IPO to raise at least USD 154 million via a Hong Kong listing.
In this note, we look at the deal terms and provide a valuation for the company.
We think the deal is well timed when its comparable peer performed well.


Shenzhen Edge Medical (精锋医疗) IPO: Well-Timed Launch Supports Valuation

<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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

MicroPort Scientific / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> aims to raise around US$150m via selling its remaining shares in <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>.</li>
<li>Otsuka had sold the majority of its stake earlier this year.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
Otsuka had sold the majority of its stake earlier this year.
In this note, we will talk about the placement and run the deal through our ECM framework.


Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

China

Shanghai MicroPort MedBot is a surgical robot company that designs, develops, manufactures, and commercializes surgical robots and associated digital surgical solutions. Its product portfolio covers surgical specialties including endoscopy, orthopedics, vascular intervention, natural orifice surgery, and percutaneous puncture, with key products like the Toumai laparoscopic surgical robot, DFVision 3D electronic laparoscope, and SkyWalker orthopedic surgical robot. The company is headquartered in Shanghai, China, and was officially established in 2015.

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Shanghai MicroPort MedBot (2252 HK)

Pre-IPO Shenzhen Edge Medical (PHIP Updates) - Some Points Worth the Attention

Edge's dual product line faces commercialization challenge, with focus on increasing repurchase rate of consumables to drive profit. HK$43.24 IPO...

Xinyao (Criss) Wang

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) IPO: Well-Timed Launch Supports Valuation

China's surgical robotic company, Shenzhen Edge Medical, launches IPO in Hong Kong to raise at least $154 million. We look at the deal terms and...

Ke Yan, CFA, FRM

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

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

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Pre-IPO Shenzhen Edge Medical (PHIP Updates) - Some Points Worth the Attention

​Edge's dual product line faces commercialization challenge, with focus on increasing repurchase rate of consumables to drive profit. HK$43.24 IPO...

Xinyao (Criss) Wang

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) IPO: Well-Timed Launch Supports Valuation

​China's surgical robotic company, Shenzhen Edge Medical, launches IPO in Hong Kong to raise at least $154 million. We look at the deal terms and...

Ke Yan, CFA, FRM

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

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Edge's dual product line faces commercialization challenge, with focus on increasing repurchase rate of consumables to drive profit. HK$43.24 IPO...

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 surgical robotic company, Shenzhen Edge Medical, launches IPO in Hong Kong to raise at least $154 million. We look at the deal terms and...

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