Global Healthcare Analyst

Tina Banerjee

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

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.


HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The precondition for <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>’s scheme privatisation from a consortium is satisfied. The offer, which has been declared final, is at HK$9.25 per share. </li>
<li>The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection). Crucially, the blocking stake is below the substantial disclosure threshold.</li>
<li>Despite the recent derating of peers, the vote risk remains medium-to-high due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.</li>
</ul>


The precondition for Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)’s scheme privatisation from a consortium is satisfied. The offer, which has been declared final, is at HK$9.25 per share. 
The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection). Crucially, the blocking stake is below the substantial disclosure threshold.
Despite the recent derating of peers, the vote risk remains medium-to-high due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.


Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

<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> announced flash results for 1H25 where they expect the revenue to rise 70–80% YoY and net loss to narrow down to RMB 125M.</li>
<li>Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 18 units and achieving commercial installation of more than 13 units in overseas markets.</li>
<li>MedBot’s recent approvals of Toumai variants, technology advantages, and commercialization strength places it at an inflection point, expected to be back in the black soon.</li>
</ul>



Shanghai MicroPort MedBot Group (2252 HK) announced flash results for 1H25 where they expect the revenue to rise 70–80% YoY and net loss to narrow down to RMB 125M.
Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 18 units and achieving commercial installation of more than 13 units in overseas markets.
MedBot’s recent approvals of Toumai variants, technology advantages, and commercialization strength places it at an inflection point, expected to be back in the black soon.


MicroPort MedBot (2252 HK): Growth Flash Amid Favorable Momentum with Approvals and Overseas Sales

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 18th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi, Pop Mart Intl, ABC, Xpeng.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi, Pop Mart Intl, ABC, Xpeng.


HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi

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)

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

HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

Despite the recent derating of peers, the vote risk remains medium to high due to the imminent growth story of surgical robots, unfavourable AGM...

Arun George

MicroPort MedBot (2252 HK): Growth Flash Amid Favorable Momentum with Approvals and Overseas Sales

Shanghai MicroPort MedBot expects 70–80% revenue growth in 1H25, with net loss narrowing to RMB 125M. Toumai Laparoscopic Surgical Robot is...

Tina Banerjee

HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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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

HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

Despite the recent derating of peers, the vote risk remains medium to high due to the imminent growth story of surgical robots, unfavourable AGM...

Arun George

MicroPort MedBot (2252 HK): Growth Flash Amid Favorable Momentum with Approvals and Overseas Sales

​Shanghai MicroPort MedBot expects 70–80% revenue growth in 1H25, with net loss narrowing to RMB 125M. Toumai Laparoscopic Surgical Robot is...

Tina Banerjee

HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi,...

Ke Yan, CFA, FRM

Shanghai MicroPort MedBot expects 70–80% revenue growth in 1H25, with net loss narrowing to RMB 125M. Toumai Laparoscopic Surgical Robot is...