Another domestic surgical robot company has officially entered the Hong Kong stock offering phase.
According to the latest prospectus, Guangdong TH MEDICAL Technology Development Co., Ltd., known as TH MEDICAL-B (02697), will conduct its global offering from June 22 to June 25, 2026. The company plans to issue a total of 3.5647 million shares globally, comprising 356,500 Hong Kong offer shares and 3.2082 million international offer shares, with an over-allotment option for an additional 534,700 shares. The indicative price range is set between HK$119.30 and HK$135.40 per share, with a board lot size of 20 shares, translating to an approximate entry cost of HK$2,735.30. The offering period runs from June 22 to June 25, with the expected listing date on the main board of the Hong Kong Stock Exchange set for June 30, 2026. China International Capital Corporation Hong Kong Securities Limited and DBS Asia Capital Ltd. are acting as joint sponsors.
Assuming the over-allotment option is not exercised and using the mid-point of the price range at HK$127.40, the company expects to raise net proceeds of approximately HK$388.1 million from the global offering. The funds are earmarked primarily for the research, development, and commercialization of core and key products, manufacturing capacity expansion, and working capital.
If the listing proceeds successfully, TH MEDICAL-B will become another medical hardware technology company in the Hong Kong market associated with labels like "intelligent robotics," "surgical robots," "precision minimally invasive," and "tumor diagnosis and treatment." However, it distinguishes itself from other similar surgical robot companies.
Company Overview
Established in 2018 and headquartered in the Hengqin-Guangdong-Macao Deep Cooperation Zone, TH MEDICAL-B is a medical technology enterprise focused on the research, development, and commercialization of percutaneous puncture and ablation surgical robots. It is the earliest and most prolific company in this niche segment in terms of product approvals.
The prospectus highlights that the company's headquarters location in Hengqin offers structural advantages in medical technology development and commercialization. The company has been selected as one of the first batch of "Listing Reserve Enterprises" and "Cultivation of Excellence" enterprises locally, and was recognized as a national-level "Little Giant" specialized and sophisticated enterprise by China's Ministry of Industry and Information Technology in July 2024.
In simpler terms, the company's core business is not in the realm of laparoscopic robots like the da Vinci system, but rather a more focused area: percutaneous puncture surgical robots and ablation surgical robots. These systems assist doctors in guiding puncture or ablation needles more accurately and efficiently to lesion sites in organs such as the lungs, liver, and kidneys under imaging guidance (CT) and robotic arm assistance, enabling procedures like biopsy, localization, ablation, drug delivery, and drainage.
While this application may seem less "glamorous" than laparoscopic surgery, it addresses numerous, critical clinical needs. The company aims to transform these procedures from being highly dependent on physician experience and often deemed too risky for certain lesions, into a standardized process involving image recognition, navigation planning, robotic arm positioning, and respiration tracking.
According to the prospectus, the company obtained the first Class III medical device registration certificate in China for a percutaneous puncture surgical robot from the National Medical Products Administration (NMPA) in May 2022. As of the latest practicable date, the company has secured marketing approvals for 10 products (excluding consumables), including 8 NMPA Class III medical device registrations and 2 Class II registrations. It has established a customer base covering 23 key provinces in China and partnered with 27 domestic distributors. Public information indicates its related products have been used in over 100 medical institutions, completing more than 7,200 procedures.
Core Product: Puncture Surgical Robot
The core product of TH MEDICAL-B is its self-developed puncture surgical robot, available in four models: TH-S1, TH-S, TH-S Pro, and TH-SA. All have received NMPA Class III medical device registration and are approved for puncture localization in the lungs and abdominal solid organs.
The most representative model, the TH-S, was designated as an "Innovative Medical Device" by the NMPA in April 2022, received its Class III registration in June 2023, and was recognized by the NMPA as "Domestically Pioneering"—a significant certification in China's puncture surgical robot field.
Key features of this product line include 3D reconstruction, optical navigation, robotic arm positioning, and respiration tracking. The prospectus states the navigation and registration system of the core product has a precision error not exceeding 0.8 mm. The system assists doctors by first using intelligent image analysis to identify lesions and surrounding organs, planning a puncture path to avoid critical areas like blood vessels and airways. During the procedure, optical navigation tracks the positions of the patient, instruments, and robotic arm in real-time, compensating for lesion displacement caused by respiratory movement, with the robotic arm finally assisting in high-precision positioning.
This system addresses several traditional challenges in puncture surgery: improving needle placement accuracy, reducing the need for repeated CT scans, lowering dependence on operator experience, and offering broad applicability across various organs and procedures (biopsy, ablation, preoperative localization, particle implantation, drainage, etc.), serving as a versatile tool for multiple departments.
Advancing Further: Integrating Puncture and Ablation
While the puncture robot addresses "how to accurately reach the lesion," the company's self-developed microwave ablation surgical robot, the key product TH-X MW, tackles the next step: "how to precisely ablate the lesion."
The TH-X MW was designated as an "Innovative Medical Device" by the NMPA in April 2024, received its Class III medical device registration in September 2024, and was recognized as "Internationally Pioneering." In April 2026, the company obtained NMPA approval to expand the TH-X MW's indications to include lung tumor treatment.
The "Internationally Pioneering" designation stems from the TH-X MW's systematic integration of percutaneous puncture navigation and positioning capabilities with microwave ablation functionality on a single platform. The prospectus notes that, aside from the company's product, no other approved percutaneous microwave ablation surgical robots have been identified.
Traditional microwave ablation requires high physician experience for both accurate needle placement and judgment of ablation coverage. The TH-X MW integrates lesion segmentation, intraoperative 3D navigation, and ablation energy field simulation under CT guidance, aiding doctors in planning ablation ranges more precisely, improving needle placement accuracy, lesion target coverage, and procedural success rates, while reducing dependence on operator expertise.
From a product form and clinical application value perspective, this represents a more complete closed-loop solution compared to standalone navigation or standalone ablation devices.
Miniaturized Puncture Surgical Robot: A Hospital-Friendly Direction
A practical issue with medical robots is not about having the most advanced technology, but whether hospitals have the space, doctors are willing to use them, and departments can afford the procurement.
The TH-P series (TH-P Elite, TH-P, TH-P PLUS), approved in December 2024, moves in this direction. The company developed a medical-specific miniature robotic arm for this purpose, achieving domestic substitution for core components and reducing manufacturing costs. This miniaturized version retains core technologies while emphasizing lightweight design, ease of operation, and affordability.
This product, comprising a master console cart, optical tracking system, and navigation positioning tools, is suitable for navigation and positioning in percutaneous procedures on adult lungs and abdominal solid organs. This is crucial as many hospital CT and interventional rooms have limited space. Truly promotable medical robots are often not the most complex, but those that are easy for doctors to adopt, fit within department spaces, and are financially viable for hospitals. The value of miniaturized products lies precisely here.
It is also understood that TH MEDICAL-B possesses other products and candidates, including the MW150 Microwave Ablation Therapy System (approved with Class III registration), the TH-X Cryo cryoablation robot, the TH-LS KI300 and TH-LS LU100 ex vivo organ preservation and assessment systems, and a full range of compatible single-use consumables.
Market Perspective on TH MEDICAL-B
From a capital market viewpoint, four key aspects stand out for TH MEDICAL-B.
First, the company operates in a sufficiently vertical niche with favorable national policy support. Instead of competing in the crowded laparoscopic robot space, it focuses on percutaneous puncture and ablation, a segment still in early commercialization with clear clinical pain points. In January 2026, the National Healthcare Security Administration issued guidelines incorporating fees for surgical navigation assistance, robotic arm-assisted surgery, and remote surgery assistance into a national unified medical service pricing framework, providing a policy foundation for future commercialization.
Second, the company has achieved rapid regulatory progress and possesses a complete product matrix. As of the latest practicable date, it holds marketing approvals for 10 products, including 8 NMPA Class III and 2 Class II registrations. The TH-S is recognized as domestically pioneering, and the TH-X MW as internationally pioneering. For a company founded in 2018, this registration speed is notable, with a clear commercialization logic offering diverse product choices for different institutional needs.
Third, the company has forward-looking, potentially disruptive pipelines, offering significant imagination space. TH MEDICAL-B has collaborated with the National Respiratory Medicine Center to establish an "Intelligent Puncture and Ablation Surgical Robot Training Center." It is also proactively developing the TH-LS KI300 and TH-LS LU100 ex vivo organ preservation and assessment systems, which are in early design and development stages and utilize normothermic machine perfusion technology for organ preservation, assessment, and transport scenarios.
Fourth, the company's Hengqin and Macao background provides unique advantages. Founder Zhang Haoren is a Macao resident, and the company is headquartered in the Hengqin-Guangdong-Macao Deep Cooperation Zone. This location implies high visibility, policy empowerment, industrial synergy, access to Greater Bay Area resources, and structural advantages on an internationalization path.
The launch of TH MEDICAL-B's Hong Kong IPO, on the surface, represents a capital move by a surgical robot company. At its essence, it is a microcosm of domestically developed precision interventional surgical robots entering a phase of scaled commercial validation. While the past few years have seen excitement in larger segments like laparoscopic, orthopedic, and pan-vascular interventional robots, more specialized directions such as percutaneous puncture, ablation, lung nodule diagnosis/treatment, and local tumor therapy are now stepping into the spotlight.
TH MEDICAL-B uses its percutaneous puncture robot to切入 early diagnosis and treatment, extends into precision therapy with its microwave ablation robot, lowers hospital deployment barriers with miniaturized products, and positions itself for future life science scenarios with its organ preservation and assessment systems. This combination demonstrates both technological ambition and commercial imagination.
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