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wrote a column · Jun 30 08:04

New IPO Pricing | True Health Medical-B listed today, received nearly 1,800x subscription, priced at HK$126.2 per share, with dark pool gains of HK$4,360 per lot

Futu News, June 30: $TH MEDICAL-B (02697.HK)$ The allocation results have been announced: priced at HK$126.2 per share, with a total of 3.5647 million shares issued, each lot comprising 20 shares, officially listed today.
On the previous trading day, True Health Medical-B closed 172.74% higher in the dark pool at HK$344.2, with each lot consisting of 20 shares, yielding a profit of HK$4,360 per lot excluding fees.
During the public offering phase, True Health Medical received 1,790.4x subscription. The final number of shares allocated to the public offering was 356,500 shares, accounting for approximately 10% of the total offering. Approximately 128,200 valid applications were received in total, with about 15,453 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to the total number of shares applied for was 2%.
Additionally, Zhen Health Care received 2.2 times subscription in the international placement phase, with the final number of shares allocated to the international offering amounting to 3.2082 million shares, representing 90% of the total offering shares. Futu News has compiled the relevant data in the table below:
Futu News, June 30: $TH MEDICAL-B (02697.HK)$ The allocation results have been announced: priced at HK$126.2 per share, with a total of 3.5647 million shares issued, each lot comprising 20 shares, officially listed today. On the previous trading day, True Health Medical-B closed 172.74% higher in the dark pool at HK$344.2, with each lot consisting of 20 shares, yielding a profit of HK$4,360 per lot excluding fees. During the public offering phase, True Health Medical received 1,790.4x subscription. The final number of shares allocated to the public offering was 356,500 shares, accounting for approximately 10% of the total offering. Approximately 128,200 valid applications were received in total, with about 15,453 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to the total number of shares applied for was 2%. Additionally, during the international offering phase, True Health Medical received 2.2x subscription. The final number of shares allocated to the international offering was 3.2082 million shares, representing 90% of the total offering. Futu Insights has compiled the relevant data in the table below: Company Overview True Health Medical engages in the research, development, and commercialization of percutaneous puncture surgery and ablation surgery robots in China. The company has one core product—the percutaneous puncture surgery robot—with four models: TH-S1, TH-S, TH-SPro, and TH-SA. Among them, TH-S1, TH-S, TH-SPro, and TH-SA have all...
Futu News, June 30: $TH MEDICAL-B (02697.HK)$ The allocation results have been announced: priced at HK$126.2 per share, with a total of 3.5647 million shares issued, each lot comprising 20 shares, officially listed today. On the previous trading day, True Health Medical-B closed 172.74% higher in the dark pool at HK$344.2, with each lot consisting of 20 shares, yielding a profit of HK$4,360 per lot excluding fees. During the public offering phase, True Health Medical received 1,790.4x subscription. The final number of shares allocated to the public offering was 356,500 shares, accounting for approximately 10% of the total offering. Approximately 128,200 valid applications were received in total, with about 15,453 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to the total number of shares applied for was 2%. Additionally, during the international offering phase, True Health Medical received 2.2x subscription. The final number of shares allocated to the international offering was 3.2082 million shares, representing 90% of the total offering. Futu Insights has compiled the relevant data in the table below: Company Overview True Health Medical engages in the research, development, and commercialization of percutaneous puncture surgery and ablation surgery robots in China. The company has one core product—the percutaneous puncture surgery robot—with four models: TH-S1, TH-S, TH-SPro, and TH-SA. Among them, TH-S1, TH-S, TH-SPro, and TH-SA have all...
Company Overview
Zhen Health Medical engages in the research and development and commercialization of percutaneous interventional and ablation surgical robots in China. The company has one core product—the percutaneous interventional surgical robot—with four models: TH-S1, TH-S, TH-SPro, and TH-SA. All four models have received Class III medical device registration certificates from China’s National Medical Products Administration (NMPA), permitting their use in pulmonary and abdominal interventions. The company is currently expanding the indications for TH-S1 to include retroperitoneal lesions.
To seize this historic opportunity, the company has implemented systematic planning and continuous innovation, completing product engineering design and pivotal clinical trials for regulatory approval. It has assembled an R&D team with deep and complementary expertise in regulatory affairs, technology, commercialization, and clinical translation, secured over 200 related patents, and established a comprehensive intellectual property barrier.
Financial Summary
Zhen Health Medical reported net losses of RMB 92.2 million and RMB 90.1 million for the years 2024 and 2025, respectively, primarily due to substantial R&D expenses incurred to support product development and initial commercialization, as well as sales and distribution expenses and administrative expenses. The company’s R&D expenses amounted to RMB 50.8 million and RMB 56.9 million in 2024 and 2025, respectively.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Zhen Health Care expects net proceeds from the global offering to be approximately HK$384 million (based on an issue price of HK$126.2 per share). According to the prospectus, Zhen Health Care intends to allocate the net proceeds from the global offering to the following purposes:
Approximately 74.5% will be used to fund research and development activities and commercialization of the company's core products; approximately 9.9% will be used to fund research and development activities and commercialization of the company's key products; approximately 6% will be allocated to fund research and development of other pipeline candidates, as well as related patent filings and portfolio expansion; approximately 2% will be used to fund the expansion of the company's manufacturing capacity and enhancement of production capabilities; and approximately 7.6% will be used for working capital and other general corporate purposes.
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Futu News, June 30: $TH MEDICAL-B (02697.HK)$ The allocation results have been announced: priced at HK$126.2 per share, with a total of 3.5647 million shares issued, each lot comprising 20 shares, officially listed today. On the previous trading day, True Health Medical-B closed 172.74% higher in the dark pool at HK$344.2, with each lot consisting of 20 shares, yielding a profit of HK$4,360 per lot excluding fees. During the public offering phase, True Health Medical received 1,790.4x subscription. The final number of shares allocated to the public offering was 356,500 shares, accounting for approximately 10% of the total offering. Approximately 128,200 valid applications were received in total, with about 15,453 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to the total number of shares applied for was 2%. Additionally, during the international offering phase, True Health Medical received 2.2x subscription. The final number of shares allocated to the international offering was 3.2082 million shares, representing 90% of the total offering. Futu Insights has compiled the relevant data in the table below: Company Overview True Health Medical engages in the research, development, and commercialization of percutaneous puncture surgery and ablation surgery robots in China. The company has one core product—the percutaneous puncture surgery robot—with four models: TH-S1, TH-S, TH-SPro, and TH-SA. Among them, TH-S1, TH-S, TH-SPro, and TH-SA have all...
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Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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