IPO News | Surgical robotics company Jingfeng Healthcare (02675) was loaned by a brokerage firm with a margin of about HK$47.87 billion and overbought by 398 times

The Zhitong Finance App learned that Jingfeng Medical-B (02675) offered shares from December 30, 2025 to January 5, 2026. The company plans to issue 277.22 million H shares, 10% of which will be publicly sold in Hong Kong. The sale price is HK$43.24 per share, raising nearly HK$1.2 billion, 100 shares per lot, and an entry fee of HK$4367.6 per lot. Jingfeng Medical is expected to be listed for sale on January 8, with Morgan Stanley and GF Securities as co-sponsors. According to the data, as of 10 p.m. on January 4, Jingfeng Medical had temporarily obtained a margin loan of HK$47.87 billion from the brokerage firm. Based on the amount raised in the public sale of HK$120 million, it had oversubscribed 398 times.

According to the prospectus, Jingfeng Medical is an advanced surgical robot company in the medical device industry, dedicated to the design, development and manufacture of surgical robots. The company has three products covering different types of products at different stages of development and products under development to seize the market potential of surgical robots, including multi-hole endoscopic surgery robots and single-hole endoscopic surgery robots for minimally invasive surgery, and natural cavity surgery robots for non-invasive surgery.

Currently, the company's product portfolio includes two self-developed core products: Jingfeng® multi-hole endoscopic surgery robot and Jingfeng® single-hole endoscopic surgical robot. The company's product portfolio also includes the Jingfeng® bronchoscopy robot, which is not a core product. The Jingfeng® porous endoscopic surgical robot is a robotic auxiliary device used to perform minimally invasive surgery. It uses robotics, imaging technology, and digital technology. The scope of application covers urology, gynecology, general surgery and thoracic surgery. The Jingfeng® single-hole endoscopic surgical robot is a robotic auxiliary device used to perform minimally invasive surgery through a single small incision or natural cavity. The scope of application covers urology, gynecology and general surgery.

Jingfeng Medical has cooperated with cornerstone investors OrbiMed Genesis, Huang River Investment Limited (Tencent), Huaxia Fund (Hong Kong), LYFE Capital Fund IV, Greater Bay Area Joint Home Investment, China Alpha, Tekful Limited (Mr. Cai Dong Chen), ICSA, Sage Master Partners Fund, Panjing Fund and Infini The Cornerstone Investment Agreement has been concluded, and the Cornerstone Investors have agreed to subscribe at the sale price or to induce their designated entities to subscribe for the relevant number of shares for sale totaling US$75 million, subject to certain conditions.

Assuming that the over-allotment rights are not exercised and that the offer price is HK$43.24 per share sold, the company would receive approximately HK$1,116.6 million in net proceeds from the global offering. Of this, about 42.0% will be allocated to ongoing and planned R&D of core products; about 20.0% will be used to commercialize the company's core products; about 10.0% will be used to expand production capacity; about 8.0% will be distributed to other products and products under development; about 10.0% of the net proceeds will be used for potential strategic acquisitions, investments or partnerships in the surgical robotics industry and related fields; and about 10.0% will be used for working capital and general corporate purposes.