Shenzhen Edge Medical Co., Ltd. (2675.HK) has launched its Hong Kong initial public offering, with the subscription period running from December 30, 2025 to January 5, 2026. The company plans a global offering of 27,722,200 H shares, with a 15% over-allotment option. The offer price is set at HK$43.24 per share, with board lots of 100 shares each and an entry fee of approximately HK$4,367.61. Trading is expected to commence on the Main Board of the Hong Kong Stock Exchange on January 8, 2026. The joint sponsors are Morgan Stanley and GF Securities.

Edge Medical: A Leading Player in China’s Surgical Robotics Market

Offer size: 27,722,200 H shares, comprising approximately 10% (2,772,300 shares) allocated to the Hong Kong public offering and approximately 90% (24,949,900 shares) to the international placing.

Offer price: HK$43.24 per share; board lot of 100 shares; entry fee of approximately HK$4,367.61.

Subscription period: December 30, 2025 to January 5, 2026.

Listing date: January 8, 2026.

Sponsors: Morgan Stanley and GF Securities.

Company Overview

Edge Medical is an advanced medical technology company specializing in the design, development and manufacture of surgical robots. Its core products include the Edge® Multi-Port Laparoscopic Surgical Robot and the Edge® Single-Port Laparoscopic Surgical Robot, which are used in minimally invasive procedures across urology, gynecology, general surgery and thoracic surgery.

According to Frost & Sullivan, Edge Medical is the first company in China and the second globally to have obtained regulatory approvals for multi-port, single-port and natural orifice transluminal endoscopic surgery (NOTES) robotic systems. In 2024, the company sold 20 units of its multi-port laparoscopic surgical robot in China, ranking first among domestic manufacturers by sales volume.

Financial Information

According to the prospectus, Edge Medical recorded revenues of approximately RMB 480.4 million and RMB 1,599.9 million in 2023 and 2024, respectively, with net losses of approximately RMB 2,128.7 million and RMB 2,185.1 million over the same periods. For the six months ended June 30, 2025, the company reported revenue of approximately RMB 1,493.8 million and a net loss of approximately RMB 890.9 million.

Based on the offer price of HK$43.24 per share and assuming the over-allotment option is not exercised, the company expects net proceeds of approximately HK$1.1166 billion. The proceeds are intended to be used for core product research and development (approximately 42%), commercialization efforts (approximately 20%), capacity expansion (approximately 10%), research and development of other products (approximately 8%), potential strategic acquisitions and collaborations (approximately 10%), and working capital and general corporate purposes (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Edge Medical via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Edge Medical, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)