New Stock News | Tongji Medical has submitted documents to the Hong Kong Stock Exchange. The EBMT treatment device product has been successfully developed and commercialized.

According to the disclosure on February 9th by the Hong Kong Stock Exchange, Hangzhou Tangel Medical Technology Co., Ltd. (referred to as Tangel Medical) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with Guotai Junan International and CITIC Securities International as its joint sponsors. Company Overview According to the prospectus, Tangel Medical is a China-based medical device company that focuses on providing innovative solutions for the treatment and comprehensive management of metabolic diseases. The company has strategically built a product pipeline covering treatment devices for obesity and metabolic diseases, adapter devices, and comprehensive management products, all of which focus on the treatment and management of metabolic diseases, including overweight, obesity, non-alcoholic fatty liver disease (NAFLD), and type 2 diabetes with associated obesity. As of the last practicable date (February 2, 2026), the company has successfully developed and commercially launched an EBMT treatment device product and has obtained registration for two adapter products designed to facilitate treatment device operation and a digital health management platform for comprehensive management. In addition, the company is expanding the indications for the GBS to cover lower BMI levels, and is independently developing various other investigational products in different stages, aiming to cover mainstream feasible EBMT solutions for metabolic diseases, thereby tapping into this vast yet underserved market. The company's core product GBS is a first-of-its-kind MICROPORT device within the same category, inspired by the weight loss and metabolic benefits of Roux-en-Y Gastric Bypass Surgery (RYGB) for the treatment of obesity. In January 2024, it was approved by the National Medical Products Administration as a Class III Innovative Medical Management device, becoming the first medical device approved for endoscopic treatment of obesity in China. As of the last practicable date, the company has completed discussions with hospital sponsors on key trial protocols, identified principal investigators, leading centers, and participating centers, and is preparing to initiate patient recruitment. The company received ethics approval from the lead research institution in January 2026 and expects to commence patient recruitment in the first half of 2026, with the goal of completing the clinical study by the end of 2027. Tangel Medical is actively advancing the global expansion of GBS. As of the last practicable date, it has also obtained regulatory approval in eight other countries and regions, including Hong Kong, Indonesia, Thailand, Vietnam, Saudi Arabia, Malaysia, Ecuador, and Colombia. Furthermore, the company is progressing with the registration of GBS in other regions such as Singapore, the Philippines, Taiwan, and the European Union. Additionally, Tangel Medical is developing an investigational product based on the same platform as GBS, a gastric flow stent system for NAFLD with associated obesity. The design features a longer sleeve and optimized retrieval system, with an expected placement period of six months. Due to its potential to address significant unmet medical needs, GBS-SH received a breakthrough device designation from the FDA in October 2024, making the company the only Chinese company to receive this designation as of the last practicable date. The designation is only granted to devices that offer significant advantages over existing alternative solutions and helps expedite FDA priority review throughout the regulatory process. The company plans to start international multicenter registration trials by the end of 2027. Financial Data Revenue: For the year 2024, as well as the nine months ended September 30, 2024, and 2025, Tangel Medical's revenue was approximately RMB 12.709 million, RMB 3.186 million, and RMB 20.863 million, respectively. Research and Development Costs: For the year 2024, as well as the nine months ended September 30, 2024, and 2025, Tangel Medical's research and development costs were approximately RMB 41.126 million, RMB 25.681 million, and RMB 32.538 million, respectively. Industry Overview In China, the medical device market for overweight/obesity within the EBMT scope is starting from a nascent stage and entering a phase of rapid expansion. Calculated by factory price, the market size is expected to start at RMB 127 million in 2024 and expand to RMB 782.1 million by 2029, with a compound annual growth rate of 128.0% from 2024 to 2029. This growth is primarily driven by the increasing burden of obesity-related diseases, gradual expansion of clinical applications, speeding up of product approvals, and continuous improvement in medical insurance reimbursement conditions, coupled with the listing and clinical promotion of EBMT products. Subsequently, this growth momentum will continue but tend to stabilize, with the market size projected to climb to RMB 3.819.6 million in 2034 at a compound annual growth rate of 37.3% from 2029 to 2034. This development trajectory signifies that the Chinese obesity intervention market is transitioning from early commercialization to rapid expansion in outpatient treatment, driven by factors such as increasing clinical acceptance, accumulating evidence, the gradual incorporation of EBMT devices into national weight management and metabolic treatment pathways, increased physician acceptance, technological upgrades, mature domestic supply chains, and increased demand for minimally invasive weight loss solutions by patients. The global DJBL medical device market is in an early but rapidly expanding stage. Calculated at factory price, the market size grew from almost zero between 2020 and 2023 to approximately USD 1.8 million in 2024, the year the company introduced its core product GBS. Driven by the continued rise in the prevalence of obesity and type 2 diabetes, increasing clinical acceptance of endoscopic metabolic therapy, and gradual relaxation of major market regulatory approvals, the DJBL market size is expected to expand to around USD 261.4 million by 2029, growing at a high compound annual growth rate of 171.7% from 2024 to 2029. As DJBL devices gradually integrate into multidisciplinary obesity and diabetes care pathways, the growth momentum from 2029 to 2034 is expected to continue. During this period, the market size is projected to further increase to around USD 2,325.1 million in 2034, with a compound annual growth rate of 54.8% from 2029 to 2034, indicating that the technology is transitioning from early commercialization to global scale application. China's DJBL medical device market is in its early stages but showing rapid momentum. Calculated at factory price, the market size is expected to start at RMB 12.7 million in 2024 and expand to RMB 596.3 million by 2029, indicating a compound annual growth rate of 115.9% from 2024 to 2029 as the initial commercialization efforts advance. Subsequently, strong growth momentum is expected to continue, with the market size reaching RMB 2,622.7 million by 2034, with a compound annual growth rate of 34.5% from 2029 to 2034. This development trajectory reflects the expanding clinical applications and increasing market size in China, indicating that DJBL therapy is gradually becoming a mainstream metabolic intervention method. Factors such as the accumulating clinical evidence, improving physician proficiency in operations, and increasing demand from patients for effective minimally invasive solutions are laying the foundation for this transition. Board Information The company's board of directors consists of six directors, including one executive director, two non-executive directors, and three independent non-executive directors. The directors of the company serve three-year terms and can be re-elected. Equity Structure Mr. Zuo holds 28.96% of the company's shares, while Zhoushan Aizhong holds 6.98%. Zhoushan Aizhong is an employee shareholding platform of the company, with Mr. Zuo as its general partner, therefore, Zhoushan Aizhong is controlled by Mr. Zuo. As of the last practicable date, Mr. Zuo directly and through Zhoushan Aizhong controlled approximately 35.94% of the company's issued share capital. Intermediary Team Joint Sponsors: Guotai Junan International Securities Limited, CITIC Securities Global Capital Limited Legal Advisors to the Company: Regarding Hong Kong and U.S. law: King & Wood Mallesons; regarding Chinese law: JunHe LLP Legal Advisors to the Joint Sponsors: Regarding Hong Kong and U.S. law: TianYuan Law Firm (A Partnership); regarding Chinese law: JunHe LLP Reporting Accountants and Independent Auditors: Ernst & Young Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch