New stock news | Global medical device provider Medtronic has once again submitted an application to the Hong Kong Stock Exchange. Its products have been distributed to over 140 countries and regions.

According to the disclosure by the Hong Kong Stock Exchange on March 11th, Shenzhen Medcaptain Biotechnology Co., Ltd. (referred to as Medcaptain) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Morgan Stanley and Huatai International as joint sponsors. The company had previously submitted its prospectus to the Hong Kong Stock Exchange on September 11, 2025. Company Overview The prospectus reveals that Medcaptain is a global provider of medical devices that can meet the clinical needs of a wide range of medical institutions, including clinical departments, wards, clinics, community health centers, testing institutions, and home care settings. As of December 31, 2025, the company's product portfolio includes over 60 life support products, 110 minimally invasive intervention products, and 160 in-vitro diagnostic products, with various models to meet different application needs. Medcaptain's products are distributed in over 140 countries and regions globally. In China, the company's products have covered over 6,000 hospitals, including approximately 90% of tertiary class A hospitals, spanning 31 provinces, municipalities, and autonomous regions. The company provides medical equipment and consumables for life support, minimally invasive intervention, and in-vitro diagnostics. Details include: Life Support: Life support medical devices are primarily used in intensive care units, operating rooms, and emergency rooms to manage and care for critically ill patients. By December 31, 2025, the company had established a comprehensive portfolio of life support products, offering over 60 life support products, including drug infusion products, anesthesia machines and vaporizers, airway management and pulmonary function testing, and other life support products such as DVT prevention pumps, venous imaging devices, monitors, and veterinary life support products. In 2025, the company's competitive key life support products recorded the following sales volumes: infusion pumps and syringe pumps combined totaled 91.5 thousand units; infusion workstations 5.1 thousand units; enteral nutrition pumps 6.0 thousand units; anesthesia machines 1.3 thousand units; vaporizers 7.0 thousand units; and VTE prevention products 49.4 thousand units. Minimally Invasive Intervention: The company is one of the few Chinese brands with a proprietary portfolio of endoscope products, including reusable and disposable endoscope systems and consumables. The company's minimally invasive intervention products are mainly used for the diagnosis and treatment of diseases related to the digestive system (including the gastrointestinal tract and hepatobiliary system) and the urinary system. As of December 31, 2025, the company had over 110 minimally invasive intervention products, including a wide range of digestive system minimally invasive intervention products, as well as urology endoscope systems and consumables for the diagnosis and treatment of diseases related to the urinary system. In 2025, the company's competitive key minimally invasive intervention products recorded the following sales volumes: 18 million consumables for the digestive system and 300 thousand other minimally invasive intervention consumables. In-Vitro Diagnostics: The company offers a comprehensive portfolio of in-vitro diagnostic products, including thrombelastography and routine coagulation products, fully automated blood type testing instruments designed for different application needs, and a full range of compatible gel cards, chemiluminescent immunoassay (CLIA) testing analyzers and reagent kits, and molecular diagnostic devices and reagent kits. As of December 31, 2025, the company had over 160 in-vitro diagnostic products supporting over 800 diagnostic tests and providing comprehensive diagnostic methods to meet various testing scenarios. In 2025, the company's main in-vitro diagnostic products recorded the following sales volumes: 0.7 thousand testing analyzers, 105 gel cards, and 155 reagent kits. According to the information from Zhishi Consulting, the company has achieved the following milestones: The company has developed a series of innovative life support products, including the world's first remote infusion control system, China's first independently developed multi-channel infusion workstation, infusion workstations compatible with MRI environments, touchscreen infusion pumps, touchscreen syringe pumps, and touchscreen enteral nutrition pumps. These innovations have solidified the company's market position, with the company's leading rankings proving this - the company ranked first in the Chinese infusion workstation market by sales from 2018 to 2024 and first in the enteral nutrition pump market by sales from 2021 to 2024. The company is one of the few Chinese brands with a proprietary portfolio of endoscope products, including reusable and disposable endoscope systems and related consumables. Specifically, the company ranked second in the Chinese digestive system minimally invasive intervention consumables market by sales from 2022 to 2024 and ranked among the top five in the Chinese disposable choledochoscope market from 2023 to 2024 by sales. In 2021, the company launched the world's first fully automatic thrombelastography analyzer. By sales, the company ranked first in the Chinese fully automatic thrombelastography market from 2021 to 2024. Additionally, the company ranked in the top five in the Chinese blood typing equipment market by sales in 2024. According to information from Zhishi Consulting, the medical device industry that the company mainly focuses on has experienced rapid growth and is expected to maintain this growth. By 2030, the global life support medical device market is expected to increase to $109.7 billion, and China to 932 billion; by 2030, the global endoscope minimally invasive intervention market is expected to increase to $48.8 billion, and China to 532 billion; by 2030, the global in-vitro diagnostics market is expected to increase to $167.3 billion, and China to 191.2 billion. In 2024, the top ten market participants by sales collectively accounted for approximately 49.3%, 75.5%, and 75.8% of China's life support, minimally invasive intervention, and in-vitro diagnostics markets, respectively. Financial Information Revenue: In the fiscal years 2023, 2024, and 2025, Medcaptain achieved revenues of approximately 1.313 billion, 1.399 billion, and 1.619 billion, respectively. Profit: In the fiscal years 2023, 2024, and 2025, Medcaptain incurred losses of approximately 64.508 million, 96.617 million, and 50.738 million, respectively. Industry Overview The global life support medical device market has grown from $49.2 billion in 2018 to $75.1 billion in 2024, with a compound annual growth rate (CAGR) of 7.3%, and is expected to reach $109.7 billion by 2030, with a CAGR of 6.5% from 2024 onwards. Similarly, the size of the Chinese life support medical device market increased from 31.1 billion in 2018 to 55.7 billion in 2024, with a CAGR of 10.2%, and is projected to further increase to 93.2 billion by 2030, with a CAGR of 9.0% from 2024 onwards. In 2024, the top ten market participants accounted for approximately 49.3% of the Chinese life support market by sales. The global drug infusion systems market has grown from $5.1 billion in 2018 to $8.3 billion in 2024, with a CAGR of 8.3%, and is expected to reach $13.5 billion by 2030, with a CAGR of 8.4% from 2024 onwards. The size of the Chinese drug infusion systems market increased from 3.2 billion in 2018 to 6.0 billion in 2024, with a CAGR of 10.9%, and is projected to increase to 11.7 billion by 2030, with a CAGR of 11.8% from 2024 onwards. The global anesthesia machine market has grown from $700 million in 2018 to $1.0 billion in 2024, with a CAGR of 6.8%, and is projected to reach $1.3 billion by 2030, with a CAGR of 4.9% from 2024 onwards. The size of the Chinese anesthesia machine market has increased from 900 million in 2018 to 2.3 billion in 2024, with a CAGR of 8.8%, and is expected to reach 2.3 billion by 2030, with a CAGR of 7.0% from 2024 onwards. The global endoscopic minimally invasive intervention device (including endoscopes and endoscope consumables) market has grown from $22.0 billion in 2018 to $32.1 billion in 2024, with a CAGR of 6.5%, and is expected to reach $48.8 billion by 2030, with a CAGR of 7.2% from 2024 onwards. The size of the Chinese endoscopic minimally invasive intervention device market increased from 14.9 billion in 2018 to 24.9 billion in 2024, with a CAGR of 9.0%, and is projected to reach 53.2 billion by 2030, with a CAGR of 13.5% from 2024 onwards. In 2024, the top ten market participants accounted for approximately 75.5% of the Chinese minimally invasive intervention market by sales. Specifically, the global digestive system minimally invasive intervention surgery market has grown from $7.0 billion in 2018 to $10.1 billion in 2024, with a CAGR of 6.3%, and is projected to reach $16.4 billion by 2030, with a CAGR of 8.4% from 2024 onwards. The size of the Chinese digestive system minimally invasive intervention surgery market increased from 5.3 billion in 2018 to 9.6 billion in 2024, with a CAGR of 10.4%, and is expected to reach 19.5 billion by 2030, with a CAGR of 12.5% from 2024 onwards. Specifically, the global market size for digestive system minimally invasive intervention consumables has increased from $4.0 billion in 2018 to $5.2 billion in 2024, with a CAGR of 4.8%, and is expected to reach $8.6 billion by 2030, with a CAGR of 8.6% from 2024 onwards. The Chinese market increased from 1.4 billion in 2018 to 2.5 billion in 2024, with a CAGR of 10.0%, and is projected to reach 5.5 billion by 2030, with a CAGR of 13.7% from 2024 onwards. The global disposable choledochoscope market has grown from approximately $164 million in 2018 to approximately $416 million in 2024, with a CAGR of 16.8%, and is projected to reach approximately $935 million by 2030, with a CAGR of 14.5% from 2024 onwards. The size of the Chinese disposable choledochoscope market increased from approximately 117 million in 2018 to approximately 87.6 million in 2024, with a CAGR of 39.9%, and is expected to reach approximately 470 million by 2030, with a CAGR of 32.3% from 2024 onwards. The global minimally invasive intervention devices market for the urinary system has grown from $4.8 billion in 2018 to $6.7 billion in 2024, with a CAGR of 7.3%, and is projected to reach $9.8 billion by 2030, with a CAGR of 6.5% from 2024 onwards. The size of the Chinese minimally invasive intervention devices market for the urinary system has increased from 2.2 billion in 2018 to 4.3 billion in 2024, with a CAGR of 11.8%, and is expected to reach 7.6 billion by 2030, with a CAGR of 10.0% from 2024 onwards. Specifically, the global market size for disposable urologic endoscopes has increased from approximately $62.7 million in 2018 to approximately $301 million in 2024, with a CAGR of 29.9%, and is expected to reach approximately $783 million by 2030, with a CAGR of 17.3% from 2024 onwards. The size of the Chinese market increased from approximately 45.8 million in 2020 to approximately 476 million in 2024, with a CAGR of 79.5%, and is projected to reach approximately 1.27 billion by 2030, with a CAGR of 17.7% from 2024 onwards. The global in-vitro diagnostics market has grown from $66.8 billion in 2018 to $108.4 billion in 2024, with a CAGR of 8.4%, and is expected to reach $167.3 billion by 2030, with a CAGR of 7.5% from 2024 onwards. The size of the Chinese in-vitro diagnostics market has increased from 74.4 billion in 2018 to 116.1 billion in 2024, with a CAGR of 7.7%, and is projected to reach 191.2 billion by 2030, with a CAGR of 8.7% from 2024 onwards. In 2024, the top ten market participants accounted for approximately 75.8% of the Chinese in-vitro diagnostics market by sales. The global coagulation equipment market has grown from approximately $1.53 billion in 2018 to approximately $3.16 billion in 2024, with a CAGR of 12.9%, and is projected to reach approximately $6.75 billion by 2030, with a CAGR of 11.5% from 2024 onwards. The size of the Chinese coagulation equipment market has increased from approximately 3.7 billion in 2018 to approximately 7.9 billion in 2024, with a CAGR of 13.4%, and is expected to reach approximately 15.5 billion by 2030, with a CAGR of 12.0% from 2024 onwards. The size of the Chinese thrombelastography instrument market has increased from approximately 298 million in 2018 to approximately 965 million in 2024, with a CAGR of 21.7%, and is projected to reach approximately 2.468 billion by 2030, with a CAGR of 21.7% from 2024 onwards. Thrombelastography instruments can be divided into fully automatic and semi-automatic modes. The earlier introduced semi-automatic mode currently dominates the market. However, as fully automatic devices are gradually introduced, their market share is expected to increase. The size of the Chinese fully automatic thrombelastography instrument market has increased from 98.5 million in 2021 to 187 million in 2024, with a CAGR of 23.9%, and is expected to reach approximately 606 million by 2030, with a CAGR of 21.6% from 2024 onwards. The size of the Chinese blood typing equipment market has increased from approximately 885 million in 2018 to approximately 1.704 billion in 2024, with a CAGR of 11.5%, and is expected to reach approximately 3.097 billion by 2030, with a CAGR of 10.5% from 2024 onwards. Due to the characteristics of blood typing testing and the high consumption of disposable items, the market is mainly driven by the sale of reagents and test kits, accounting for approximately 80% of the total market, with the rest attributed to equipment sales. Board of Directors Information The Board of Directors will consist of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Equity Structure Mr. Liu, Ms. Li, and Mr. Zhong are acting in concert. As of the last practicable date, the general partner of Hualong Kangzhong Limited Partnership is an independent third party, and Hualong Kangzhong Limited Partnership has a total of 26 limited partners, with Mr. Zhong directly holding 42.53% of the limited partnership interests. Mr. Liu directly and indirectly owns (through his interests in Zhuhai Huachang Limited Partnership, Zhuhai Huamao Limited Partnership, Zhuhai Hua Hong Limited Partnership, Zhuhai Huaxing Limited Partnership, and Zhuhai Huasheng Limited Partnership) a combined 51.40% of the limited partnership interests. According to the partnership agreement of Hualong Kangzhong Limited Partnership, all affairs of Hualong Kangzhong Limited Partnership (including voting rights exercised at shareholders' meetings with respect to shares held) must be handled by its general partners, who may only be removed in specific circumstances and such removal must be approved by a majority vote of the 26 limited partners, each having one vote regardless of the percentage of limited partnership interests held. Therefore, Mr. Zhong and Mr. Liu do not control more than 30% of the voting rights of Hualong Kangzhong Limited Partnership, and thus, under the Listing Rules, Hualong Kangzhong Limited Partnership is not considered to be a close associate or associate of Mr. Zhong or Mr. Liu. As of the last practicable date, Jiangsu Tuyun is owned 80% by Weidekang Medical and 20% by Changzhou Xinchuang Zhicheng Entrepreneurship Investment Partnership Enterprise (Limited Partnership) ("Xinchuang Zhicheng Limited Partnership," a limited partnership established in China). Mr. Zhuang Xiaojin, one of the company's investors and major shareholders, is a general partner of Xinchuang Zhicheng Limited Partnership and holds over 90% of the limited partnership interests of Xinchuang Zhicheng Limited Partnership as the largest limited partner. As of the last practicable date, Medcaptain Medical (Thailand) Co., Ltd., owned 34,999 shares by Medcaptain Hong Kong of a total of 35,000 shares, and the remaining shares were owned by Mr. Liu. As of the last practicable date, PT Medcaptain Medical Indonesia was owned by Medcaptain Hong Kong and Medcaptain EU, holding 99% and 1%, respectively. Intermediary Team Joint Sponsors: Morgan Stanley Asia Limited, Huatai Financial Holdings (Hong Kong) Limited Company Legal Advisor: Regarding Hong Kong and US laws: Smithfield Law Firm; Regarding Chinese law: Jiayuan Law Firm; Regarding international sanctions law: Hoking Lu Wei Law Firm Legal Advisor for Joint Sponsors: Regarding Hong Kong and US laws: Mayer Brown Law Firm; Regarding Chinese law: Jingtian Gongcheng Law Firm Reporting Accountants and Auditors: Ernst & Young Industry Consultant: Zhishi Industry Consulting Limited Company