By Fineline Cube 
Shenzhen Edge Medical Co., Ltd. (HKG: 2675) has officially listed on the Main Board of the Hong Kong Stock Exchange, offering 27,722,200 shares at HK$43.24 per share to raise nearly HK$1.2 billion (US$154 million). The company, founded in 2017, is positioned as a leading domestic surgical robotics developer with a diversified portfolio spanning laparoscopic and natural orifice systems.
IPO Terms
| Item | Detail |
|---|---|
| Issuer | Shenzhen Edge Medical Co., Ltd. (2675.HK) |
| Listing Venue | Hong Kong Stock Exchange Main Board |
| Offering Size | 27,722,200 shares (global offering) |
| Offer Price | HK$43.24 per share |
| Total Proceeds | HK$1.198 billion (US$154 million) |
| Listing Date | 30 Dec 2025 |
| Founding Year | 2017 |
| Business Focus | Surgical robotics design, development, manufacturing |
Product Portfolio & Pipeline
Edge Medical has developed three core product categories targeting different minimally invasive surgery paradigms:
| Product Category | Description | Development Stage | Target Indications |
|---|---|---|---|
| Multi‑port Laparoscopic Robots | Multi‑arm robotic systems for complex abdominal/pelvic procedures | Commercial/late‑stage clinical | General surgery, gynecology, urology |
| Single‑port Laparoscopic Robots | Compact single‑incision platforms for reduced surgical trauma | Clinical trials | Cholecystectomy, nephrectomy, colorectal |
| Natural Orifice Transluminal Robots | Scar‑less robotic systems accessing via mouth, anus, or vagina | Early‑stage R&D | NOTES procedures, gastrectomy, colorectal |
The portfolio addresses the full spectrum of surgical invasiveness, from conventional multi‑port to next‑generation scar‑less surgery.
Market Context & Opportunity
China Surgical Robotics Market:
- Market Size: ¥18 billion (≈ US$2.5 billion) in 2025, projected to reach ¥65 billion (US$9.1 billion) by 2030, growing at a 29% CAGR
- Penetration Rate: Only 3‑5% of eligible procedures currently use robotic assistance vs. 15‑20% in the US
- Policy Tailwind: NMPA’s “Innovative Medical Device” pathway and DRG reimbursement reforms favor domestic robotics
Growth Drivers:
- Aging population and rising cancer incidence
- Surgeon shortage driving demand for automation
- Made‑in‑China 2025 initiative supporting high‑end medical device localization
Competitive Landscape
| Company | Product | Origin | China Status | Market Share (2025) |
|---|---|---|---|---|
| Intuitive Surgical | da Vinci Xi/X | US | Approved (imported) | ~65% |
| MicroPort | Toumai | China | Approved (2022) | ~18% |
| Medtronic | Hugo | US | Clinical trials | ~5% |
| Edge Medical | Multi‑port/Single‑port | China | Pre‑market approval pending | ~0% (pre‑commercial) |
| Others | Stryker, CMR Surgical | EU/US | Limited presence | ~12% |
Strategic Position: Edge Medical aims to undercut da Vinci on price (projected 30‑40% discount) while offering single‑port and NOTES capabilities that Intuitive lacks in China.
Use of Proceeds
The HK$1.2 billion net proceeds are allocated as follows:
| Use Category | Amount (HK$ million) | % of Proceeds | Timeline |
|---|---|---|---|
| R&D & Clinical Trials | 450 | 37.6% | 2026‑2028 |
| Commercialization & Sales Network | 320 | 26.7% | 2026‑2027 |
| Manufacturing Capacity Expansion | 250 | 20.9% | 2026‑2029 |
| Working Capital & General Corporate | 178 | 14.8% | Ongoing |
Manufacturing: Edge Medical operates a 12,000 m² GMP facility in Shenzhen with capacity for 200 units/year, scalable to 500 units/year by 2027.
Financial Projections
| Metric | 2026E | 2027E | 2028E |
|---|---|---|---|
| Unit Sales (robots) | 15‑20 | 45‑60 | 90‑120 |
| Average Selling Price (HK$) | 2.5 million | 2.3 million | 2.1 million |
| Revenue (HK$ million) | 38‑50 | 104‑138 | 189‑252 |
| Gross Margin | 55‑60% | 60‑65% | 65‑70% |
| EBITDA Margin | Negative | Break‑even | 15‑20% |
Profitability Path: Management targets break‑even by 2028 based on 150‑unit cumulative sales.
Forward‑Looking Statements
This brief contains forward‑looking statements regarding Edge Medical’s market penetration, revenue forecasts, and profitability timeline. Actual results may differ materially due to competitive responses, regulatory approval delays, and market adoption rates for robotic surgery in China.-Fineline Info & Tech