The financing subscription ratio was 682.43 times, the stock price rose 216.96% on the first day of listing, and the total market value reached HK$14.26 billion — the market's pricing of True Health Care (02697) has been revised upward.
The Zhitong Finance App learned that on July 13, the company's stock price broke a new high since listing, reaching a high of HK$500, a cumulative increase of nearly 3 times over the issue price. At one point, the total market value surpassed HK$17.1 billion. How can a surgical robot company with an annual revenue of just over 10 million yuan attract so much attention in the capital market?
Medical devices have always been recognized as a “slow business”: the three types of medical device registration certificates often require years of accumulation, the commercial verification cycle is longer, and many innovative device companies are on the path from clinical to market. However, True Health Care, which was established in 2018, completed the entire process from laboratory research and development, product approval, commercial verification to Hong Kong stock listing in just eight years. The answer behind it is hidden in three “accelerations.”
Product acceleration: first certification breaks the game, pioneering products build registration barriers
The registration cycle for the three types of medical devices usually takes a long time, and True Health Care is clearly at the forefront of the industry in the percutaneous puncture and ablation robot circuit.
In May 2022, TH-S1 obtained the first three-class medical device registration certificate in the field of percutaneous puncture surgery robots in China; in June 2023, TH-S was approved and recognized as the “first in China” by the State Drug Administration; in September 2024, TH-X MW was approved for liver cancer treatment and recognized as the “international first”; in April 2026, TH-X MW indications were further extended to lung cancer treatment.
Up to now, excluding consumables, True Health has obtained 8 Class III medical device registration certificates and 2 Class II medical device registration certificates from the State Drug Administration. A total of 10 products have obtained marketing licenses. Of the 21 approved percutaneous surgical robots in China, True Health has 5 approvals from the State Drug Administration, making it the company with the earliest approval period and the largest number of approved products in this segment.
Behind the speed is the “brain-eye-hand” trinity technology base: the intelligent image analysis system completes 3D reconstruction, lesion recognition and path planning; the optical navigation system tracks the device position in real time; and the robotic arm control and respiratory tracking system are used to cope with target displacement caused by respiratory movements. From pre-operative planning and intraoperative guidance to post-operative evaluation, True Health Care has established a complete technical closed loop of percutaneous puncture surgery. Getting certified quickly is no accident; it is the result of a combination of technical routes, clinical verification, and registration capabilities.
Market acceleration: From installation verification to revenue volume, the first-mover advantage began to be realized
Product approval is only the starting point; the real test is commercialization. In 2025, True Healthcare delivered a total of six systems, including two TH-S systems, one TH-P system, one TH-S Pro system, and two TH-X MW systems. Driven by increased delivery volume, the company's revenue increased from 1.791 million yuan in 2024 to 12.178 million yuan in 2025, and gross margin increased to 76.3%.
It should be noted that the market share in the prospectus corresponds to the percutaneous surgical robot market. According to Insight Consulting data, the company actually shipped 4 units in this market in 2025, with a market share of 36.4% in terms of shipment volume, ranking first in the country; the market share was 28.0% in terms of revenue, which also ranked first.
In terms of the business model, equipment delivery is driving consumables sales to generate revenue contributions. In 2025, the company's consumables sales revenue was 1.358 million yuan, accounting for about 11.2% of total revenue. This means that the “equipment installation+consumables repurchase” model has begun to take shape.
According to public information, the company's products have entered nearly 100 medical institutions across the country and completed more than 7,200 surgeries, covering procedures such as puncture biopsy, pre-operative positioning, tumor ablation, and particle implantation. The real-world evidence cited in the prospectus also showed that the technical success rate in related studies reached 100%. These clinical application data provided important support for subsequent commercialization.
At the same time, the company's product matrix already covers the needs of medical institutions at different levels: the TH-S series targets high-end scenarios such as the top three hospitals, the TH-P series serves the sinking market with a more compact solution, and the TH-X series extends applications from puncture navigation to microwave ablation treatment. On the channel side, the company has cooperated with 27 domestic dealers, and the customer base covers 23 key provinces. On the policy side, in January 2026, the National Health Insurance Administration issued guidelines for the establishment of medical service price projects for surgery and treatment assistance, establishing a more clear price project framework for operating charges related to surgical robots, which will help hospitals evaluate the clinical value and economy of related products.
Accelerated capital: closed loop of completion of listing in eight months, scarce racetrack ushered in revaluation
From stock reform to listing, the listing process of True Healthcare also showed high efficiency. The stock reform was completed on October 29, 2025, secretly submitted on December 8, 2026, a filing notice from the China Securities Regulatory Commission was obtained on May 19, publicly disclosed on May 31, passed a hearing on June 12, and officially landed on the Hong Kong Stock Exchange on June 30. In eight months, the company completed the key points from the transformation of the shareholding system to the Hong Kong stock listing.
The capital market also gave direct feedback. At the IPO stage, the company's financing subscription ratio reached 682.43 times; on the first day of listing, the company's stock price closed at HK$400, up 216.96% from the sale price of HK$12.620, with a total market value of HK$14.26 billion.
This concern is not only due to IPO sentiment; it is also supported by the growth of the racetrack. According to Insight Consulting data, the market size of percutaneous puncture robots in China is expected to grow from 25.7 million yuan in 2025 to 1,386 billion yuan in 2031, with a compound annual growth rate of 78.3% from 2026 to 2031; the volume of robot-assisted puncture surgeries is expected to grow from 2,200 cases in 2025 to 294,400 in 2031, with a compound annual growth rate of 102.6%.
The three “fast” links are intertwined: the product is approved quickly, setting up a time barrier; the market is advancing quickly to verify the commercialization path; and the listing process is fast to supplement capital ammunition for subsequent R&D and channel expansion. However, the underlying support that runs through it is still the accumulation of technology in “percutaneous positioning and precise treatment” of real health care, and a closed loop of products from puncture to ablation.
For hard technology companies, “fast” is never a simple pursuit of speed; it is the result of putting in place multiple R&D, registration, clinical, and commercialization capabilities at the same time. The listing is not the end; it is a new starting point for real healthcare to enter the next stage of commercial verification.