Zhenjiankang Medical's IPO Surge: How a Percutaneous Surgical Robotics Pioneer Achieved Three Accelerations in Eight Years
核心洞察
Zhenjiankang Medical (搜索)'s stock surged 216.96% on its Hong Kong debut, reaching a market capitalization of HK$14.26 billion after an IPO oversubscribed by 682.43 times.
The company holds five NMPA approvals for percutaneous puncture surgical robots—the earliest and highest number in China—including products recognized as "domestically pioneering" and "internationally pioneering."
Revenue grew from RMB 1.791 million in 2024 to RMB 12.178 million in 2025, with a 36.4% market share by volume in China's percutaneous puncture surgical robot market.
Guangdong Zhenjiankang Medical (搜索) Technology Development Co., Ltd. (02697.HK) has captured extraordinary attention from capital markets, with its share price surging 216.96% on its listing day and reaching an all-time high of HK$500—nearly triple its IPO price—pushing its total market capitalization briefly above HK$17.1 billion. The question reverberating through the investment community: why has a surgical robotics company with annual revenue just over RMB 10 million attracted such intense valuation?
Founded in 2018 and headquartered in the Hengqin Guangdong-Macao In-Depth Cooperation Zone, Zhenjiankang Medical (搜索) has compressed the entire journey from lab-based R&D and product approval to commercial validation and a Hong Kong listing into just eight years. The answer, according to the company's trajectory, lies in three interconnected accelerators: product approval, market penetration, and capital markets access.
Product Acceleration: Building a Regulatory Moat
Zhenjiankang Medical (搜索) has outpaced the industry in securing Class III medical device registrations for its percutaneous puncture and ablation surgical robotics platform. In May 2022, the TH-S1 received China's first Class III medical device registration for percutaneous puncture surgical robots. In June 2023, TH-S (搜索) was approved by the National Medical Products Administration (NMPA) and designated as "domestically pioneering." In September 2024, TH-X MW (搜索) was approved for liver tumor (搜索) treatment and recognized as "internationally pioneering." By April 2026, the indication for TH-X MW was further expanded to include lung tumor (搜索) treatment.
To date, excluding consumables, Zhenjiankang Medical (搜索) has obtained eight Class III and two Class II medical device registrations from the NMPA, totaling ten approved products. Among the 21 percutaneous puncture surgical robots approved in China, the company holds five NMPA approvals—the earliest and the highest number in this subsector.
The technological foundation underpinning this speed is an integrated "brain-eye-hand" system: an intelligent imaging analysis system performs 3D reconstruction, lesion identification, and procedural planning; an optical navigation system tracks instrument position in real time; and a robotic arm control and respiratory tracking system compensates for target displacement caused by breathing motion. The navigation registration system achieves positioning accuracy with an error margin of no more than 0.8 millimeters.
Market Acceleration: From Installation to Revenue Scaling
Regulatory approval is merely the starting point. In 2025, Zhenjiankang Medical (搜索) delivered six systems in total, including two TH-S (搜索) systems, one TH-P system, one TH-S Pro system, and two TH-X MW (搜索) systems. Revenue rose from RMB 1.791 million in 2024 to RMB 12.178 million in 2025, with gross margin improving to 76.3%.
According to CIC Consulting, the company shipped four units in the percutaneous puncture surgical robot market in 2025, representing a 36.4% market share by volume—the highest nationwide—and a 28.0% market share by revenue, also ranking first. Consumables sales generated RMB 1.358 million in 2025, accounting for approximately 11.2% of total revenue, signaling the emergence of a "device installation plus recurring consumables" model.
The company's products have been adopted by nearly 100 medical institutions nationwide, facilitating over 7,200 procedures covering biopsy puncture, preoperative localization, tumor ablation, and radioactive seed implantation. Real-world evidence cited in the prospectus shows a 100% technical success rate in relevant studies.
On the policy front, in January 2026, China's National Healthcare Security Administration issued guidelines for establishing price items for surgical and therapeutic auxiliary procedures, creating a clearer pricing framework for surgical robot-related services.
Capital Acceleration: An Eight-Month IPO Journey
Zhenjiankang Medical (搜索)'s listing process demonstrated exceptional efficiency. The company completed its shareholding reform on October 29, 2025, submitted a confidential filing on December 8, received CSRC filing confirmation on May 19, 2026, passed the hearing on June 12, and officially listed on the Hong Kong Stock Exchange on June 30—achieving all critical milestones within eight months.
During the bookbuilding phase, the offering was oversubscribed by 682.43 times. On its debut trading day, the stock closed at HK$400, up 216.96% from the offer price of HK$126.20, giving the company a total market capitalization of HK$14.26 billion. China International Capital Corporation Hong Kong Securities Limited and DBS Asia Capital Limited acted as joint sponsors.
Market Potential and Strategic Positioning
According to CIC Consulting, China's percutaneous puncture surgical robot market is projected to expand from RMB 25.7 million in 2025 to RMB 1.386 billion in 2031, representing a compound annual growth rate of 78.3% from 2026 to 2031. Robot-assisted puncture procedures are expected to rise from 2,200 cases in 2025 to 290,400 cases in 2031, reflecting a CAGR of 102.6% over the same period.
Zhenjiankang Medical (搜索)'s product portfolio addresses healthcare institutions across different tiers: the TH-S (搜索) series targets high-end settings such as Class-A tertiary hospitals; the TH-P series offers a more compact solution tailored for lower-tier markets; and the TH-X series extends applications from puncture navigation to microwave ablation therapy. The company collaborates with 27 domestic distributors, reaching customers in 23 key provinces.
Founder Zhang Hao is a Macao resident, and the company was included in Hengqin's inaugural cohort of "IPO Pipeline Enterprises" and "High-Potential Enterprises." In July 2024, it was recognized by China's Ministry of Industry and Information Technology as a national specialized, sophisticated, and innovative "Little Giant" enterprise.
The three accelerations are tightly interconnected: rapid regulatory approval builds a time-based competitive moat; swift market penetration validates the commercialization pathway; and accelerated listing replenishes capital to fuel further R&D and channel expansion. As the company enters its next phase of commercial validation, listing represents not an endpoint but a new starting point.