Shares of TH MEDICAL-B (02697) commenced trading today. The company's listing announcement confirmed an issue price of HK$126.2 per share, with a total of 3,564,700 shares offered. Each board lot consists of 20 shares, and the net proceeds from the offering are approximately HK$384 million.

At the time of writing, the stock was up 159.27%, trading at HK$327.2, with a turnover of HK$169 million.

Public information indicates that TH MEDICAL-B is engaged in the research, development, and commercialization of percutaneous puncture and ablation surgical robots in China. The company's core product is a percutaneous puncture surgical robot system, available in four models: TH-S1, TH-S, TH-SPro, and TH-SA.

All four models—TH-S1, TH-S, TH-SPro, and TH-SA—have obtained Class III medical device registration certificates from China's National Medical Products Administration. They are approved for applications in lung and abdominal punctures. The company is also working to expand the indications for the TH-S1 model to include retroperitoneal lesions.

According to data from a consulting firm, TH MEDICAL-B delivered six units in 2025, capturing a 36.4% market share by shipment volume and ranking first nationally. Benefiting from the increased delivery of surgical robot systems, the company's revenue grew from RMB 1.791 million in 2024 to RMB 12.178 million in 2025.

Further public information shows that the company's products have been adopted by nearly 100 medical institutions across the country, having been used in over 7,200 surgical procedures. These procedures encompass a wide range of applications, including puncture biopsy, preoperative localization, tumor ablation, and radioactive seed implantation. These figures reflect the product's clinical utility and market acceptance across diverse medical scenarios.