COFOE MEDICAL Technology Co., Ltd. (Stock Code: "1187") is scheduled to list on the Hong Kong Stock Exchange tomorrow. The company plans to issue 27 million H shares globally at a final offer price of HK$39.33 per share, raising a net proceeds of HK$1 billion.

The cornerstone investors for COFOE MEDICAL include LENS (Hong Kong), Changsha Yufeng Technology Co., Ltd., Yuanxin Investment, China Galaxy International Investment (in relation to Yuanxin Investment's OTC swaps), Panjing Fund, FR M CONSULTING, Hanqingda Industrial, Dacheng International, Zhongkang Technology, ODI TRUST, Huang Xuelin, Dai Jun'an, and Lu Qinchao. In total, these investors subscribed for US$48.49 million (approximately HK$380 million).

Specifically, LENS (Hong Kong) subscribed for US$10 million, Changsha Yufeng subscribed for US$6.99 million, Yuanxin Investment and China Galaxy International Investment (for Yuanxin's OTC swaps) subscribed for US$6.51 million, Panjing Fund subscribed for US$5 million, FR M CONSULTING subscribed for US$3 million, Hanqingda Industrial subscribed for US$2.5 million, Dacheng International and Zhongkang Technology each subscribed for US$2 million, ODI TRUST subscribed for US$1 million, Huang Xuelin subscribed for US$5 million, Dai Jun'an subscribed for US$2.5 million, and Lu Qinchao subscribed for US$2 million.

COFOE MEDICAL was initially listed on the Shenzhen Stock Exchange in October 2021. At that time, it issued 40 million shares at an offer price of 93.09 yuan, raising 3.724 billion yuan. Due to the high pricing and large issuance size, the company's stock fell below its offering price on its first trading day.

In the gray market, COFOE MEDICAL's closing price was HK$40.2, representing only a 2% increase over the offer price. Based on this gray market closing price, the company's market capitalization is approximately HK$9.483 billion.

According to the prospectus, COFOE MEDICAL reported revenues of 2.854 billion yuan, 2.983 billion yuan, and 3.387 billion yuan for the years 2023, 2024, and 2025, respectively. Gross profits were 1.173 billion yuan, 1.5 billion yuan, and 1.752 billion yuan for the same periods. Profits for the periods were 253 million yuan, 312 million yuan, and 370 million yuan, respectively.

As of December 31, 2025, Changsha Medical Device Investment Co., Ltd. held a 40.73% stake. Zhang Min directly held 5.8%, Changsha Keyuan Tongchuang Venture Capital Partnership held 5.8%, Zhang Zhiming held 3.48%, and HG Capital Limited - Capital Great Health Industry Fund held 2%.

Ningbo Huaige Health Investment Management Partnership held a 1.99% stake, Nie Juan directly held 1.67%, Bank of Communications Co., Ltd. - GTJA Allianz Growth Mixed Securities Investment Fund held 1.29%, Industrial and Commercial Bank of China Limited - Penghua Quality Governance Mixed Securities Investment Fund held 1.07%, and Hu Jun held 0.96%.

Zhang Min and Nie Juan are married and are the company's actual controllers. Together, they hold 100% equity in Medical Device Investment. Zhang Min is the executive director of Medical Device Investment, and Nie Juan is its general manager. The couple collectively controls 54% of the company's equity.