MEDCAPTAIN (02041) announced on August 28 that it will proceed with a global offering of 38.91 million shares, comprising 3.89 million shares for the Hong Kong public offering and 35.02 million shares for the international placement.

The subscription window runs from August 28 to September 2, with an offer price set at HK$15.42 per share. Each board lot consists of 100 shares, translating to a minimum investment of approximately HK$1,557.55. The company anticipates gross proceeds of HK$600 million from the global offering, with net proceeds estimated at HK$496 million.

MEDCAPTAIN is slated for a Main Board listing on September 7, 2026, with Morgan Stanley Asia Limited and Huatai Financial Holdings (Hong Kong) Limited acting as joint sponsors. Regarding the allocation of proceeds, roughly 35% will be directed toward research and development to broaden the product pipeline; about 20% is earmarked for expanding manufacturing facilities and boosting production capacity; another 20% will enhance sales and marketing capabilities; approximately 10% is reserved for global strategic investments and acquisitions; 5% will upgrade IT infrastructure; and the remaining 10% will support working capital needs.

As a global medical device provider, MEDCAPTAIN addresses clinical demands across a wide spectrum of hospital departments, wards, clinics, community health centers, diagnostic laboratories, and home-care environments. As of March 31, 2026, the company's portfolio includes over 60 life-support products, 110 minimally invasive intervention products, and 150 in-vitro diagnostic products, each available in multiple models tailored to diverse application scenarios. Cumulatively, the company's products have reached more than 140 countries and regions worldwide. Within China, its products have been adopted by over 6,000 hospitals, including approximately 90% of top-tier Grade IIIA hospitals, spanning 31 provinces, municipalities, and autonomous regions.

Financially, from 2023 to 2025, revenue climbed from RMB 1.313 billion to RMB 1.399 billion, and further to RMB 1.619 billion, reflecting a compound annual growth rate of about 11%, with 2025 marking a 15.7% year-on-year increase. During the same period, gross profit expanded from RMB 651 million to RMB 870 million, while the gross margin improved from 49.6% to 53.7%, underscoring notable gains from scale effects and product mix optimization. Additionally, adjusted net profit reached RMB 129 million in 2025, and the first three months of 2026 delivered adjusted profit of RMB 35 million, significantly outpacing the RMB 15.1 million recorded in the same period last year, translating to a growth rate exceeding 130%. Adjusted EBITDA also rose to RMB 290 million, achieving a compound annual growth rate of 38.9% between 2023 and 2025.