精锋医疗-B(02675) has initiated a share offering period from December 30, 2025, to January 5, 2026. The company plans a global offering of 27.722 million H shares, with the Hong Kong public offering comprising 10% and the international offering 90%, plus an over-allotment option of 15%. The offer price is set at HK$43.24 per share. H shares will be traded in lots of 100 shares each. The H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on Thursday, January 8, 2026. Established in 2017, the company is a leading surgical robotics firm in the medical device industry, focused on the design, development, and manufacturing of surgical robots. It possesses a portfolio of three products and product candidates at various R&D stages to capture the market potential of surgical robots, including multi-port and single-port laparoscopic surgical robots for minimally invasive surgery, as well as a natural orifice surgical robot for non-invasive procedures. Currently, the product portfolio includes two core products developed in-house: the Jingfeng® Multi-port Laparoscopic Surgical Robot and the Jingfeng® Single-port Laparoscopic Surgical Robot. The portfolio also includes the Jingfeng® Bronchoscopy Robot, which is not a core product. With the commercialization of its products and solutions, the company began generating revenue and incurring cost of sales from 2023. Revenue surged from RMB 48 million for the year ended December 31, 2023, to RMB 160 million for the year ended December 31, 2024. Cost of sales was RMB 19.6 million for the year ended December 31, 2023, compared to RMB 61.9 million for the year ended December 31, 2024. Revenue increased from RMB 30.2 million for the six months ended June 30, 2024, to RMB 149 million for the six months ended June 30, 2025. Cost of sales was RMB 11.1 million for the six months ended June 30, 2024, rising to RMB 55.5 million for the six months ended June 30, 2025. However, the company did not record any profit and incurred operating losses during each annual/ interim period of the track record period. Net losses amounted to RMB 213 million, RMB 218.5 million, RMB 133 million, and RMB 89.1 million for the years ended December 31, 2023 and 2024, and the six months ended June 30, 2024 and 2025, respectively, primarily attributable to research and development expenses. The company anticipates that losses will fluctuate as it continues further R&D efforts, development, seeks regulatory approvals, and commercializes its product candidates. Given the uncertainties surrounding the success of clinical trials, regulatory approvals, and commercialization of its pipeline products, financial performance is expected to vary across different periods. The company has entered into cornerstone investment agreements with cornerstone investors OrbiMed Genesis, Huang River Investment Limited (Tencent), ChinaAMC (Hong Kong) Limited, LYFE Capital Fund IV, Greater Bay Area Homeland Investments Limited, China Alpha, Tekful Limited (Mr. Cai Dong Chen), ICSA, Sage Partners Master Fund, Panjing Fund, and Infini. These cornerstone investors have agreed, subject to certain conditions, to subscribe for, or procure their designated entities to subscribe for, offer shares amounting to a total of US$75 million at the offer price. Assuming the over-allotment option is not exercised and an offer price of HK$43.24 per share, the estimated net proceeds from the global offering are approximately HK$1.1166 billion. Approximately 42.0% of the net proceeds will be allocated to the ongoing and planned research and development of core products; about 20.0% will be used for the commercialization of core products; around 10.0% will be utilized for capacity expansion; roughly 8.0% will be allocated to other products and product candidates; approximately 10.0% of the net proceeds will be used for potential strategic acquisitions, investments, or collaborations in the surgical robotics industry and related fields; and about 10.0% will be allocated for working capital and general corporate purposes.