Congratulations to Zhenjiankang Medical on its successful Hong Kong IPO, the "First Listed Company for Puncture Surgical Robots" | Gaorong Ventures News

On June 30, Zhenjiankang Medical Technology Development Co., Ltd. (hereinafter referred to as "Zhenjiankang Medical") officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the "first percutaneous puncture surgical robot stock" with the stock code 02697.HK. The company priced its shares at HK$126.20 each. As of 09:35, Zhenjiankang Medical's shares were trading at HK$353.00, up 179.71% from the IPO price, giving it a market capitalization exceeding HK$12.5 billion.

Founded in 2018 and headquartered in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Zhenjiankang Medical focuses on the full-chain independent R&D and commercialization of percutaneous puncture and ablation surgical robots, building a complete product matrix for minimally invasive tumor diagnosis and treatment.

In his speech at the listing ceremony, Haoren Zhang, founder and chairman of Zhenjiankang Medical, stated: "Zhenjiankang Medical is an innovative company centered on artificial intelligence and robotics technology. Our core and key products include puncture surgical robots and ablation surgical robots, which have not only received domestic and international first-of-its-kind certifications but have also successfully completed over 7,000 surgeries in nearly 100 hospitals. This listing is just the beginning. We look forward to serving more people with our high-end medical equipment in the future!"

Gaorong Ventures participated in Zhenjiankang Medical's Series A financing in 2021 and continued to invest in the subsequent A+ round.

Rich Product Pipeline

Holding Domestic and International First-of-Its-Kind Products

To date, Zhenjiankang Medical has obtained 10 Class III and 5 Class II medical device registrations from China's National Medical Products Administration (NMPA), constructing an intelligent medical robot product matrix centered on "percutaneous puncture and precision ablation therapy." Among these, the company's independently developed core product, the TH-S model puncture surgical navigation and positioning system, was designated by the NMPA as "domestic first-of-its-kind," while its key product, the TH-X MW model navigation and positioning microwave ablation system, was designated as "international first-of-its-kind."

Zhenjiankang Medical's core product is the percutaneous puncture surgical robot, which innovatively integrates intelligent image analysis and puncture planning systems, optical navigation systems, robotic arm control systems, and respiratory tracking systems. Compared with traditional freehand puncture surgery, this product can improve the first-attempt success rate of puncture procedures, reduce the number of punctures and CT scans required, shorten operation time, lower the incidence of complications and related adverse events, and reduce reliance on individual surgeons' experience — thereby improving surgical efficiency and outcome stability with significant clinical value. Currently, Zhenjiankang Medical has developed four product models around this core product (TH-S1, TH-S, TH-S Pro, and TH-SA), all approved for Class III medical device registration for navigation and positioning in pulmonary and abdominal solid organ puncture surgeries, while expanding indications to retroperitoneal lesions.

In addition to its core product, Zhenjiankang Medical's pipeline includes a key product: a microwave ablation surgical robot approved for liver and lung tumor treatment. The product features three core capabilities — intelligent organ and lesion segmentation, intraoperative real-time 3D navigation, and precise ablation energy field simulation — which enhance puncture positioning accuracy, target zone coverage, surgical workflow efficiency, and success rates, enabling efficient and precise microwave ablation. It also reduces reliance on physicians' experience in puncture operations and ablation planning, comprehensively improving surgical safety and efficacy. Currently, Zhenjiankang Medical has developed two product models around this key product (TH-X MW and TH-X HMW), both with Class III medical device registrations. The TH-X MW has also received approval for lung tumor treatment indications, further expanding its scope.

Beyond its core and key products, Zhenjiankang Medical's portfolio also includes compact percutaneous puncture surgical robots for lung and abdominal procedures (TH-P series), microwave ablation treatment devices, cryoablation robots, and a forward-looking organ preservation and evaluation system.

Three Consecutive Years of Market Share Leadership

Products Deployed in Nearly 100 Medical Institutions Nationwide

In terms of competitive landscape, as of June 8, 2026, the NMPA had approved 21 percutaneous puncture surgical robots (19 domestic and 2 imported), with Zhenjiankang Medical accounting for 5 — making it the company with the earliest approvals and largest number of approved products in this segment.

According to CIC Consulting data, by 2025 shipment volume of percutaneous puncture surgical robots, Zhenjiankang Medical held 36.4% of the domestic market, ranking first in the industry. The company has maintained the top position in this segment for three consecutive years since 2022.

Currently, Zhenjiankang Medical's products have been deployed in nearly 100 medical institutions nationwide, completing over 7,200 surgeries spanning biopsy, preoperative localization, tumor ablation, brachytherapy, and other procedures, with a 100% technical success rate — reflecting the product's clinical application value and market recognition across diverse medical scenarios.

Favorable Policy Winds

Intelligent Surgical Robots Poised for Scaled Deployment

Intelligent surgical robots and other high-end medical devices represent a new industry that China's 15th Five-Year Plan aims to cultivate and develop. In January 2026, the National Healthcare Security Administration issued the Trial Guidelines for the Pricing of Surgical and Therapeutic Auxiliary Operation Medical Services, incorporating surgical navigation assistance fees, robotic arm-assisted operation fees, and remote surgical assistance fees into the national unified medical service pricing framework — providing a policy foundation for the commercialization of surgical robots.

Under these favorable policy conditions, Zhenjiankang Medical, as one of the representative companies in intelligent surgical robots, is positioned for rapid growth.

Meanwhile, Zhenjiankang Medical is expanding its international presence. The company submitted its CE mark application (the safety certification required for manufacturers to enter the European market) in January 2026 and expects to receive the CE mark in Q4 2026.

Jiangtao Yu, Managing Director of Gaorong Ventures, commented: "Congratulations to Zhenjiankang Medical on its successful HKEX listing! Since its founding, Zhenjiankang Medical has carved out an innovation-driven path for domestic medical devices through sustained R&D innovation and efficient commercialization capabilities. Looking ahead, as clinical demand for precision tumor diagnosis and treatment continues to grow, frontier technologies such as AI and embodied intelligence become deeply integrated with medical devices, clinical education and training systems mature, and surgical robot-assisted operation pricing policies are rapidly implemented, the intelligent surgical robot industry will inevitably see scaled deployment. Zhenjiankang has already established medium- to long-term competitive advantages in its segment. We wish the company 'a new beginning from this step forward,' creating more domestic and international first-of-its-kind innovations, and bringing more genuine health and happiness to patients and medical professionals alike!"

Left: Haoren Zhang, founder and chairman of Zhenjiankang Medical; Right: Jiangtao Yu, Managing Director of Gaorong Ventures

In the healthcare sector, Gaorong Ventures continues to invest in outstanding companies across new drug R&D, innovative medical devices, digital health and medical services, and AI for Science. In the medical device direction, Gaorong has invested in leading companies including Zhenjiankang Medical (02697.HK), BrioHealth Technologies, Pulnovo Medical, Cornerstone Robotics, and Hygea Medical Technology, firmly believing that Chinese teams have the opportunity to cultivate innovative device companies with hardcore global competitiveness through breakthrough technological innovation, deep understanding of clinical pain points, comprehensive intelligent transformation enabled by AI, and China's solid supply chain foundation and rich clinical resources.