Shenzhen Edge Medical Co., Ltd.

Date of Prospectus: December 30, 2025

Shenzhen Edge Medical Co., Ltd. Launches Highly Subscribed IPO: Key Details, Investor Participation, and Market Outlook

IPO Snapshot: Key Details and Offer Structure

Shenzhen Edge Medical Co., Ltd. (IPO Symbol: 2675) is conducting a high-profile listing on the Hong Kong Stock Exchange. The company, established as a joint stock company in the People’s Republic of China, is offering its H Shares at a final price of HK\$43.24 per H Share. The IPO features a total of 27,722,200 H Shares (subject to over-allotment), split between the Hong Kong public and international investors. Upon listing, the total number of issued shares will be 387,722,200.

Gross proceeds from the offering are expected to be HK\$1,198.7 million, with estimated listing expenses of HK\$82.1 million, resulting in net proceeds of HK\$1,116.6 million available for the company’s strategic initiatives [[4]].

Use of Proceeds: Growth-Focused Capital Deployment

The net proceeds are earmarked for:

• Future Plans & Growth Initiatives: As detailed in the company’s plans, the proceeds—plus any additional net proceeds from the exercise of the Over-allotment Option—will be applied to fund expansion, research, and other growth opportunities on a pro-rata basis.
• Estimated Listing Expenses: HK\$82.1 million (with HK\$18.5 million charged to profit or loss statements during the track record period).

This allocation signals a clear growth-driven strategy by Shenzhen Edge Medical Co., Ltd., focusing on business expansion and innovation [[4]].

Oversubscription Metrics: Strong Retail and Institutional Demand

The IPO witnessed extreme investor interest:

• Hong Kong Public Offering: 1,091.94 times subscribed, with 196,179 valid applications for 2,772,300 H Shares. No claw-back was triggered.
• International Offering: 25.18 times subscribed, with 175 placees participating in the allocation of 24,949,900 H Shares (subject to over-allocation of 4,158,300 H Shares).

Such high oversubscription levels indicate robust market demand and confidence among both retail and institutional investors [[4]][[5]].

Placement and Issuance Breakdown

The offer was structured as follows:

• Hong Kong Public Offer: 2,772,300 H Shares (10% of offer)
• International Offer: 24,949,900 H Shares (90% of offer, subject to over-allotment)
• Cornerstone Investors: 13,494,600 H Shares, representing 48.68% of the International Offer and 3.48% of total issued share capital post-IPO, with 14 named cornerstone investors.
• Over-allocation: 4,158,300 H Shares, potentially to be covered via the Over-allotment Option or market purchases.

Lock-ups and other shareholding restrictions apply to controlling shareholders, pre-IPO investors, and cornerstone investors (see “Ownership & Lock-ups” below) [[4]][[5]][[6]][[15]].

Investor Participation and Book Quality

Cornerstone and Key Institutional Investors:

Book quality is evidenced by:

• Very high subscription multiples in both retail and institutional tranches
• Participation from international blue-chip cornerstone investors
• A diversified set of placees, with the top 25 holding 89.8% of the international allocation

This structure and demand point to strong potential first-day performance, with a tightly held book and significant demand overhang [[5]][[6]][[16]].

Deal Parties and Offer Structure

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers:

• Morgan Stanley Asia Limited (Stabilization Manager)
• CLSA Limited
• GF Securities (Hong Kong) Brokerage Limited
• UBS AG Singapore Branch
• CICCHKS (China International Capital Corporation Hong Kong Securities Limited)

Stabilization/Over-allotment Option: Morgan Stanley Asia Limited may exercise the over-allotment option, which covers up to 4,158,300 H Shares, and may conduct market stabilization for up to 30 days post-listing. Any stabilization actions will be compliant with the relevant regulations, and are at the discretion of the Stabilization Manager [[2]][[3]][[4]].

The reputation and global reach of the syndicate and the presence of a greenshoe option support the potential for a strong and orderly listing day performance.

Company Overview: Business Model, Sector, and Management

Shenzhen Edge Medical Co., Ltd. operates in the medical technology sector, focusing on the development, manufacturing, and sale of advanced medical devices. The company targets hospitals, clinics, and healthcare providers, offering innovative solutions in medical equipment and technology. Revenue streams are derived from product sales and related services.

The company addresses a rapidly growing medical device industry, with a focus on technological innovation and market expansion. The prospectus indicates a strong market position, supported by proprietary technology and a diverse product pipeline.

Management Team:

• Dr. Wang Jianchen – Chairman of the Board and Executive Director
• Dr. Gao Yuanqian – Executive Director
• Ms. Wu Mengyuan – Executive Director
• Mr. Sheng Li, Mr. Chen Gang, Mr. Qiu Xiang – Non-Executive Directors
• Mr. Yang Fan, Mr. Zhang Guoguang, Mr. Lau Ying Kit – Independent Non-Executive Directors

[[28]]

Market Position: The company’s competitive advantages stem from its technology leadership, strong R&D capabilities, and established relationships with leading healthcare institutions. Exact market share percentages and industry ranking are not disclosed, but the presence of high-profile cornerstone investors and substantial oversubscription suggest strong brand positioning.

Sector Trends, IPO Timing, and Economic Environment

The IPO is timed for January 8, 2026, tapping into strong sectoral growth in medical technology and healthcare. Recent demand drivers include increased healthcare spending, technological adoption in medical devices, and supportive regulatory trends. The company’s rapid scale-up and investor interest reflect favorable market conditions [[4]][[28]].

The economic environment, as outlined, supports growth in healthcare investment and innovation, with the company well-positioned to capitalize on these trends.

Prospectus Deep Dive: Risk Factors, Growth Strategy, and Ownership Structure

Key Risk Factors:

• High concentration of shareholding among a small number of shareholders, which may lead to share price volatility even with small trading volumes.
• Regulatory risks and compliance with listing requirements.
• Potential market risk post-stabilization period, as the price could fall when stabilizing actions end.
• Exposure to related-party transactions due to allocations to close associates of existing shareholders.

Growth Strategy:

• Utilization of IPO proceeds for business expansion, R&D, and market penetration.
• Ongoing development of new products and potential entry into new markets.

Ownership & Lock-ups:

Lock-up periods range from six months for cornerstone investors to one year for controlling and pre-IPO shareholders, ensuring a stable post-listing shareholding structure [[12]][[13]][[14]][[15]].

IPO Allotment Results: Subscription Outcomes and Listing Implications

• Hong Kong Public Offer: 19,967 successful applications from 196,179 valid applications, with a 1,091.94x subscription level.
• International Offer: 175 placees, 25.18x subscribed.
• Top 25 placees: Account for 89.8% of the International Offer, demonstrating a concentrated and high-quality book.

This combination of high oversubscription and institutional concentration supports expectations for strong aftermarket support and possible first-day outperformance [[4]][[5]][[16]].

Listing Outlook: Investor Sentiment and Expected Performance

Based strictly on prospectus disclosures:

• Exceptional oversubscription by both retail and institutional investors
• Substantial cornerstone support and global banking syndicate involvement
• Stabilization mechanisms and extended lock-up arrangements
• Well-defined use of proceeds for growth

These factors suggest a strong likelihood of positive first-day trading performance, with limited immediate selling pressure due to lock-ups. Share price could be volatile due to high concentration of shares in a small number of hands, but robust demand and stabilization mechanisms may help support the price during the initial trading period.

How to Access the Prospectus

The official prospectus is available at: www.hkexnews.hk

How to Apply for the IPO

Applications were accepted through multiple channels, including brokers, banks, and designated e-IPO platforms. For full details, refer to: http://www.hkexnews.hk or http://www.hkipo.hk

Conclusion

Shenzhen Edge Medical Co., Ltd.’s IPO stands out for its high investor demand, blue-chip cornerstone backing, and growth-focused capital allocation. Supported by a reputable syndicate and strong book quality, the offering is well positioned for a successful debut and continued growth in the fast-evolving healthcare technology sector.