Cofoe Medical Technology Co., Ltd.

Date of Prospectus: April 27, 2026

Cofoe Medical Technology’s Hong Kong IPO: Structuring a Global MedTech Growth Story

Cofoe Medical Technology Co., Ltd. is launching its highly anticipated Hong Kong IPO, positioning itself at the intersection of China’s expanding home medical device market and global healthcare innovation. This in-depth analysis provides a complete breakdown of Cofoe’s IPO snapshot, business fundamentals, financials, risks, and listing outlook for serious investors and market watchers.

IPO Snapshot

Cofoe Medical Technology Co., Ltd. (HKEX: Not Disclosed) is offering H Shares through a dual-tranche global offering. The offer is structured as a Hong Kong Public Offering and an International Offering, with a maximum offer price of HK\$39.33 per H Share. The total number of H Shares offered is 27,000,000, representing approximately 11.45% of the total issued shares post-IPO. Upon listing, total outstanding shares will reflect this dilution, with cornerstone and institutional investors securing substantial allocations.

Cornerstone investors have committed to subscribe for 9,654,300 H Shares, accounting for 35.76% of the offering and 4.09% of post-IPO share capital.

Use of Proceeds: Growth-Driven Expansion and Innovation

The offering’s net proceeds are allocated to drive global expansion, R&D, distribution channel strengthening, branding, and working capital. This highlights a strategic growth focus rather than deleveraging.

Unused net proceeds will be placed in short-term interest-bearing accounts at licensed banks or financial institutions in Hong Kong.

Placement and Issuance Breakdown

• Hong Kong Public Offering: 2,700,000 H Shares (10%)
• International Offering: 24,300,000 H Shares (90%)
• Cornerstone Investors: 9,654,300 H Shares (35.76% of total offer; 4.09% of post-IPO share capital)
• Employee Incentive Scheme 2024: 4,481,200 A Shares (1.90% of post-IPO capital; not H Shares; no new H Shares issued under ESOP)

Dividend Policy

No fixed dividend payout ratio or timetable is committed. Dividend policy will be determined by the Board based on profitability, capital requirements, and other relevant factors. Investors should not expect a guaranteed dividend in the short term.

Investor Participation & Book Quality

Cornerstone investors have secured major allocations, including:

• Lens Technology (HK) Co., Limited
• ODI Trust Limited
• Huang Xuelin
• Dai Jun’an
• Lu Qinchao

Cornerstone investors are allocated shares at the offer price with no side arrangements or additional benefits beyond guaranteed allocation. No pre-listing disposals or sales by early shareholders are disclosed. As cornerstone investors account for a substantial portion of the International Offering and represent well-known institutional names, this suggests strong book quality and potential support for first-day performance.

Deal Parties & Structure

• Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited, BNP Paribas Securities (Asia) Limited
• Joint Global Coordinators, Bookrunners, Lead Managers: Named in the prospectus [[71]], including the above sponsors
• Underwriters: Hong Kong Underwriters and International Underwriters (full list available in the prospectus)

Underwriting commission: 1% fixed, up to 1% discretionary incentive fee (total up to 2% of offer size). Estimated total expenses are HK\$54.8 million.

Stabilization/Greenshoe: No stabilizing manager will be appointed and no stabilization activities are anticipated.

The involvement of reputable international and Chinese investment banks and sponsors, combined with the absence of a stabilization mechanism, implies listing-day performance will be driven primarily by genuine investor demand and book quality.

Business Model and Company Overview

Cofoe Medical Technology Co., Ltd. is a leading provider of home care medical devices headquartered in China. The company’s business model centers on:

• Designing, manufacturing, and selling a wide range of home-use medical devices
• Key product lines: intelligent respiratory and oxygen-generating products, home-based point-of-care testing (POCT) devices, digital health devices, and other personal healthcare products
• Revenue streams: Primarily from product sales to distributors, online and offline retail channels, and direct-to-customer platforms
• Customer segments: Individuals, households, and healthcare providers in China and overseas
• Geographic reach: Strong in mainland China, with international expansion as a strategic focus

Industry Sector and Market Size

Cofoe operates in China’s home medical device sector, a rapidly growing segment of the healthcare industry. According to analysis by Frost & Sullivan, the Chinese home care medical device market is expanding due to demographic shifts, rising chronic disease prevalence, and increasing health awareness. The company’s report (commissioned for RMB250,000) is based on robust industry data and market research [[97]].

Financial Health and Key Metrics

Financial highlights as at December 31, 2025 (inferred from prospectus):

Note: Detailed financials are available in the company’s accountants’ report and pro forma financial information.

Market Position and Competitive Advantages

Cofoe claims a leading position in China’s home medical device industry, with a strong brand presence, wide product portfolio, and expanding international distribution. The company’s investments in R&D and digitalization, strategic expansion into overseas markets, and robust distribution network underpin its competitive strengths. Exact market share figures are not disclosed but the company highlights a “market leading position.”

Management Team

Cofoe’s board and senior management are named in the prospectus, with details on experience and roles. Directors collectively accept responsibility for the prospectus and confirm its material accuracy. Specific names and backgrounds are available within the prospectus for further reference [[76]].

Trends, Timing & Market Environment

The offering period for the Hong Kong Public Offering is April 27, 2026, 9:00 a.m. to April 30, 2026, 12:00 noon, with listing expected on or about May 6, 2026.

Industry growth drivers include:

• Aging population and increased chronic disease incidence in China
• Rising health awareness and demand for home healthcare solutions
• Favorable government policies supporting innovation and healthcare expansion

The company’s expansion and product innovation strategy aligns with these trends. The macroeconomic and sector backdrop, as described in the prospectus, supports solid demand for home medical devices. No material adverse change in the company’s financial position has occurred since December 31, 2025 [[440]].

Risk Factors

Key risks disclosed:

• Dependence on continued market acceptance and popularity of key products
• Competitive pressures in the home care medical device sector
• Regulatory changes, policy risk, and compliance with listing rules and PRC law
• Potential dilution from future capital raising
• Risks related to international expansion and dependence on third-party distributors
• Retention of senior management and ability to attract qualified staff
• Product liability, intellectual property, and confidentiality risks
• Foreign exchange and macroeconomic volatility
• No guaranteed dividend policy
• Uncertainties related to the COVID-19 pandemic and other force majeure events

Investors should review the full risk section for more granular and quantified exposures.

Growth Strategy

Cofoe’s growth strategy is aggressive and multi-pronged:

• Accelerate global expansion by building international sales and distribution channels
• Engage in strategic investments and M&A opportunities, both domestically and overseas
• Develop next-generation intelligent respiratory and oxygen-generating products
• Advance home-based POCT product R&D and digitalization of medical devices
• Strengthen both online and offline domestic sales networks
• Increase branding and marketing to build awareness and capture market share

Funding is allocated over 2026-2028 for each initiative, with explicit amounts disclosed above [[242]].

Ownership and Lock-Ups

• Pre-IPO major shareholders: Not detailed by name in the summary, but cornerstone investors and controlling shareholders are referenced.
• Post-IPO: Cornerstone investors will collectively own 4.09% of the company. Employee Incentive Scheme 2024 accounts for 1.90% of total share capital, with options granted but not yet exercised. No new H Shares will be issued under the ESOP upon listing.
• Lock-ups: Standard lock-up and non-disposal undertakings are in place for cornerstone investors, controlling shareholders, and the company, generally covering the first six months post-listing.

Valuation and Peer Comparison

No peer company symbols or valuation metrics (P/E, P/B, EV/EBITDA, etc.) are disclosed in the prospectus. No direct peer comparison table is provided.

Research & Analysts

No external analyst opinions, target prices, or research institution commentary are included in the prospectus.

IPO Allotment Result

Final allocation results are to be published at:

• www.tricor.com.hk/ipo/result
• www.hkeipo.hk/IPOResult
• www.hkexnews.hk
• www.cofoe.com.cn

Investors can check their allotment outcomes via these platforms 24 hours a day from 11:00 p.m. on May 5, 2026.

Listing Outlook

Based solely on prospectus disclosures, Cofoe Medical Technology’s IPO appears to be well-supported by substantial cornerstone allocations, reputable deal parties, and a clear growth strategy targeting global and domestic market expansion. The absence of a greenshoe mechanism and the significant share of institutional participation suggest first-day price action will largely reflect genuine demand. The company’s competitive positioning, sector tailwinds, and lack of material adverse events provide a constructive backdrop for the listing.

Inference from disclosed facts: The offering is likely to be well received, with a strong chance for the shares to trade at or above the offer price on debut, provided market conditions remain stable and no negative sector developments arise.

Prospectus Access

The official prospectus and all related documents can be accessed at the following websites:

• www.hkexnews.hk
• www.cofoe.com.cn

How to Apply

Eligible investors can apply for Hong Kong Offer Shares through the following channels:

• Online via the HK eIPO White Form service at www.hkeipo.hk
• Electronically through the HKSCC EIPO channel by instructing brokers or custodians who are HKSCC Participants

The application window opens at 9:00 a.m. on April 27, 2026 and closes at 12:00 noon on April 30, 2026 (Hong Kong time). Minimum application: 100 H Shares. Applicants must be at least 18 years old and have a Hong Kong address for HK eIPO White Form applications.

For further details and updates, investors are advised to monitor the official company and Hong Kong Stock Exchange websites listed above.