香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 微創醫療科學有限公司* （於開曼群島註冊成立的有限公司） （股份代號：00853） 自願公告 有關擬進行心律管理業務之策略性重組之最新情況 茲提述微創醫療科學有限公司（「本公司」，連同其附屬公司統稱為「本集團」）日期為二零二五年七月 十六日及二零二五年九月二十九日的公告（「該等公告」），內容有關本集團心律管理業務之擬議重 組。除文義另有所指外，本公告所用詞彙與該等公告所界定者具有相同涵義。 本公司董事會（「董事會」）欣然宣佈，微創心通之獨立股東已於二零二五年十二月十五日舉行的微創 心通股東特別大會上批准合併協議及其項下擬進行的交易。預期合併將於二零二五年十二月十九日 或前後完成，據此，CRM Cayman之所有現有已發行股份（包括普通股及優先股）將予以註銷，以換取 微創心通之普通股，且CRM Cayman將成為微創心通之全資附屬公司。 1 與此同時，基於結構性心臟病業務在介入治療、精密輸送與材料平台的積 ...

Core Viewpoint - The Shenzhen-Hong Kong Stock Connect Medical Index (港币) closed at 4287.1 points, down 0.23%, with a trading volume of 7.011 billion yuan and a turnover rate of 0.72% [1] Group 1: Index Performance - On the day, 18 constituent stocks rose, with Blue Sail Medical leading with a 10.0% increase, while 36 stocks declined, with Yimai Sunshine leading the decline at 3.83% [1] - The net outflow of main funds from the Shenzhen-Hong Kong Stock Connect Medical Index constituents totaled 115 million yuan, while retail investors saw a net inflow of 181 million yuan [1] Group 2: Constituent Stocks Details - The top ten constituent stocks of the Shenzhen-Hong Kong Stock Connect Medical Index include: - Yimai Sunshine (hk02522) with a market cap of 3.43 billion yuan and a price drop of 3.83% [1] - Weikang Medical (hk00853) with a market cap of 17.4 billion yuan and a price drop of 3.38% [1] - Weikang Robotics (hk02252) with a market cap of 19.21 billion yuan and a price drop of 2.84% [1] - Wu Hai Biotechnology (hk06826) with a market cap of 5.46 billion yuan and a price drop of 2.27% [1] - Dian Diagnostics (sz300244) with a market cap of 9.19 billion yuan and a price drop of 2.13% [1] - Ruimaite (sz301367) with a market cap of 7.59 billion yuan and a price drop of 2.08% [1] - Tuya Holdings (hk01099) with a market cap of 56.54 billion yuan and a price drop of 1.96% [1] - Yidu Technology (hk02158) with a market cap of 4.83 billion yuan and a price drop of 1.96% [1] - Xintai Medical (hk02291) with a market cap of 5.23 billion yuan and a price drop of 1.83% [1] - Chunli Medical (hk01858) with a market cap of 5.26 billion yuan and a price drop of 1.76% [1]

Core Insights - The article highlights the acceleration of business development (BD) activities in the medical device sector from September to November 2025, with a total of 58 transactions identified across various subfields, including cardiovascular, nuclear medicine, and AI-enabled devices [2][3][4]. Group 1: Mergers and Acquisitions - Mergers and acquisitions have become a prominent form of BD, with companies leveraging capital control and product integration for rapid market positioning [7][8]. - Notable acquisitions include HeartLink's $680 million all-stock acquisition of Micro-Invasive Cardiology, enhancing its structural heart disease and rhythm management capabilities [7]. - Hua'an Zhonghui's acquisition of Bangni Medical marks its entry into the absorbable suture market, indicating a shift in surgical instrument competition towards material innovation [7]. Group 2: Strategic Collaborations - Strategic partnerships have been formed during the China International Import Expo, with companies like Shanghai Pharmaceuticals collaborating with international giants such as Boston Scientific and Medtronic to enhance their supply chain and academic promotion systems [7][8]. - The collaboration between GuoYao Medical and BDI Medical aims to deepen market penetration in the biomedicine and medical device sectors, focusing on compliance and distribution channel construction [13]. Group 3: Cross-Border Cooperation - Cross-border transactions have become more active, with foreign companies establishing local R&D and production systems in China, while domestic firms are exporting their solutions globally [9][10]. - The partnership between Trasis SA and Beijing Pait Biotechnology to establish a joint venture reflects a trend towards localized production and phased integration in the Chinese market [12]. Group 4: Ecosystem Building and Channel Expansion - The integration of supply chains and ecosystem building is a key theme, with companies focusing on collaborative agreements to enhance their market presence [11][15]. - The collaboration between Baxter and Neusoft Medical aims to create a comprehensive surgical solution by integrating their respective technologies [12]. Group 5: AI and Smart Healthcare - AI and data-driven approaches are becoming central to BD collaborations, with companies increasingly focusing on smart healthcare solutions [16][17]. - The partnership between Kefu Medical and Tencent Cloud to develop AI-powered hearing aids exemplifies the trend of integrating technology into healthcare products [21]. Group 6: Research and Diagnostic Synergy - The frequency of research-oriented collaborations is rising, indicating a shift from manufacturing-driven to research-driven industry dynamics [18][19]. - The collaboration between BGI and Infinera to enhance clinical applications of sequencing technology highlights the growing importance of research in driving innovation in the medical device sector [21].

Core Viewpoint - The acquisition valued at $680 million (approximately 4.8 billion RMB) by Xintong Medical involves no cash payment, instead opting to issue approximately 3.954 billion new shares to acquire 100% equity of the heart rhythm management company, which is also under the control of MicroPort Medical. However, this "left-hand to right-hand" transaction conceals significant issues such as substantial dilution of shareholder equity, consolidation of loss-making businesses, and risks associated with performance guarantees [1][5]. Group 1: Shareholder Equity Dilution - The issuance of new shares will lead to a significant dilution of existing public shareholders' equity, with their ownership percentage dropping from 53.7% to 35.87%, a decrease of nearly 18 percentage points [2][7]. - The total share capital of the company will increase from approximately 2.413 billion shares to 6.367 billion shares, with new shares accounting for about 62% of the total [6][7]. - The controlling shareholder, MicroPort Medical, will see its ownership only slightly reduced from 46.12% to 44.45%, raising concerns about the protection of minority shareholders' rights [2][7]. Group 2: Financial Loss Pressure from Consolidation - The merger will combine two continuously loss-making companies, significantly challenging Xintong Medical's financial statements. In the first half of 2025, Xintong Medical is projected to incur a loss of approximately 2.2 million RMB, while the heart rhythm management company is expected to report a loss of $41.62 million (around 300 million RMB) [3][8]. - The heart rhythm management company has total liabilities of approximately $734 million, far exceeding its total assets of $369 million, indicating a state of insolvency [3][8]. - If the merger is completed by January 1, 2024, Xintong Medical's losses could expand from 53.3 million RMB to 597 million RMB, raising doubts about the feasibility of achieving the projected synergies and profitability [3][8]. Group 3: Doubts on Acquisition Motives and Independence - The timing of the transaction is notable, as the heart rhythm management company had signed a performance guarantee agreement in 2021, facing redemption risks if it did not go public or achieve a market value of at least $1.5 billion by July 17, 2025. The merger announcement came just one day before this deadline, with the acquisition price significantly lower than the guaranteed market value [4][9]. - This raises speculation that the acquisition may be aimed at helping MicroPort Medical mitigate the risks associated with the heart rhythm management company's performance guarantee, effectively removing a loss-making and capital-intensive business from the public company structure [4][9]. - The dual role of MicroPort Medical as a common controlling shareholder in this transaction has led to concerns about whether its decisions prioritize its own interests over those of minority shareholders in Xintong Medical [4][9].

Core Insights - Southbound funds increased their holdings in MicroPort Medical (00853.HK) by 310,000 shares on December 9, with a total net increase of 5.3182 million shares over the last five trading days [1] - Over the past 20 trading days, there were 15 days of net increases, totaling 14.1728 million shares [1] - As of now, southbound funds hold 907 million shares of MicroPort Medical, accounting for 47.42% of the company's total issued ordinary shares [1] Company Overview - MicroPort Medical Science Co., Ltd. is primarily engaged in the sales, production, research, and development (R&D) of medical devices [1] - The company operates through eight divisions, including: - Cardiovascular Interventional Business: Products include implantable devices and access devices [1] - Orthopedic Medical Devices: Focuses on joint reconstruction and spinal instruments [1] - Cardiac Rhythm Management (CRM): Involves pacemakers and defibrillators [1] - Aortic and Peripheral Vascular Interventional Business: Includes products like the "L-REBOA" aortic occlusion balloon [1] - Neurointerventional Business: Products for treating cerebral artery atherosclerosis and coils [1] - Structural Heart Disease Business: Involves transcatheter aortic valve implantation [1] - Surgical Robotics Business: Engaged in the manufacturing and R&D of surgical robotic devices [1] - Surgical Medical Devices: Focuses on the manufacturing and R&D of surgical medical instruments [1]

Core Insights - Southbound funds increased their holdings in MicroPort Medical (00853.HK) by 2.36 million shares on December 3, 2025, marking a total net increase of 10.81 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have increased their holdings on 12 occasions, resulting in a cumulative net increase of 8.71 million shares [1] - As of now, southbound funds hold 904 million shares of MicroPort Medical, accounting for 47.27% of the company's total issued ordinary shares [1] Summary by Category Shareholding Changes - On December 3, 2025, total shares held reached 904 million, with a change of 2.36 million shares, representing a 0.26% increase [2] - On December 2, 2025, total shares held were 902 million, with a change of 2.54 million shares, representing a 0.28% increase [2] - On December 1, 2025, total shares held were 276.68 million, with a change of 361,100 shares, representing a 0.04% increase [2] - On November 28, 2025, total shares held were 266.8 million, with a change of 1.55 million shares, representing a 0.17% increase [2] - On November 27, 2025, total shares held were 898 million, with a change of 4 million shares, representing a 0.45% increase [2] Company Overview - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices [2] - The company operates through eight divisions, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, large artery and peripheral vascular intervention, neurointervention, structural heart disease, surgical robotics, and surgical medical devices [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 微創醫療科學有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00853 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本 ...

Core Viewpoint - Southbound funds have significantly increased their holdings in MicroPort Scientific Corporation (00853.HK), indicating strong investor interest and confidence in the company's performance [1]. Group 1: Southbound Fund Holdings - On December 1, southbound funds increased their holdings by 361,100 shares [2]. - Over the past five trading days, there were four days of net increases, totaling 6,722,700 shares [1]. - In the last 20 trading days, there were 11 days of net increases, amounting to 9,681,000 shares [1]. - As of now, southbound funds hold 899 million shares of MicroPort, representing 47.01% of the company's total issued ordinary shares [1]. Group 2: Trading Data Summary - On December 1, total shares held were 266.8 million, with a change of 361,100 shares, reflecting a 0.04% increase [2]. - On November 28, total shares held were 266.8 million, with a change of 1,550,400 shares, reflecting a 0.17% increase [2]. - On November 27, total shares held were 898 million, with a change of 4,000,100 shares, reflecting a 0.45% increase [2]. - On November 26, total shares held were 894 million, with a change of 1,115,800 shares, reflecting a 0.13% increase [2]. - On November 25, total shares held were 892 million, with a change of -304,700 shares, reflecting a -0.03% decrease [2]. Group 3: Company Overview - MicroPort Scientific Corporation is primarily engaged in the sales, production, research, and development of medical devices [2]. - The company operates through eight divisions, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, vascular intervention, neurointervention, structural heart disease, surgical robotics, and surgical medical devices [2].

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

Group 1 - Hong Kong's Hang Seng Index fell by 0.24%, down 61 points, closing at 25,884 points, while the Hang Seng Tech Index rose by 0.11% [1] - Pop Mart (09992) surged over 4%, leading the blue-chip stocks in the Hang Seng Index, supported by government encouragement for trendy toy consumption as the traditional sales season approaches [2] - GAC Group (02238) increased by over 12% following the full delivery of its Aion UT super model and the establishment of a solid-state battery production line [3] Group 2 - Zijin Mining International (02259) rose over 2% as its mining output increased, entering a growth phase in the coming years [4] - Dongyue Group (00189) saw a 4.62% increase, with institutions indicating strong demand for lithium batteries and potential price hikes for PVDF [5] - MicroPort Medical (00853) gained 5% as JPMorgan increased its stake by over HKD 900 million, with Bank of America expressing optimism about its surgical robot business [6] Group 3 - Bole Technology (02592) surged by 12.8% after its core product CBT-009 received patents in Japan and Europe [7] - Cambridge Technology (06166) rose over 4%, with expectations of significant shipments of its 1.6T optical modules in Q1 2026 [8] - Hezhima Intelligent (02533) and Joyson Electronics (00699) both increased by over 4% as they collaborate on a multi-chip platform for robotic domain control products [9] Group 4 - New stock Haiwei Co., Ltd. (09609) debuted with a 15% drop, being the second-largest capacitor film manufacturer in China [10] Group 5 - Food and Beverage ETF (Product Code: 515170) experienced a decline of 1.37% over the past five days, with a PE ratio of 20.73 times and a net redemption of HKD 1.719 million [12] - Gaming ETF (Product Code: 159869) rose by 4.31% over the past five days, with a PE ratio of 36.47 times and a net redemption of HKD 74.789 million [12] - Sci-Tech 50 ETF (Product Code: 588000) fell by 1.21% over the past five days, with a high PE ratio of 147.81 times and a net redemption of HKD 1.54 billion [12]