Group 1 - The core viewpoint of the articles highlights the increasing trend of state-owned enterprises (SOEs) in the Yangtze River Delta region engaging in mergers and acquisitions (M&A) to promote local industrial integration and development, shifting from financial investments to deep industrial integration [1][2][3] - In 2025, there have been 17 cases of SOEs directly or indirectly participating in the acquisition of A-share listed companies, with over half of the targets in the machinery, electronics, petrochemicals, and computer sectors, indicating a focus on regional resource optimization and industrial collaboration [1][2] - The current wave of M&A is driven by local governments' strategies to enhance industrial clusters, aiming to strengthen, supplement, and extend the industrial chains [1][2][3] Group 2 - SOEs are utilizing specialized M&A funds to strategically invest in or take control of "chain leader" companies, thereby enhancing local industries and releasing synergistic effects [2][3] - A notable example is the strategic investment by a Shanghai biomedical M&A fund in MicroPort Medical, which aims to support the development of the biomedical sector and attract talent and technological breakthroughs [2][3] - The trend of cross-provincial acquisitions is evident, with SOEs from Jiangsu, Anhui, and Zhejiang acquiring companies in Guangdong and Chongqing, showcasing an upgraded model of "capital attraction + industrial attraction" [5][6] Group 3 - The integration of high-quality scientific and technological assets into SOEs through M&A not only facilitates strategic upgrades for these companies but also optimizes the industrial layout for local SOEs [6] - Data indicates that most of the listed companies acquired by SOEs in the Yangtze River Delta this year have market values below 10 billion yuan, with 10 companies valued under 5 billion yuan and 7 between 5 billion and 10 billion yuan [5][7] - The approach of using M&A as a tool for local industrial development serves as a model for other regions, promoting resource integration and enhancing local industrial chains [3][5]

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分內容而產生或因依賴該等內 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） 部分轉換可換股貸款 茲提述微創醫療科學有限公司（「本公司」）日期為二零二四年四月五日及二零二四年五月六日的公告 （「該公告」）及通函（「該通函」），內容有關可換股融資協議及其項下擬進行的交易。除文義另有所指 外，本公告所用詞彙與該公告及該通函所界定者具有相同涵義。 本公司近期接獲貸款人發出的若干換股通知，要求行使可換股貸款附帶的換股權，以按每股換 股股份7.46港元的換股價將本金總額41,500,000美元（相當於324,882,750港元）的部分貸款轉換為 43,549,965股換股股份。 承董事會命 微創醫療科學有限公司* 主席 常兆華博士 中華人民共和國上海，二零二五年八月四日 於本公告日期，執行董事為常兆華博士；非執行董事為白藤泰司先生、蘆田典裕先生及孫維琴女 士；以及獨立非執行董事為周嘉鴻先生、劉國恩博士及邵春 ...

Core Viewpoint - The major shareholder of MicroPort Medical (0853.HK), Otsuka Medical Devices Co., Ltd. ("Otsuka"), plans to sell approximately 291 million shares, reducing its stake from 20.7% to 4.99%, with We'Tron becoming the largest shareholder post-transaction [3][5][6]. Group 1: Shareholder Changes - Otsuka has been the largest shareholder of MicroPort since 2013 and has decided to divest part of its stake to enhance long-term sustainable growth and company value [3][4]. - The transaction involves multiple buyers, including Shanghai Shanshi Capital Management Co., Ltd. and We'Tron, with Otsuka selling approximately 135 million shares to each [5][6]. - After the completion of the transaction, We'Tron's stake will increase from approximately 18.7% to an estimated 26%, making it the largest shareholder [6][8]. Group 2: Financial Performance - MicroPort reported a revenue of approximately $1.031 billion in 2024, a year-on-year increase of 9.6%, but incurred a loss of about $269 million [8]. - The company has faced five consecutive years of losses, with a net cash outflow of approximately $49.67 million in operating cash flow [8][10]. - As of the end of 2024, MicroPort's cash and cash equivalents were approximately $713 million, down by about $300 million from the end of 2023, with total borrowings around $1.597 billion [8][10]. Group 3: Financing and Debt Obligations - MicroPort is under pressure from a financing agreement that requires it to meet specific performance targets from 2024 to 2026, including limiting losses to $275 million in 2024 and achieving a net profit of at least $4.5 million in the first half of 2026 [9][10]. - The company has also faced challenges related to its subsidiaries, including a potential redemption risk for MicroPort Heart Management if it fails to go public by July 17, 2025 [11]. Group 4: Business Operations and Market Challenges - MicroPort's main business segments include cardiovascular intervention, orthopedic medical devices, and surgical robots, among others [10][11]. - The company has experienced losses in most of its business segments, with the surgical robot segment reporting a loss of approximately $90.93 million, although this was a 37.3% improvement compared to the previous year [11]. - Revenue declines have been attributed to geopolitical tensions, intense industry competition, and adjustments in product pricing due to healthcare policy changes [11].

Core Viewpoint - MicroPort Medical's major shareholder, Otsuka Medical Devices, is selling 15.71% of its 20.70% stake, leading to a significant change in the company's ownership structure and governance [1][2]. Group 1: Shareholder Changes - Otsuka Medical Devices will reduce its stake to below 5%, exiting as the largest shareholder, while We'Tron Capital Limited will become the new largest shareholder with over 26% ownership [1]. - The transaction introduces state-owned investors, which may enhance the company's core business expansion and governance [2]. Group 2: Business Developments - MicroPort Medical is proposing a merger of its CRM business with the publicly listed company, HeartLink Medical, to create a comprehensive cardiac product platform and improve international marketing channels [2]. - The IPO for the CRM business is expected to raise at least $150 million, with a market valuation of no less than $1.5 billion [2]. Group 3: Financial Performance - For the first half of 2025, MicroPort Medical reported a revenue decline of no more than 4% (excluding currency effects) and a loss of $107 million, which is within the promised limit of $110 million [3]. - The company aims to achieve a profit of $52 million in the second half of 2025 to meet its convertible bond financing agreement requirements [3]. - Revenue projections for 2025-2027 are estimated at $1.193 billion, $1.393 billion, and $1.595 billion, with net profits of -$48 million, $83 million, and $159 million respectively [3].

Company Updates - A major shareholder, Otsuka Pharmaceutical, has proposed a share sale plan, with buyers including Shanghai Shendi Group, We'Tron Capital Limited, and the company's management investment platform [1] - Otsuka previously held approximately 20.7% of the company's shares, selling 7.3% to Shanghai Shendi, 7.3% to We'Tron Capital Limited, and 1.1% to the management platform, retaining about 5% [1] - The entry of state-owned capital from Shanghai Shendi reflects recognition of the company's assets, potentially aiding core business expansion and strategic acquisitions while improving corporate governance [1] Business Performance - The company's core businesses are gradually recovering from the impact of centralized procurement, with expectations of price stabilization and new product contributions leading to revenue growth [2] - By July 2025, it is anticipated that most major products will have cleared the price reduction effects from centralized procurement, with a positive outlook on the penetration rate of minimally invasive procedures and domestic product localization [2] International Expansion - The company has a rich pipeline of cardiovascular and surgical robot products, demonstrating strong global competitiveness [2] - By the end of 2024, the company's products are expected to be in 40 major countries, supported by 20 mature overseas subsidiaries and 670 sales personnel, with projected overseas revenue of $9.6 million in 2024 and over 80% year-on-year growth in 2025 [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, maintaining an outperform rating for the industry [2] - The target price has been raised by 54.5% to HKD 17 based on a DCF model, indicating a 31% upside potential from the current price [2]

Group 1 - The core viewpoint of the report is that CICC maintains its earnings forecast for MicroPort Medical (00853) for 2025/26 and keeps the "outperform" rating unchanged, while raising the target price by 54.5% to HKD 17, indicating a 31% upside potential from the current price [1] - The report highlights the improvement in the company's shareholder structure, the upcoming launch of new domestic products, and the acceleration of overseas business as positive factors for future growth [1][2] - The significant shareholder, Otsuka Pharmaceutical, has proposed a share sale plan, with buyers including Shanghai Shihua Capital, We'Tron Capital Limited, and the company's management investment platform [2] Group 2 - Otsuka Pharmaceutical previously held approximately 20.7% of the company's shares, selling 7.3% to Shanghai Shihua Capital, 7.3% to We'Tron Capital Limited, and 1.1% to the management investment platform, retaining about 5% ownership [3] - The entry of state-owned capital through Shanghai Shihua Capital is seen as a recognition of MicroPort's assets, which may support the company's core business expansion and potential strategic acquisitions, while also improving corporate governance [3] - The core shareholders and management team increasing their stakes indicates a deeper alignment of interests with the company [3] Group 3 - The company's core businesses are gradually recovering from the impact of centralized procurement, with expectations of price stabilization and new products contributing to incremental revenue [4] - The report anticipates that by July 2025, most major products will have cleared the price reduction effects of centralized procurement, leading to a positive state of increased penetration rates and domestic production [4] - The company is expected to benefit from a favorable trend of price system stabilization and continuous new product contributions [4] Group 4 - MicroPort's cardiovascular and surgical robot product lines are considered to have strong global competitiveness, with products expected to enter 40 major countries by the end of 2024 [5] - The company has 20 mature overseas subsidiaries and 670 sales personnel, with projected overseas revenue of USD 0.96 billion in 2024, and an expected growth rate of over 80% year-on-year in 2025 [5] - The company is anticipated to maintain a rapid growth rate over the next 3-5 years [5]

7月31日，微创医疗(00853)盘中上涨2.38%，截至09:49，报14.64元/股，成交3.3亿元。 微创医疗科学有限公司是一家跨国企业集团，专注于心血管、脑血管、神经系统、骨科学等多个领域的 创新医疗技术，致力于提供普惠化的医疗解决方案。公司在全球多个地区设有创新中心和生产基地，产 品已进入全球超过100个国家和地区，帮助挽救和延长生命。 截至2024年年报，微创医疗营业总收入74.12亿元、净利润-15.39亿元。 本文源自：金融界 作者：行情君 ...

格隆汇7月31日丨根据联交所最新权益披露资料显示，2025年7月24日，微创医疗(00853.HK)获JPMorgan Chase & Co.以每股均价9.7832港元增持好仓1484.2万 股，涉资约1.45亿港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为185,058,785股，持好仓比例由9.20%上升至10.00%。 | 股份代號: | 00853 | | --- | --- | | 上市法國名稱: | 微創醫療科學有限公司 | | 日期 (日 / 月 / 年): | 30/06/2025 - 31/07/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | 蔵 | | 份自分比 | | | | | | | | % 1 | | CS20 ...

Group 1 - The Hang Seng Biotechnology Index (HSHKBIO) has seen a strong increase of 1.88%, with notable gains from constituent stocks such as MicroPort Medical (00853) up 8.63%, and Stone Pharmaceutical Group (01093) up 7.40% [1] - The Hang Seng Biotechnology ETF (513280) has risen by 3.00%, marking its third consecutive increase, with a latest price of 1.34 HKD and a weekly cumulative increase of 8.89% [1] - The trading volume for the Hang Seng Biotechnology ETF was active, with a turnover of 34.45% and a transaction value of 161 million HKD, indicating strong market participation [1] Group 2 - The Hang Seng Biotechnology ETF has experienced a significant increase in shares, growing by 2 million shares over the past week, ranking in the top third among comparable funds [2] - The ETF has seen continuous net inflows over the last three days, with a peak single-day net inflow of 3.83 million HKD, totaling 8.73 million HKD in net inflows [2] Group 3 - Over the past year, the net value of the Hang Seng Biotechnology ETF has increased by 130.59%, ranking 3rd out of 122 QDII equity funds, placing it in the top 2.46% [3] - WuXi Biologics announced the construction of a modular biomanufacturing facility in Singapore, which is part of a strategic collaboration with Pharmadule Morimatsu [3] - The latest report from Zhongyin Securities suggests focusing on three main lines: 1) sectors with stable growth such as medical devices and pharmaceuticals, 2) the CXO sector and medical equipment expected to see a turnaround, and 3) innovative fields related to national medical insurance negotiations [3] Group 4 - The Hang Seng Biotechnology ETF (513280) is highlighted as the only ETF tracking the Hang Seng Biotechnology Index to have received net inflows this year, with the lowest management fee of 0.15% per year among Hong Kong pharmaceutical ETFs [4]

Group 1: Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Tech Index dropping 1.57%, marking a five-day losing streak [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both fell by 0.43% [1] - Internet healthcare stocks performed strongly, with Ping An Good Doctor surging 9% to reach a new high [1] Group 2: ETF Performance - The Hang Seng Medical ETF (513060) experienced significant fluctuations, rising over 3% during the session with a trading volume nearing 2.5 billion yuan and a turnover rate exceeding 30% [1] - Most constituent stocks within the ETF saw gains, including Ping An Good Doctor up over 11%, MicroPort Medical up over 8%, and several others with gains exceeding 4% [1] Group 3: Policy Developments - The National Healthcare Security Administration (NHSA) held four seminars in July 2025 to discuss a comprehensive policy support system for innovative drugs and medical devices [2][3] - The first seminar focused on establishing a scientific value evaluation system for innovative products, which is expected to enhance the efficiency of healthcare resource allocation [2] - Subsequent seminars addressed collaborative innovation among various stakeholders, the empowerment of research and development through healthcare data, and the identification of pain points in drug development [3] Group 4: Policy Implementation - Recent procurement policy optimizations by the NHSA have improved market access for innovative drugs and medical devices, allowing medical institutions to report quantities by brand and ensuring fair competition [4] - A new pricing mechanism for newly listed drugs has been established, allowing innovative drugs with breakthrough efficacy to secure reasonable premium pricing [4] Group 5: Industry Trends - The policy changes are reshaping the pharmaceutical industry's innovation logic, encouraging differentiation in innovation and directing capital towards unmet clinical needs [5] - The internationalization of Chinese innovative drugs is accelerating, with significant increases in licensing transactions and overseas revenue for companies like BeiGene and Innovent Biologics [5] - The ability to leverage healthcare data for post-market research is becoming a competitive advantage for companies [5] Group 6: High-End Medical Equipment - The government is supporting the development of high-end medical devices, setting a target for 70% of county-level hospitals to use domestically produced equipment by 2025 [6] - The new medical infrastructure is expected to drive over 200 billion yuan in equipment procurement demand [6] Group 7: Investment Opportunities - The Hang Seng Medical ETF (513060) is positioned to benefit from the policy dividends and industry upgrades, focusing on innovative drug and medical device companies [7] - The ETF's constituent companies are expected to experience significant growth as the government supports high-end medical equipment and innovative drug development [7][8]