Group 1 - The National Healthcare Security Administration (NHSA) has issued the "Guidelines for the Pricing Project of Surgical and Treatment Auxiliary Medical Services (Trial)" which standardizes 37 pricing items, 5 additional charges, and 1 expansion item related to medical technology innovations such as 3D printing and robotic surgery [1] - The domestic surgical robot industry, which has been dominated by foreign brands, is expected to see accelerated penetration rates due to the release of the "Guidelines" and the advantages of domestic equipment in terms of cost-effectiveness [1][2] - The market landscape for laparoscopic surgical robots is shifting as domestic brands are projected to surpass imported brands in bidding volumes by 2025, with companies like MicroPort, Precision, and others gaining market share [1] Group 2 - CITIC Securities reports that the NHSA's new policy will accelerate the promotion and adoption of surgical robots in China, with plans for the guidelines to expand in the future, benefiting innovative medical device products [2] - Investment opportunities in the medical industry chain are highlighted, focusing on the surgical robot sector and its upstream and downstream industries, as well as high-value consumables in various medical fields [3] - Companies like Precision Medicine and MicroPort are positioned well in the surgical robot market, with significant order volumes and ongoing product approvals, indicating strong market validation and competitive advantages [4][5]

国家医保局近日正式印发《手术与治疗辅助操作类医疗服务价格项目立项指南(试行)》(以下简称《立项 指南》)，围绕3D打印、示踪增强成像、能量器械、术中影像引导、机械臂与远程手术等医疗科技创新 成果，进行统一价格立项，规范形成37项价格项目、5项加收项、1项扩展项。 国内手术机器人行业起步较晚，市场长期由外资品牌主导。随着《立项指南》的发布、叠加"大规模设 备更新"政策红利延续、国产设备性价比优势凸显，该行认为手术机器人行业渗透率将加速提升；本土 设备在二三线医院及基层市场的教育成效显著，国产替代确定性强。 以腔镜手术机器人为例，随着国产龙头企业产能释放及临床数据验证成熟，达芬奇的垄断格局正在被逐 步重塑。据RoboticTech统计，2025年腔镜手术机器人中标量方面，国产品牌首次实现对进口品牌的反 超，达芬奇的市场份额进一步被压缩，微创、精锋、思哲睿、术锐等国产品牌中标量持续攀升，市场格 局从"单极垄断"迈向"多强竞争"。 中金公司（601995）研报认为，认为整体意义积极，代表我国手术机器人行业迈入"规范化发展"新时 代，在价格体系有规则可依据的背景下，或有助于手术机器人产品在临床应用渗透率的进一步提升。 ...

中信证券研报表示，国家医保局发布新政，制定手术机器人与外科手术耗材相关服务价格立项指南，手 术机器人在国内的推广和普及速度有望加快。同时国家医保局表示立项指南未来将持续扩容，利好整体 创新医疗器械产品。 中信证券研究强烈建议投资者重视医疗产业链投资机遇，综合梳理两条投资主线： 国家医保局近日正式印发《手术与治疗辅助操作类医疗服务价格项目立项指南(试行)》(以下简称《立项 指南》)，围绕3D打印、示踪增强成像、能量器械、术中影像引导、机械臂与远程手术等医疗科技创新 成果，进行统一价格立项，规范形成37项价格项目、5项加收项、1项扩展项。 智通财经APP获悉，国内手术机器人行业起步较晚，市场长期由外资品牌主导。随着《立项指南》的发 布、叠加"大规模设备更新"政策红利延续、国产设备性价比优势凸显，该行认为手术机器人行业渗透率 将加速提升；本土设备在二三线医院及基层市场的教育成效显著，国产替代确定性强。 以腔镜手术机器人为例，随着国产龙头企业产能释放及临床数据验证成熟，达芬奇的垄断格局正在被逐 步重塑。据RoboticTech统计，2025年腔镜手术机器人中标量方面，国产品牌首次实现对进口品牌的反 超，达芬奇的市场份 ...

Core Viewpoint - Kangji Medical has been privatized at a valuation of $1.4 billion, marking its exit from the capital market after five years of listing, with the privatization process taking nearly six months to complete [3][12]. Group 1: Privatization Details - The privatization offer was initiated by the founders of Kangji Medical, along with TPG and Qatar Investment Authority, proposing a cash price of HKD 9.25 per share, which represents a premium of approximately 9.9% over the last closing price before suspension [3][12]. - Kangji Medical was listed on the Hong Kong Stock Exchange in June 2020 at an opening price of HKD 23.679 per share, raising approximately HKD 3.219 billion, but the stock price has since declined significantly, dropping over 64% by the time of the privatization announcement [3][5][12]. - The privatization proposal was approved by shareholders on November 10, 2025, and the company is set to officially delist on December 9, 2025, after receiving court approval [5][14]. Group 2: Financial Performance and Market Context - As of June 30, 2025, Kangji Medical reported revenues of CNY 497 million, reflecting an 8.3% year-on-year increase, but net profit attributable to shareholders decreased by 7% to CNY 266 million, indicating challenges in profitability despite revenue growth [8][17]. - The medical device industry is undergoing significant changes, with intensified competition and regulatory uncertainties, prompting companies like Kangji Medical to reassess their capital structures and strategic directions [8][18]. - The privatization of Kangji Medical is part of a broader trend in the Hong Kong medical sector, where several companies have opted for privatization due to valuation challenges and market conditions [8][18].

Core Viewpoint - Kangji Medical has completed its privatization with a valuation of $1.4 billion, marking its exit from the capital market after five years of listing on the Hong Kong Stock Exchange [2] Group 1: Privatization Process - The privatization process began on July 17, 2025, when Knight Bidco Limited requested the board to present a privatization proposal to shareholders [3] - The privatization offer was officially announced on August 12, 2025, with shareholders set to receive HKD 9.25 per share, representing a 21.7% premium over the closing price on June 30, 2025 [4] - The proposal received shareholder approval on November 10, 2025, leading to the final trading of Kangji Medical shares on December 9, 2025 [4] Group 2: Financial Performance and Market Context - Kangji Medical's stock price fell over 64% from its initial listing price of HKD 23.679 to HKD 8.42 by the time of the privatization announcement [3] - The company reported revenue of CNY 497 million for the six months ending June 30, 2025, an increase of 8.3%, but net profit attributable to shareholders decreased by 7% to CNY 266 million, indicating challenges in profitability despite revenue growth [7] - The privatization reflects broader valuation challenges in the Hong Kong medical sector, with other companies like China Traditional Chinese Medicine and Sai Sheng Pharmaceutical also pursuing privatization due to similar pressures [8] Group 3: Strategic Considerations - The decision for privatization was influenced by factors such as limited equity financing capabilities, long-term stock price underperformance, and the need to reduce compliance costs [3][6] - Kangji Medical aims to focus on long-term strategic decisions, including R&D investments and operational upgrades, which are hindered by short-term performance pressures in a competitive market [6][7] - The involvement of major investors like TPG and Qatar Investment Authority, who collectively hold 74.75% of the company, provides a solid foundation for the privatization process [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倚賴該等內容而引致的 任何損失承擔任何責任。 本 公 告 僅 供 參 考，並 不 旨 在 亦 不 構 成 購 買 或 認 購 或 邀 請 購 買 或 認 購 要 約 人 或 本 公 司 任 何 證 券 的 任 何 要 約 或 成 為 其 一 部 分，亦 非 於 任 何司法 權區徵求任何投票或批准。 本 公告的全部或部分內容不會在違反任何司法管轄區適用法律或法規 之 司 法 管 轄 區 內 刊 發、登 載 或 派 發。 KNIGHT BIDCO LIMITED （於開曼群島註冊成立之有限公司） （於開曼群島註冊成立的有限公司） 康基医疗控股有限公司 聯合公告 (1)要約人根據開曼群島公司法第86條通過協議安排將 康 基 医 療 控股有限公司 私有化的建議 獨立董事委員會之獨立財務顧問 新百利融資有限公 司 (2)建議撤銷 康基医 療 控股有限公司 的上市地位 及 (3)有關存續安排及股東協議的特別交易 ...

Market Performance - The Hang Seng Index closed at 26,033, up 0.67% for the day and up 29.78% year-to-date [1] - The Hang Seng Tech Index rose by 0.82% to 5,644, with a year-to-date increase of 26.33% [1] - The Shanghai Composite Index increased by 0.65% to 3,914, with a year-to-date rise of 16.77% [1] - The Dow Jones Index fell by 0.90% to 47,289, with a year-to-date increase of 11.15% [1] Currency and Commodity Overview - The Renminbi Index stands at 97.920, with a 1-month increase of 0.38% and a 6-month increase of 1.79% [2] - Brent crude oil is priced at $63.570 per barrel, down 0.98% over the past month but up 3.13% over the past six months [2] - Gold is priced at $4,256.22 per ounce, with a 1-month increase of 6.37% and a 6-month increase of 25.87% [2] Company News - Kangji Medical's privatization plan has been approved by the Grand Court, with the plan expected to take effect on December 5, 2025 [19] - HashKey Holdings has passed the listing hearing with plans to raise $500 million and seek a listing this month [16] - The real estate crisis in China continues, with major data providers instructed to halt the release of sales data for property companies [17] Economic Indicators - China's official manufacturing PMI for November recorded at 49.2, below market expectations of 49.3 [13] - The non-manufacturing PMI for November was reported at 49.5, also below expectations of 50 [10] - Hong Kong's retail sales value for October increased by 6.9% year-on-year, with online sales rising over 27% [15]

Core Viewpoint - 康基医疗控股有限公司 has announced the approval of its privatization plan by the Grand Court of the Cayman Islands, which is set to take effect on December 5, 2025, leading to its delisting from the Hong Kong Stock Exchange on December 9, 2025 [1] Group 1 - The privatization plan will provide eligible shareholders with a cash payment of HKD 9.25 per share, with checks expected to be mailed by December 16, 2025 [1] - 康基医疗's chairman expressed gratitude to shareholders for their support during the company's listing period and reaffirmed the company's commitment to providing quality products and services for human health [1] - Knight Bidco Limited has expressed satisfaction with the positive response to the privatization proposal and looks forward to collaborating with the management team to achieve long-term growth objectives [1]

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倚賴該等內容而引致的 任何損失承擔任何責任。 本 公告的全部或部分內容不會在違反任何司法管轄區適用法律或法規 之 司 法 管 轄 區 內 刊 發、登 載 或 派 發。 本 公 告 僅 供 參 考，並 不 旨 在 亦 不 構 成 購 買 或 認 購 或 邀 請 購 買 或 認 購 要 約 人 或 本 公 司 任 何 證 券 的 任 何 要 約 或 成 為 其 一 部 分，亦 非 於 任 何司法 權區徵求任何投票或批准。 KNIGHT BIDCO LIMITED （於開曼群島註冊成立之有限公司） （於開曼群島註冊成立的有限公司） 康基医疗控股有限公司 聯合公告 (1)要約人根據開曼群島公司法第86條通過協議安排將 康 基 医 療 控股有限公司 私有化的建議 新百利融資有限公 司 (2)建議撤銷 康基医 療 控股有限公司 的上市地位 及 (3)有關存續安排及股東協議的特別交易 批准該計劃 該計劃的預期生效 ...

致：香港交易及結算所有限公司 公司名稱: 康基醫療控股有限公司 呈交日期: 2025年12月1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) | 09997 | 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 | 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 本月底法定/註冊股本 ...