Sou Hu Cai Jing·2025-08-26 12:50Core Viewpoint - The significant drop in the stock price of HeartTech Medical (02291.HK) is primarily attributed to the major share reduction by its controlling shareholder, Lepu Medical (300003.SZ), which has raised concerns among investors despite the company's strong financial performance and product pipeline [3][4][6]. Group 1: Shareholder Actions - Lepu Medical sold 11.14 million shares of HeartTech Medical at a price of 22.79 HKD per share, representing approximately 3.21% of the company's total issued shares [3]. - Following the sale, Lepu Medical retains about 269 million shares, which is approximately 77.54% of the total issued capital, indicating continued confidence in the company [4]. - The transaction amount exceeded 250 million HKD, leading to a significant market reaction with HeartTech Medical's stock dropping 12.75%, resulting in a market value loss of over 1.2 billion HKD [4]. Group 2: Market Impact - The removal of HeartTech Medical from the Hang Seng Biotechnology Index, which reduced its constituent stocks from 50 to 30, may have negatively influenced investor sentiment, prompting further selling pressure [4]. - The stock's trading volume increased significantly, with a total transaction amount of 376 million HKD on the day of the drop, indicating a rush of capital outflow [2]. Group 3: Company Performance - HeartTech Medical reported a revenue of 330 million RMB for the first half of the year, reflecting a year-on-year growth of 32.4%, and a net profit of 182 million RMB, up 29.8% year-on-year [4]. - As of the end of June, the company had cash and cash equivalents totaling 1.32 billion RMB, a 17.8% increase compared to the end of the previous year [4]. - The company has a diverse product portfolio, including 30 marketed products and 28 in various stages of research and development, showcasing its strong pipeline in the cardiac medical device sector [5]. Group 4: Industry Position - HeartTech Medical is recognized as a pioneer in the domestic cardiac medical device field, with recent advancements in innovative products such as the TAVR system, which has been successfully implanted in multiple clinical centers [5][6]. - The company is well-positioned in the structural heart disease treatment market, with a comprehensive product line covering various areas, including congenital heart defect occluders and heart valve products [6]. - The leading technology of the biodegradable occluders positions the company favorably for potential overseas licensing opportunities, given the high costs associated with international clinical research [6].