Core Viewpoint - Nanjing Puhui Medical Equipment Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for listing after failing to go public on the ChiNext board three years ago, despite facing continuous losses in recent years [1][3]. Company Overview - Founded in 2003, Puhui Medical specializes in X-ray imaging technology, expanding its product range to over 100 models, including mobile C-arm X-ray machines and digital radiography systems [3]. - The company has achieved significant market presence, being the second-largest supplier of medical X-ray imaging systems in China with a market share of 7.6% in 2023, and the largest in the mobile C-arm segment with a 20.6% market share [3]. Financial Performance - Puhui Medical reported continuous losses from 2022 to 2024, with total losses amounting to approximately 104 million yuan. The revenues for these years were 377 million yuan, 501 million yuan, and 484 million yuan, with corresponding losses of 43.7 million yuan, 15.9 million yuan, and 44.2 million yuan [7][8]. - In contrast, the company was profitable from 2018 to 2020, with revenues of approximately 360 million yuan, 372 million yuan, and 557 million yuan, and net profits of about 20.8 million yuan, 26.6 million yuan, and 82.9 million yuan respectively [8]. Market Trends - There is a growing trend of biopharmaceutical companies applying for listings on the Hong Kong Stock Exchange, with over 15 companies, including Puhui Medical, having submitted applications this year [10]. - The Hong Kong Stock Exchange has become attractive for biopharmaceutical firms due to its listing reforms allowing unprofitable companies to go public, providing essential funding avenues for research and development [11]. Future Plans - The funds raised from the Hong Kong listing are intended for new product development, upgrading research facilities, and constructing laboratories for regulatory approvals of new medical devices [6].