Core Viewpoint - Beijing Tianxing Medical Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after withdrawing its application for the Sci-Tech Innovation Board in China due to market conditions and lengthy approval processes [2][3] Company Overview - Tianxing Medical, established in 2017, focuses on innovative medical devices for sports medicine, offering comprehensive clinical solutions through its four patented technology platforms [2] - The company has developed a total of 52 products, including 20 Class III medical devices, with several being the first of their kind approved for clinical use in China [4] Financial Performance - Revenue figures for Tianxing Medical from 2022 to 2025 (first five months) are as follows: 147 million, 239 million, 327 million, and 111 million RMB, with gross profits of 104 million, 177 million, 228 million, and 82 million RMB respectively [9] - The gross margin has remained above 69%, with the highest margins coming from implants and surgical devices [9] Market Position - Tianxing Medical is recognized as the largest domestic sports medicine company in China based on projected sales revenue for 2024 [10] - The company has achieved profitability consistently, although it is noted that its overall scale is relatively small [11] Revenue Structure - The majority of Tianxing Medical's revenue comes from implants, which accounted for over 70% of total revenue, raising concerns due to the impact of centralized procurement on pricing [12] - The company has seen a significant increase in overseas revenue, which grew from 0.3% of total revenue in 2022 to 18.4% in the first five months of 2025, indicating a strong growth trajectory [13][14] Future Prospects - The company plans to use funds raised from the IPO to expand production capacity, enhance research and development, and support marketing efforts [15] - The global sports medicine market is expected to grow at a rate of 6.5% annually, potentially reaching a size of $8.8 billion by 2030, positioning Tianxing Medical as a key player in this expanding market [15]