Group 1 - Tianxing Medical has submitted an IPO application to the Hong Kong Stock Exchange, following a failed IPO attempt on the Shanghai STAR Market in June 2023, which has attracted significant market attention [1] - The company cited market conditions and lengthy approval processes as reasons for withdrawing its STAR Market application, although the termination was primarily due to the unilateral withdrawal by its sponsor, CICC [1] - The trend of sponsors unilaterally withdrawing IPO applications is becoming more common, as seen in the case of Dongfang Securities withdrawing the IPO application for Ningbo Zhongchun High-Tech Co., Ltd. earlier this year [1] Group 2 - Tianxing Medical has changed its sponsors for the Hong Kong IPO, appointing CITIC Securities and Jianyin International as joint sponsors [1] - The company specializes in sports medicine, with a product line that includes implants, active devices, consumables, and surgical tools [1] - In 2024, Tianxing Medical reported revenues of 327 million yuan and a net profit of 95 million yuan, representing year-on-year growth of 37.13% and 67.02%, respectively [1] Group 3 - Despite significant price declines, Tianxing Medical's product gross margin remains high, with the gross margin for implants at 72.4% in 2024, only a 6.6 percentage point decrease year-on-year [2] - The success of Tianxing Medical's second IPO attempt is a focal point for the market, as it will provide insights into the role and responsibilities of sponsors [5]

Group 1 - Beijing Tianxing Medical Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, following the unsuccessful attempt to list on the Sci-Tech Innovation Board in June 2023 [1][2] - The company withdrew its Sci-Tech Innovation Board application due to market conditions and the lengthy approval process, with the withdrawal being initiated by its sponsor, China International Capital Corporation (CICC) [1][2] - Tianxing Medical has appointed CITIC Securities and Jianyin International as joint sponsors for its Hong Kong listing [3] Group 2 - The company focuses on sports medicine, offering products including implants, active devices, consumables, and surgical tools, with projected revenue and net profit for 2024 at 327 million yuan and 95 million yuan, respectively, representing year-on-year growth of 37.13% and 67.02% [3] - Implants used for soft tissue repair, such as anchors, are the primary revenue source, expected to generate 270 million yuan in 2024, accounting for over 70% of total revenue [4] - The significant increase in sales volume of implants, reaching 560,000 units in 2024 (over 100% year-on-year growth), resulted from participating in centralized procurement, although the average price per unit dropped sharply from 712 yuan in 2023 to 446 yuan in 2024, a decline of nearly 40% [5] - Despite the price drop, the gross margin for implants remains high at 72.4% in 2024, only down 6.6 percentage points year-on-year [6]

Core Viewpoint - Tianxing Medical, the largest sports medicine solution provider in China, has submitted an application for listing on the Hong Kong Stock Exchange after a failed attempt to list on the Shanghai Stock Exchange due to the withdrawal of its sponsor [1][4]. Company Overview - Tianxing Medical was established in 2017 and focuses on innovative medical devices for sports medicine, including implants, active devices, consumables, and surgical tools [1]. - As of December 31, 2024, the company had a market share of 6.5% in China's sports medicine market, with its products available in over 3,000 hospitals, including more than 1,000 tertiary hospitals [1]. Financial Performance - The company has shown explosive growth in revenue from 2022 to 2024, with revenues of approximately 147 million RMB, 239 million RMB, and 327 million RMB, respectively, representing a compound annual growth rate (CAGR) of over 40% [2][3]. - Net profits for the same period were 40.34 million RMB, 57.11 million RMB, and 95.39 million RMB, with gross margins increasing from 68.7% in 2022 to 71.7% in 2024 [2][3]. - In the first five months of 2025, the company achieved revenue of 111.41 million RMB, a year-on-year increase of 39.7%, and a profit of 32.60 million RMB, with a gross margin of 73.7% [2][3]. International Expansion - Tianxing Medical has increased its overseas presence, with overseas revenues growing significantly, reaching 2.09 million RMB in 2024 and 20.60 million RMB in the first five months of 2025, a year-on-year increase of 370.5% [3]. Shareholder Structure - The company was co-founded by three individuals, with the actual controller holding 41.47% of the shares before the IPO [4]. - There have been significant fluctuations in shareholding, with one founder reducing their stake from 55% to 4.9% through multiple transfers, raising concerns about the motivations behind these changes [4]. Valuation Concerns - The rapid increase in company valuation, from 800 million RMB in 2020 to 3.5 billion RMB before the IPO, has raised questions about the legitimacy of external investments aimed at inflating the company's valuation [4][5].

Core Viewpoint - Tianxing Medical's IPO on the Sci-Tech Innovation Board has been terminated due to the withdrawal of its sponsor, as announced by the Shanghai Stock Exchange on June 6 [1] Company Overview - Tianxing Medical, established in July 2017, specializes in innovative medical devices for sports medicine, focusing on the research, production, and sales of implants, active devices, consumables, and surgical tools [2] - The company provides comprehensive clinical solutions for patients and doctors in the field of sports medicine [2] Financial Performance - Tianxing Medical's revenue has shown rapid growth, with figures of 73.01 million yuan, 148 million yuan, 241 million yuan, and 223 million yuan for the years 2021 to 2023 and the first nine months of 2024, respectively [2] - The net profit for the same periods was -110 million yuan, 40.34 million yuan, 63.58 million yuan, and 64.08 million yuan [2] - The compound annual growth rate (CAGR) of revenue from 2021 to 2023 was 81.75% [2] Market Position - The Chinese sports medicine market is projected to grow from approximately 6.09 billion yuan in 2023 to about 13.05 billion yuan by 2030, with a CAGR of around 11.5% from 2022 to 2030 [2] - In 2023, imported products held over 80% of the market share in China's sports medicine sector, with Tianxing Medical capturing about 4% of the market, ranking first among domestic companies [3] Competitive Landscape - Tianxing Medical faces significant competition from multinational companies, which have established brand recognition and extensive sales networks [3] - Compared to listed peers such as Dabo Medical, Kailitai, Weigao Orthopedics, and Chunli Medical, Tianxing Medical's revenue of 223 million yuan is relatively small, with its competitors reporting revenues of 1.529 billion yuan, 750 million yuan, 1.083 billion yuan, and 508 million yuan, respectively [4] Fundraising and Financial Concerns - The company faced market skepticism regarding the rationality of its fundraising plan, which initially aimed to raise 1.093 billion yuan, with a significant portion allocated for working capital [5] - As of September 30, 2024, Tianxing Medical's total assets were 551 million yuan, and net assets were 446 million yuan, with a debt ratio of only 19.03% [6] - The company planned to use 220 million yuan for working capital, raising questions about the necessity of this allocation given its existing cash reserves of 384 million yuan [6]

Core Viewpoint - The article discusses the termination of the IPO review for Beijing Tianxing Medical Co., Ltd. by the Shanghai Stock Exchange, primarily due to the withdrawal of the sponsor, China International Capital Corporation (CICC) [1] Group 1: Company Overview - Beijing Tianxing Medical Co., Ltd. is a leading domestic company in the field of sports medicine medical devices, with a net profit exceeding 60 million yuan [4] - As of September 30, 2024, the company has obtained 20 Class III medical device registration certificates and 17 Class II medical device registration certificates, along with CE certifications for 15 products [4] Group 2: Financial Performance - The company's revenue for the reporting periods was 73.01 million yuan, 147.97 million yuan, 241.19 million yuan, and 222.93 million yuan [5] - The net profit attributable to the parent company for the periods ending September 30, 2024, December 31, 2023, December 31, 2022, and December 31, 2021, was 64.08 million yuan, 63.58 million yuan, 40.34 million yuan, and -110.25 million yuan respectively [6] - The gross profit margin for the company during the reporting periods was 68.68%, 71.45%, 75.05%, and 69.71% [7] Group 3: Market Position - The company occupies approximately 4% of the sports medicine medical device market in China, ranking first among domestic enterprises [6] Group 4: Customer Base - The top five customers contributed significantly to the company's revenue, with the largest customer accounting for 18.39% of the revenue in the first nine months of 2024 [8] Group 5: Use of IPO Proceeds - The total amount to be raised from the IPO is 880 million yuan, which will be used for projects related to the company's main business, including a smart factory project and product development [8] Group 6: Shareholder Changes - The company had 12 new shareholders added in the year prior to the IPO application, indicating a shift in ownership structure [13]

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Beijing Tianxing Medical Co., Ltd.'s application for an initial public offering (IPO) on the Sci-Tech Innovation Board due to the withdrawal of the application by its sponsor, China International Capital Corporation [1][3]. Company Overview - Tianxing Medical is an innovative medical device company specializing in sports medicine, focusing on the research, development, production, and sales of sports medicine implants, active devices, consumables, and surgical tools, providing comprehensive clinical solutions for patients and doctors [3]. IPO Details - Tianxing Medical initially planned to raise 879.5193 million yuan (approximately 87.95 million) through the IPO, with the funds allocated for the Suzhou Smart Factory project, product research and development, and to supplement working capital [3][4]. - The investment breakdown for the planned projects is as follows: - Suzhou Smart Factory Project: 440.1185 million yuan - Product Research and Development Project: 219.4008 million yuan - Supplementing Working Capital: 220 million yuan - Total: 879.5193 million yuan [4]. Sponsorship Information - The main sponsor for Tianxing Medical's IPO was China International Capital Corporation, with representatives Xu Min and Ji Yukan. China Galaxy Securities served as the co-sponsor [5].

Core Viewpoint - Beijing Tianxing Medical Co., Ltd. has terminated its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board due to the withdrawal of its sponsor, as per the relevant regulations [1] Company Overview - Tianxing Medical is an innovative medical device company specializing in sports medicine, focusing on the research, production, and sales of sports medicine implants, active devices, consumables, and surgical tools [1] - As of September 30, 2024, the company has established a complete matrix of 47 approved sports medicine products, including several first domestically approved products in the implant field [1] Market Position - The company has built a strong brand presence in the sports medicine sector, covering over 3,000 hospitals across 31 provinces, autonomous regions, and municipalities [2] - In 2023, Tianxing Medical held approximately 4% of the Chinese sports medicine medical device market, ranking first among domestic companies [2] Financial Performance - The company reported revenues of approximately CNY 73.01 million, CNY 148 million, CNY 241 million, and CNY 223 million for the years 2021, 2022, 2023, and the first nine months of 2024, respectively [2] - Net profits for the same periods were approximately CNY -110 million, CNY 40.34 million, CNY 63.58 million, and CNY 64.08 million [2] Financial Metrics - As of September 30, 2024, total assets amounted to CNY 550.99 million, with equity attributable to shareholders of CNY 446.13 million [3] - The company's asset-liability ratio was 16.20% as of September 30, 2024, showing a decrease from previous years [3] - The net profit attributable to shareholders was CNY 6.41 million for the first nine months of 2024, with a basic earnings per share of CNY 1.38 [4] Investment Plans - The total amount of funds raised will be used entirely for projects related to the company's main business, including a smart factory project in Suzhou and product research and development [2]

Core Points - Beijing Tianxing Medical Co., Ltd. (referred to as "Tianxing Medical") has had its IPO terminated, which was intended for the Sci-Tech Innovation Board, with an initial fundraising target of 880 million yuan [2] - The company specializes in innovative medical devices for sports medicine, focusing on the research, production, and sales of implants, active devices, consumables, and surgical tools [4] - Tianxing Medical's revenue for 2021, 2022, and 2023 was 73.01 million, 148 million, and 241 million yuan respectively, with net profits of -110 million, 40.34 million, and 63.58 million yuan [4] Financial Summary - For the first nine months of 2024, Tianxing Medical reported revenue of 222.93 million yuan and a net profit of 64.08 million yuan [5] - The company's total assets increased from 282.02 million yuan in 2021 to 550.99 million yuan by September 30, 2024, while the equity attributable to shareholders rose from 233.64 million yuan to 446.13 million yuan over the same period [5] - The asset-liability ratio decreased from 18.68% in 2022 to 16.20% in 2024, indicating improved financial stability [5] Shareholder Structure - The largest shareholder, Dong Wenxing, holds 33.14% of the shares directly and controls 41.47% of the voting rights through various entities [6] - Other significant shareholders include Xiamen Defu (10.64%), Suzhou Junlian (9.71%), and Aobo Capital (9.28%) [8][9] - Post-IPO, Dong Wenxing's direct shareholding will decrease to 24.86%, while Xiamen Defu's will drop to 7.98% [9]