Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Nanjing Puhui Medical regarding its overseas listing application, focusing on compliance with foreign investment regulations and the status of shareholder equity [1][2]. Group 1: Regulatory Requirements - CSRC has asked Nanjing Puhui Medical to clarify whether its business operations fall under the "Negative List" of foreign investment restrictions as per the 2024 version [2]. - The company must also disclose if the shares of shareholders participating in the "full circulation" are subject to any pledges, freezes, or other rights defects [2]. - Additional information is required regarding the company's previous A-share listing guidance and the reasons for the termination of its application to the Shenzhen Stock Exchange [2]. Group 2: Company Overview - Nanjing 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 [2][3]. - The company is recognized as the first manufacturer in China to receive approval for an integrated solution combining orthopedic surgical robots and mobile 3D C-arms, enhancing its position in the market [3]. - The orthopedic surgical robot system market in China is projected to reach RMB 20.7 billion by 2032, indicating significant growth potential for the company [3]. Group 3: Production Capabilities - As of December 31, 2024, Nanjing Puhui Medical operates two production bases and employs a team of 130 staff [3]. - The Nanjing facility produces digital radiography systems, mobile C-arm X-ray machines, and orthopedic surgical robots, while the Zhuhai facility focuses on digital radiography systems and fluoroscopy machines [3].

Core Viewpoint - Nanjing Puhui Medical Equipment Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor, indicating its growth and expansion in the medical imaging sector [1][4]. Group 1: Company Overview - Puhui Medical's products have been sold in all provinces of China, contributing over 70% of total revenue, and exported to over 100 countries, accounting for the remaining revenue [1]. - The company is the second-largest supplier of medical X-ray imaging systems in China by sales volume, with a market share of 7.6% in 2023 [1]. Group 2: Product Portfolio - The company specializes in X-ray imaging technology, expanding its product range to over 100 models, including mobile C-arm X-ray machines, digital radiography (DR) machines, and DRF digital fluoroscopy machines [4]. - In June 2022, Puhui Medical's orthopedic surgical robot integrated with a mobile 3D C-arm solution became the first of its kind approved by the National Medical Products Administration in China [4]. - The company is recognized as the first manufacturer and supplier of comprehensive orthopedic diagnostic and treatment products in China, playing a significant role in the development of minimally invasive orthopedic surgery [4]. Group 3: Market Potential - The orthopedic surgical robot system market in China is projected to reach RMB 20.7 billion by 2032, providing strong growth potential for the company's business [4]. Group 4: Financial Performance - Puhui Medical's revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 377 million, RMB 501 million, and RMB 484 million, respectively, with net losses of RMB 43.7 million, RMB 15.9 million, and RMB 44.2 million during the same periods [5][7].