At market close, the Company's stock settled at HK$400.0, representing an increase of HK$273.8 from its IPO offer price of HK$126.2, marking a 216.96% surge on its trading debut. Total trading volume hit HK$320 million, and the Company's total market capitalization stood at HK$14.259 billion based on the closing price.
TrueHealth Medical drew heavy investor attention on its trading debut, building on robust pre-listing gray market sentiment. Ahead of the IPO, Futu Securities' gray market sessions saw the stock hit a peak of HK$358, representing a 183.7% premium to the offer price. The upbeat market sentiment underscores strong investor appetite for the underserved niche segment of percutaneous puncture and ablation surgical robots.
Founded in 2018 as outlined in its prospectus, TrueHealth Medical specializes in the research, development and commercialization of percutaneous puncture and ablation robotic systems in China. Its flagship percutaneous surgical robot lineup comprises four variants: TH-S1, TH-S, TH-S Pro and TH-SA. All four hold Class III medical device registrations issued by the National Medical Products Administration (NMPA), cleared for navigation and positioning during percutaneous procedures on solid abdominal and pulmonary organs in adult patients. The TH-S model has received NMPA accreditation as a China-first innovation.
Beyond its core systems, the Company's pipeline extends to percutaneous microwave ablation robotics. Its flagship TH-X MW system, approved for liver and lung tumor treatment, has secured NMPA recognition as a world-first innovation, while the TH-X HMW system is cleared solely for liver tumor interventions. The Company holds a full-spectrum product matrix spanning puncture navigation and positioning, microwave ablation therapy and pipeline candidates.
On industry leadership, research from CIC Consulting ranks TrueHealth Medical as China's market leader by both shipment volume and revenue for percutaneous surgical robots in 2025, commanding respective market shares of 36.4% by shipment volume and 28.0% by revenue. As of the latest practicable date, 21 percutaneous surgical robotic systems have won NMPA approval nationwide, five of which belong to TrueHealth Medical – making the Company the earliest and most prolific developer of cleared devices in this specialized segment.
On commercialization, TrueHealth Medical booked annual revenues of RMB1.791 million in 2024 and RMB12.178 million in 2025. A total of six robotic systems were delivered throughout 2025, including two TH-S, one TH-P, one TH-S Pro and two TH-X MW. With an expanding roster of approved systems, broadening clinical adoption and maturing sales networks, the Company stands at a pivotal transition from product validation to scaled commercial growth.
Its Hong Kong listing equips TrueHealth Medical with capital markets backing to accelerate commercialization of core hardware, advance R&D for existing and pipeline systems, and scale manufacturing and go-to-market capabilities. The Company will continue building an intelligent robotics portfolio centered on percutaneous positioning and precision therapy, delivering cutting-edge minimally invasive solutions for oncology diagnosis and treatment.
Speaking at the listing ceremony, Cheong Hou Iam, the chairperson, executive director and general manager, commented: "TrueHealth Medical stays committed to resolving unmet clinical pain points via technological innovation. We focus on the R&D and commercialization of percutaneous puncture and ablation robotics. Drawing on deep technical expertise and extensive clinical validation, we iterate our products and broaden our offerings to build a robust moat in precision minimally invasive treatment. Surgical robotics is now entering a golden era, boosted by vast market prospects. Leveraging our first-mover advantage and industrial resources, we will capitalize on industry tailwinds, unlock full value and deliver sustainable returns to all our shareholders and investors."
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About TrueHealth Medical Technology Development Co., Limited
A nationally accredited "Little Giant" enterprise (Specialized, Sophisticated, Distinctive & Innovative), Guangdong TrueHealth Medical Technology Development Co., Limited leverages artificial intelligence and robotic control technologies to develop and commercialize intelligent robots for soft tissue puncture diagnosis and organ repair. Its core offerings cover percutaneous puncture navigation and microwave ablation guided systems. The ZhenYiDa® percutaneous puncture navigation and positioning system holds NMPA China-first certification, while the ZhenYiDa® navigation and positioning microwave ablation system is accredited as a world-first innovation by NMPA. The Company undertakes key projects under China's 14th Five-Year National Key R&D Program, with its products featured in national flagship schemes including high-end medical device roll-out initiatives, AI medical device innovation program and the Catalog of Outstanding Domestic Medical Devices. TrueHealth Medical aims to deploy AI and surgical robotics to advance precision, minimally invasive therapeutic solutions for widespread clinical use.
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