Zitong Financial APP learned that Shenzhen Jingfeng Medical Technology Co., Ltd. submitted an application to the HKEx for listing on the main board, with Morgan Stanley, China International Capital Corporation and Citigroup as co-sponsors, according to the Hong Kong Stock Exchange on April 19.
Shenzhen Jingfeng Medical Technology Co., Ltd. is a leading and fast-growing surgical robot company in the world, dedicated to the design, development, manufacture and commercialization of surgical robots. According to Frost Sullivan, the company has launched key clinical trials of porous and single-hole endoscopic surgery robots, and is one of the first companies in China and only two companies in the world. The company has completed the design and main research and development of fine front ®porous endoscopic surgery robot MP1000 and fine front ®single hole endoscopic surgery robot SP1000. Both MP1000 and SP1000 are qualified to conduct the rapid examination of innovative medical devices by the State Drug Administration through the green channel. MP1000 is the core product of the company, and SP1000 is its key product.
With regard to the core products, Shenzhen Jingfeng Medical Technology completed the registered clinical trial of MP1000 for urological surgery in December 2021. The State Drug Administration accepted the application for registration in January 2022. Clinical results show that MP1000 has industry-leading performance, safety and effectiveness comparable to the world's leading surgical robots. MP1000 provides surgeons with precision and simple operation, enabling surgeons to provide quality operations to patients. The company also began clinical trials for gynecological surgery in August 2021 and for general surgery and thoracic surgery in January 2022. According to Frost Sullivan, Shenzhen Jingfeng Medical Technology Co., Ltd. is the only Chinese company to include T4 advanced cancer in key urological clinical trials in China.
With regard to key products, Shenzhen Jingfeng Medical Science and Technology launched a registered clinical trial of SP1000 in gynecological surgery in October 2021. According to Frost Sullivan, SP1000 is the first single-hole surgery robot in China to launch a critical clinical trial of gynecological surgery. Single-hole endoscopic surgery robot represents the development trend of minimally invasive surgery and has been one of the research focuses of the leading surgical robot companies in the world.
During the track record period, the company's current assets increased from RMB 137.2 million at 31 December 2020 to RMB 1.875 billion at 31 December 2021, mainly due to (I) an increase of RMB 1.4686 billion in cash and cash equivalents due to the completion of round B and cross-round financing; and (ii) an increase of RMB 265.9 million in financial assets measured at fair value and whose changes were included in profit or loss.
During the track record period, the company's current liabilities decreased from RMB235.8 million as at 31 December 2020 to RMB35.4 million as at 31 December 2021, mainly due to a decrease in the number of financial instruments with priority due to the termination of the grant of priority rights. As at 28 February 2022, the last feasible date for the disclosure of liquidity in this document, the net current assets of the company was RMB 1.8211 billion.