According to Gelonhui, on September 26, 2024, the Shanghai Stock Exchange website shows that due to the withdrawal of the application for listing and offering of Hangzhou Jianjia Medical Technology Co., Ltd. (referred to as 'Jianjia Medical'), the Shanghai Stock Exchange decided to terminate its review for listing on the Sci-Tech Innovation Board; the sponsor is Citic Sec Co., Ltd.

The prospectus shows that the actual controller of Jianjia Medical, Xu Jing, directly holds 22.50% of the company's shares, and through his controlled employee shareholding platforms Shanghai Jianjia, Shanghai Jianjia, Hangzhou Jianjia, as well as the concerted action parties Qiao Tian and Song Yixu, collectively control 47.83% of the company's shares.

It is worth noting that Jianjia Medical was once favored by investors in the primary market, attracting well-known investment institutions such as Hillhouse Capital, SoftBank China, Baidu Ventures, etc., with Hillhouse Capital currently being the second largest shareholder.

Company's equity structure, source: prospectus

Jianjia Medical, headquartered in Hangzhou, Zhejiang, is a high-tech enterprise focusing on the research and development, production, and sales of surgical robots and related products, committed to creating a leading surgical robot platform, providing hospitals with high-precision, intelligent surgical solutions.

The company's main product, ARTHROBOT, a hip replacement surgical robot, was included in the special review process for innovative medical devices in February 2021, and became the first domestically produced hip replacement surgical robot to obtain a Class III medical device registration certificate in April 2022.

The ARTHROBOT knee replacement surgery robot of the company obtained the Class III medical instrument registration certificate in January 2023. The ARTHROBOT series products can be simultaneously used for hip and knee replacement surgeries, breaking the long-term monopoly of imported joint replacement surgery robots in this field.

Jianjia Medical's revenue in 2019 and 2020 were 0.1068 million and 0.29 million respectively, with no revenue in 2021 and January-September 2022; The net income of Jianjia Medical for the years 2019, 2020, 2021, and January-September 2022 (referred to as the "reporting period") were -32.28 million yuan, -49.92 million yuan, -99.18 million yuan, and -0.277 billion yuan respectively, totaling a loss of approximately 0.458 billion during the reporting period.

The main audited financial data and financial indicators of the company during the reporting period are from the prospectus.

The prospectus stated that the main reason for the continuous losses of Jianjia Medical is that the company's products have been on the market for a relatively short time, the products that have been launched have not yet achieved large-scale commercialization, and have not formed obvious scale effects; and the company's ongoing research projects are progressing steadily with some products undergoing clinical trials, leading to a significant investment in research and development expenses during the reporting period; At the same time, in order to implement a long-term incentive mechanism for talents, the company has implemented stock-based incentives for employees, resulting in higher share-based payment expenses during the reporting period.

The company has invested a large amount of funds in pre-clinical research, clinical trials, and market application of its product pipeline. R&D expenses of the company in the reporting period were 29.11 million yuan, 36.2 million yuan, 55.55 million yuan, and 52.71 million yuan respectively.

In the prospectus, Jianjia Medical stated that the net cash flow from operating activities of the company were -9.0917 million yuan, -39.2418 million yuan, -70.24 million yuan, and -0.116 billion yuan respectively. Before a successful listing, the company's working capital mainly relied on external financing, if the operating expenses exceed the available external financing, it will put pressure on the company's financial situation.

In a previous inquiry letter, the regulatory authority asked about the source of technology at the early stage of Jianjia Medical. The company responded that at the early stage of establishment, due to the relatively small size of the R&D team and limited research resources, and at that time domestic research on orthopedic surgical robots was in the exploration stage, for the purpose of leveraging the research results of Tsinghua University to accelerate the technological transformation and product development speed, the company collaborated with Tsinghua University on the development of orthopedic surgical robot navigation system project and signed a "Technology Development Contract" in December 2018.

In the later stage of development, the company has independent research and development capabilities for developing knee joint surgical robots. It is no longer necessary to cooperate with Tsinghua University for development, so the company signed a "Termination Agreement" with Tsinghua University in April 2021.