According to the Hong Kong Stock Exchange filing on August 28, Hangzhou Tangji Medical Technology Co., Ltd. has submitted a new listing application for the main board, with ICBC International and Caitong International serving as joint sponsors. As of the latest practicable date, the company's core product GBS has received regulatory approval in 11 additional countries and regions, including Hong Kong, Indonesia, Thailand, Vietnam, Saudi Arabia, Malaysia, Ecuador, Colombia, the Philippines, Singapore, and Brazil.

Company Overview

According to the prospectus, Tangji Medical is a China-based medical device company focused on providing innovative solutions for the treatment and comprehensive management of metabolic diseases. As of the latest practicable date, the company holds one core product, the Gastric Bypass Sleeve (GBS), a digestive endoscopic duodenal-jejunal bypass liner (DJBL) device indicated for obesity, with plans to expand GBS approval to lower BMI populations. Additionally, the company has two other products, one registered digital health management platform, and 13 other pipeline products.

By developing China's first medical device approved for endoscopic treatment of obesity, Tangji Medical has established itself as a pioneer in advancing clinical applications in the metabolic disease field, offering therapeutic characteristics distinct from pharmacological treatments and invasive bariatric surgery. Looking ahead, the company aims to deliver clinical benefits for metabolic diseases globally through its minimally invasive technology.

The core product GBS is a minimally invasive medical device developed for obesity treatment. It functions as a flexible, retrievable sleeve-shaped device placed via endoscopy, creating an impermeable barrier between gastric chyme and the duodenal and proximal jejunal mucosa, thereby reducing nutrient absorption and promoting hormonal regulation to achieve weight loss. GBS is the world's first commercially approved intestinal interventional device for obesity treatment and received National Medical Products Administration (NMPA) approval in January 2024 as a Class III innovative medical device, making it China's first device approved for endoscopic obesity treatment. The device was approved through the innovative medical device special review channel, underscoring its novel mechanism of action and significant clinical value.

Tangji Medical is actively advancing GBS's global expansion. As of the latest practicable date, regulatory approvals have been secured in 11 other countries and regions, including Hong Kong, Indonesia, Thailand, Vietnam, Saudi Arabia, Malaysia, Ecuador, Colombia, the Philippines, Singapore, and Brazil. The company is also progressing registration efforts in other regions such as the European Union.

Financial Highlights

For fiscal years 2024, 2025, and the six months ended June 30, 2026, the company generated revenues of approximately RMB 12.709 million, RMB 32.21 million, and RMB 23.69 million, respectively. Gross profit reached approximately RMB 10.282 million, RMB 25.423 million, and RMB 20.11 million for the same periods, corresponding to gross margins of 80.9%, 78.9%, and 84.9%. The company recorded net losses of approximately RMB 65.957 million, RMB 88.33 million, and RMB 68.327 million for the respective periods.

Industry Landscape

EBMT encompasses a range of minimally invasive gastrointestinal interventional techniques designed to achieve clinically meaningful weight loss and metabolic improvement. These procedures are completed entirely through natural orifices using flexible endoscopic platforms, requiring no surgical incisions. EBMT technologies operate through established mechanisms including gastric volume restriction, delayed gastric emptying, modulation of incretin hormones such as GLP-1 and PYY, alteration of duodenal nutrient flow, and mucosal metabolic remodeling. Collectively, these pathways reduce caloric intake, improve insulin sensitivity, and enhance metabolic control.

At ex-factory price levels, the global EBMT medical device market, including DJBL and other EBMT devices, is expected to experience a temporary decline before entering a high-growth phase, contracting from USD 162 million in 2024 to USD 148 million in 2025. The market is projected to expand to approximately USD 728 million by 2029, reach approximately USD 1,248 million by 2030, and further grow to approximately USD 4,662 million by 2034. The total EBMT medical device market is expected to grow at compound annual growth rates of 53.1% from 2025 to 2030 and 39.0% from 2030 to 2034. During 2025-2030, DJBL and other EBMT devices are projected to grow at CAGR of 159.8% and 37.8% respectively, while for 2030-2034, the rates are 45.9% and 33.1%.

The temporary decline in 2025 primarily reflects the early commercialization stage of EBMT devices and short-term impacts from the evolving obesity treatment paradigm. Specifically, given the increasingly widespread global supply, improved accessibility, and optimized pricing of GLP-1 weight-loss drugs such as Semaglutide and Tirzepatide, coupled with the greater convenience and higher initial acceptance of pharmacological treatment compared to endoscopic device interventions, some potential EBMT patient populations may be redirected toward pharmacotherapy in the short term. Additionally, several representative global EBMT companies faced revenue pressures and tightened financing conditions in 2025, leading to cost control measures, channel adjustments, and reduced sales and marketing investment, further slowing near-term commercialization momentum.

Meanwhile, although future treatment pathways may gradually evolve toward a complementary model between pharmacological treatment and EBMT devices, such as using medications for initial weight loss and device interventions for long-term weight maintenance and metabolic improvement, this combined treatment model remains in clinical exploration and evidence accumulation during 2025 and has not yet achieved widespread clinical adoption. Looking forward, the global EBMT medical device market is expected to resume robust growth, driven by rising obesity and metabolic disease prevalence, expanding clinical adoption, accelerated product approvals, accumulating evidence, enhanced outpatient treatment capabilities, and growing recognition of EBMT devices as minimally invasive metabolic interventions that complement pharmacological treatment and provide alternatives for patients unsuitable for or unwilling to undergo bariatric surgery.

The global DJBL medical device market remains in its early but rapidly expanding stage. At ex-factory price levels, market size grew from USD 1.8 million in 2024 to USD 4.5 million in 2025, with expectations to expand to USD 259.3 million by 2029 and USD 533.1 million by 2030. From 2025 to 2030, the global DJBL medical device market is expected to grow at a CAGR of 159.8%, reflecting early-stage product launches and rapid clinical adoption. This growth momentum is expected to continue through 2030-2034, with the market projected to reach USD 2,417.5 million by 2034, representing a CAGR of 45.9%. This growth is expected to benefit from rising obesity and type 2 diabetes prevalence, increasing clinical acceptance of endoscopic metabolic therapies, progressive regulatory approvals in major markets, and the gradual integration of DJBL devices into multidisciplinary obesity and metabolic disease management pathways.

At ex-factory price levels, China's EBMT medical device market is expected to grow from RMB 13 million in 2024 to RMB 32 million in 2025, followed by a high-growth phase. The market is projected to expand to RMB 781 million by 2029, RMB 1,352 million by 2030, and further to RMB 4,155 million by 2034. The total Chinese EBMT medical device market is expected to grow at CAGRs of 111.1% from 2025 to 2030 and 32.4% from 2030 to 2034. During 2025-2030, DJBL and other EBMT devices are projected to grow at CAGRs of 100.1% and N/A respectively, while for 2030-2034, the rates are 28.9% and 42.2%. China's DJBL medical device market remains in its early but rapidly expanding phase. At ex-factory prices, market size grew from RMB 12.7 million in 2024 to RMB 32.2 million in 2025, with projections to reach RMB 628.3 million by 2029 and RMB 1,033.5 million by 2030, growing at a CAGR of 100.1% during 2025-2030. This momentum is expected to continue through 2030-2034, with the market projected to reach RMB 2,855.0 million by 2034 at a CAGR of 28.9%. Growth is expected to benefit from rising obesity and T2DM prevalence in China, increased clinical acceptance of endoscopic metabolic therapies, expanding domestic product approvals, enhanced outpatient endoscopic treatment capacity, and progressive integration of DJBL devices into multidisciplinary obesity and metabolic disease management pathways.

Board Composition

The board consists of six directors, including one executive director, two non-executive directors, and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election.

Shareholding Structure

Mr. Zuo Yuxing holds 25.57%, Zhoushan Aizhong holds 6.16%, Dr. Xu holds 4.54%, Shanghai Fanghe holds 4.71%, Baidu Ventures holds 4.46%, Hongli Gegu holds 4.20%, Hangzhou Bilinxing holds 1.31%, Hangzhou Gaoxin holds 6.02%, and other pre-IPO investors collectively hold 43.03%. As of the latest practicable date, Zhoushan Aizhong is a limited partnership established under Chinese law with Mr. Zuo as its general partner. Mr. Zuo holds approximately 12.64% of the limited partnership interests in Zhoushan Aizhong and serves as its largest limited partner. For purposes of the Securities and Futures Ordinance, Mr. Zuo is deemed to be interested in the shares held by Zhoushan Aizhong.

Intermediary Team

Joint sponsors: ICBC International Capital Limited and Caitong International Capital Limited. Company legal counsel: King & Wood Mallesons for Hong Kong and US law; Jingtian & Gongcheng for Chinese law. Joint sponsor legal counsel: Tian Yuan Law Firm for Hong Kong law; JunHe LLP for Chinese law. Reporting accountant and independent auditor: Ernst & Young. Industry advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance advisor: Sanbase Capital Limited.