McMed (02041) is set to open its public offering in Hong Kong from August 28 to September 2, 2026. The company plans to globally offer 38.91 million H shares, which includes 3.89 million H shares allocated for the Hong Kong public offering and 35.02 million H shares for the international placement. The offer price is set at HK$15.42 per H share, with each board lot comprising 100 shares. Trading on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on Monday, September 7, 2026.

As a global medical device provider, McMed serves a wide range of clinical needs across hospital departments, wards, clinics, community health centers, diagnostic laboratories, and home care settings. As of March 31, 2026, the company's product portfolio included over 60 life support products, more than 110 minimally invasive intervention products, and upwards of 150 in-vitro diagnostic products, all available in multiple models to meet diverse application needs. Its products have reached over 140 countries and regions globally. Within China, they have been adopted by more than 6,000 hospitals, including approximately 90% of top-tier Grade III Class A hospitals, spanning 31 provinces, municipalities, and autonomous regions.

After deducting underwriting commissions and estimated expenses related to the global offering, McMed expects net proceeds of approximately HK$496 million, assuming the offer price of HK$15.42 per share. The company plans to allocate these proceeds according to its strategic priorities, subject to adjustments based on evolving business needs and market conditions. Specifically, about 35.0% will fund ongoing and planned research and development to enrich its product lines and build a competitive portfolio between 2026 and 2028. A further 20.0% will support the expansion of its manufacturing centers and production capacity, including investments in facilities and production line upgrades scheduled from 2027 to 2029.

An additional 20.0% of the net proceeds will be directed toward enhancing sales and marketing capabilities to sustain scalable business growth through 2028. Meanwhile, 10.0% is earmarked for potential strategic investments and acquisitions globally, which aim to complement and broaden the company's product portfolio and technology base. Another 5.0% will be used to upgrade IT infrastructure and digital platforms, with the remaining 10.0% allocated for working capital and other general corporate purposes.

McMed generates revenue primarily through the sale of medical equipment and has consistently grown its top line throughout the track record period. Revenue rose from RMB 1.313 billion in 2023 to RMB 1.619 billion in 2025, and further climbed from RMB 355 million in the three months ended March 31, 2025, to RMB 422 million in the corresponding period of 2026. Gross margin also improved steadily, increasing from 49.6% in 2023 to 49.7% in 2024, and then advancing to 53.7% in 2025 and 54.3% in the first quarter of 2026.

To align with its phased growth strategy, the company made substantial investments in product development, technology upgrades, business line expansion, and global marketing during the track record period. These strategic expenditures resulted in net losses of RMB 64.5 million in 2023 and RMB 96.6 million in 2024. However, in 2025, the company achieved a turnaround, posting a net profit of RMB 50.7 million, driven by sales growth across all business segments and improved production and operational efficiency. For the three months ended March 31, 2026, McMed recorded a net loss of RMB 2.5 million, primarily due to share-based payment expenses of RMB 25.1 million under its pre-IPO share option scheme and listing expenses of RMB 12.5 million.