Noah Medical eyes Hong Kong IPO to fund China expansion push

A surgical robotics company backed by SoftBank Group plans to file for a Hong Kong initial public offering as early as next year to fund its expansion into mainland China, its founder said, targeting more than US$100 million in the listing.

Noah Medical, headquartered in the United States, aims to tap Hong Kong's status as an international financial centre and its globally recognised stock exchange, founder Zhang Jian said in an interview on the sidelines of MedTech World Asia in Hong Kong on Thursday. The move would add to a growing pipeline of technology companies turning to the city's capital markets.

Building on US revenue base

The company currently generates 90 per cent of its revenue from the United States, where its surgical robots have treated approximately 15,000 patients. The Hong Kong listing would provide capital to shift that geographic balance toward China, where regulatory clearance opened the door for commercial sales.

Regulatory approval unlocks China market

China's drug regulator granted approval to Noah Medical in November last year, clearing the way for the company to pursue mainland hospital customers. Zhang identified Sir Run Run Shaw Hospital as a target client following that regulatory green light.

In Hong Kong, the company has already secured a customer: Prince of Wales Hospital purchased Noah Medical's equipment, Zhang said. That foothold in the special administrative region positions the firm to expand into the broader Greater Bay Area and mainland provinces as it seeks to diversify revenue streams away from its US concentration.

The timing aligns with renewed activity in Hong Kong's IPO market, particularly among healthcare and technology firms seeking access to both international investors and capital that can be deployed across the border.

Source: South China Morning Post