Good News on Listing | Frost & Sullivan Assists Jingfeng Medical Technology Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (2675.HK)

Jingfeng Medical Technology Co., Ltd. (hereinafter referred to as 'Jingfeng Medical') successfully listed on January 8, 2026. The company plans to issue 2,772.22 million H shares, of which approximately 90% will be international offerings and 10% will be Hong Kong public offerings. The issue price per share is set at HK$43.24, raising a total amount of approximately HK$1.199 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport big data, from January to December 2025, and during the past 36 months, Frost & Sullivan provided listing industry advisory services for 83 (market share 72%) and 180 (market share 71%) Hong Kong IPOs respectively, ranking first in terms of number. It has rich industry experience and communication experience with regulatory authorities, exchanges, investment and financing institutions, and various related institutions.

• The company, the first in China and second globally, has obtained registration approval for both porous and single-port laparoscopic and natural orifice surgical robots, demonstrating its ability and execution to continuously drive innovation in surgical robots with an autonomous technology platform;

   

• The company's core product, Jingfeng ® porous endoscopic surgical robot MP1000, has obtained registration approval from the National Medical Products Administration (NMPA) as Class III medical device and has been commercialized. It is the first domestically produced endoscopic surgical robot approved by the NMPA for use in multiple major surgical specialties such as urology, gynecology, general surgery, and thoracic surgery. Its upgraded version, MP1000 Plus, and the new generation MP2000 series have received registration change approvals, incorporating advanced features such as fluorescence imaging, dual consoles, and higher computing power.

   

• The company's core product, Jingfeng® single-port laparoscopic surgical robot SP1000, has obtained registration approval from the National Medical Products Administration and been commercialized. It is China's first domestic single-port laparoscopic surgical robot covering three or more major surgical specialties, further improving the company's product matrix in the field of minimally invasive surgical robots;

   

• The company took the lead in deploying in the field of natural orifice surgical robots. Its first Jingfeng® bronchoscope robot and the first domestically produced dual-arm bronchoscope robot CP1000 have obtained Class III medical device registration certificates and have been approved by the National Medical Products Administration for preoperative planning of natural orifice bronchoscopy examinations and treatments.

   

• The company has established a product pipeline of surgical robots with multiple models and generations, covering both commercialized products and several upgraded models under research. It continues to advance cutting-edge applications such as indication expansion, performance iteration, and remote surgery, with potential for long-term technological evolution and product upgrades;

   

• The company possesses a systematic and scalable core technology platform, based on multiple proprietary technical modules. It has formed technical barriers in key areas such as imaging, algorithms, mechanical structure, and system integration, providing underlying support for continuous product innovation;

   

• The company has established integrated capabilities in R&D, clinical trials, manufacturing, and commercialization. The core products have shown good clinical data performance, the manufacturing system complies with ISO13485 and China's GMP requirements, and the commercialization team has rich experience in medical device market promotion.

   

• The company has achieved several milestones in domestic and international regulatory approvals, including the approval of its core products in China and the CE certification in the European Union, demonstrating its product's compliance potential in the international market and its development space for globalization;

   

• The company's management team consists of founders and core members with a profound technical background and industry experience in the field of surgical robots and medical devices, possessing the mature execution ability to transform cutting-edge technologies into scalable commercial products.

Surgical robots are an important subfield within the medical robotics domain. They refer to robotic arms on a patient's surgical platform that can be remotely controlled by surgeons through a doctor's console or navigation system. Precise operations are performed inside the patient's body through tiny incisions, thereby assisting in minimally invasive surgeries. Typical surgical robot systems usually consist of three core modules: the patient's surgical platform, the doctor's console (or navigation system), and the imaging system. Compared to traditional open surgeries and conventional minimally invasive surgeries, robot-assisted surgery has significant advantages in multi-degree-of-freedom operations, three-dimensional high-definition imaging, eliminating hand tremors, improving ergonomics, and enhancing surgical precision. It has become a key technical path to further promote the development of minimally invasive surgeries.

From the perspective of technological evolution, surgical methods have undergone phased upgrades from open surgery, traditional minimally invasive surgery to robot-assisted surgery. Although traditional minimally invasive surgery still dominates laparoscopic surgery, it has inherent limitations in terms of instrument freedom, two-dimensional imaging, operational precision, and doctor fatigue. Robot-assisted surgery, by integrating medicine, mechanics, materials, computer science, artificial intelligence, and robotics technology, effectively overcomes these shortcomings. Compared to open surgery and traditional minimally invasive surgery, robot-assisted surgery brings extremely high value to patients, surgeons, and hospitals, as shown in the following table. Since the first clinical application of surgical robots in 1985, the industry has achieved a leap from basic mechanical structures to high-precision, highly intelligent systems over nearly four decades of development. Especially after the approval of the Da Vinci surgical system by the FDA in 2000, the laparoscopic surgical robot market entered a rapid development phase.

Data source: Frost & Sullivan reports and annual reports of comparable companies

In terms of market structure, surgical robots can be classified according to clinical applications into endoscopic surgical robots, natural orifice surgical robots, orthopedic surgical robots, and other specialty surgical robots. Among them, endoscopic surgical robots constitute the segment with the largest global market size, while emerging directions such as natural orifice surgical robots are continuously expanding their application boundaries. With the continuous evolution of artificial intelligence, 5G communication, remote surgery, human-computer interaction, and high-resolution imaging technology, new functions such as dual consoles, force feedback, and remote surgery are being implemented, further enhancing surgical efficiency, safety, and accessibility to medical resources, becoming an important driving force for the long-term growth of the global surgical robot market.

The global surgical robot market size increased from $7.7 billion in 2019 to $21.2 billion in 2024, with a compound annual growth rate of 22.4%. It is expected to further expand to $842 billion by 2033 (with a compound annual growth rate of about 16.6% from 2024 to 2033). The following chart illustrates the historical and forecasted growth of the global surgical robot market and its segmented markets by surgical application.

Data source: Frost & Sullivan reports and annual reports of comparable companies

Compared to mature markets such as the United States, China's surgical robot industry started relatively late but has outstanding growth potential. Driven by policy support, continuous capital investment, and local technological breakthroughs, the Chinese market is gradually shifting from import-led dominance to an autonomous innovation stage centered on domestic enterprises. The market scale of surgical robots in China increased from 2.71 billion yuan in 2019 to 7.18 billion yuan in 2024, with an annual compound growth rate of 21.5%. It is expected to reach approximately 102 billion yuan by 2033, with the annual compound growth rate increasing to 34.3%.

Data source: Frost & Sullivan reports and annual reports of comparable companies

Endoscopic surgical robots are the largest and most mature segment in the global surgical robot market, mainly used to assist surgeons in performing minimally invasive endoscopic surgeries. A typical endoscopic surgical robot system consists of a surgeon's console, a patient's operating platform, and an imaging system. Surgeons remotely control the surgical instruments on the robotic arm to complete key steps such as cutting, hemostasis, suturing, and tissue manipulation, which offer higher precision and stability compared to traditional manual operation. Robotic-assisted surgery can effectively overcome the limitations of traditional endoscopic surgeries in terms of instrument freedom, imaging depth, and operational fatigue, improving surgical quality and shortening operation time, gradually gaining widespread recognition from surgeons and patients. With the growth of clinical demand, continuous technological progress, and improved policy environment, endoscopic surgical robots still have significant room for penetration improvement globally, especially in the Chinese market.

The growth of the Chinese laparoscopic surgery robot market is expected to be driven by the following factors:

● Significantly improved efficiency and cost advantages for surgeons and hospitals

Compared with traditional two-dimensional endoscopic surgery, laparoscopic surgical robots significantly improve the controllability and stability of surgery through three-dimensional imaging and higher operational freedom, while reducing the learning threshold for surgeons. Robotic-assisted surgery helps to alleviate doctors' operational burden and professional stress. At the same time, by shortening hospital stays, improving surgical efficiency, and increasing bed turnover rates, it assists hospitals in optimizing human resource allocation and reducing comprehensive operating costs.

● Patients' awareness of minimally invasive surgery has improved, and their demand continues to be released

With the growth of disposable income among residents and the enhancement of health awareness, the demand for minimally invasive surgeries with less trauma, faster recovery, and fewer complications among Chinese patients is constantly rising. The patient group's recognition of the clinical advantages of robot-assisted surgery has deepened, driving the acceptance and usage rate of laparoscopic surgical robots at hospitals to continue to improve.

● Continuous innovation in key technologies drives product performance upgrades

Although surgical robots have started relatively late in China, driven by continuous breakthroughs in fields such as artificial intelligence, robot control, and medical engineering, domestic laparoscopic surgical robots are developing towards higher precision, smaller trauma, and broader indications, driving increased R&D investment and accelerating market expansion.

● Policy support and optimized allocation systems accelerate market penetration

The Chinese government has included surgical robots in the high-end medical equipment field that receives key support, and has enhanced the procurement quotas and flexibility of endoscopic surgical robots through the large-scale medical equipment allocation management system. At the same time, some robot-assisted surgeries have been included in local medical insurance payment scopes, reflecting the regulatory authorities' recognition of their clinical value. It is expected that this will further promote hospital procurement and clinical application.

● Domestic substitution demand drives the development of local enterprises

The current market for endoscopic surgical robots in China is still dominated by imported products, with core technologies and key components highly dependent on overseas manufacturers. Improving the accessibility and penetration rate of domestic surgical robots, and gradually achieving import substitution, have become important directions for industry development and provide broad growth space for local enterprises.

Endoscopic surgical robots can be divided into multi-port endoscopic surgical robots and single-port endoscopic surgical robots. Driven by multiple factors such as continuous technological progress, the clinical value brought by robot-assisted surgery to surgeons and patients, and favorable government policies, the global multi-port and single-port endoscopic surgical robot market has maintained rapid growth. The global market size increased from $4.7 billion in 2019 to $10.2 billion in 2024, with an annual compound growth rate of 16.7%. It is expected to further expand to $38.9 billion by 2033 (with a compound annual growth rate of about 16.0% from 2024 to 2033).

From the perspective of segmentation structure, the porous endoscopic surgical robot remains the main component of the current market. Its market size increased from $4.5 billion in 2019 to $9.4 billion in 2024 and is expected to reach $238 billion by 2033. Meanwhile, the single-port endoscopic surgical robot has grown more rapidly since its commercialization into the market. The global market size increased from $243 million in 2019 to $827 million in 2024 and is expected to significantly expand to $151 billion by 2033. The annual compound growth rate from 2024 to 2033 is 38.1%, higher than that of the porous endoscopic surgical robot. The higher growth rate of the single-port endoscopic surgical robot is mainly due to technological progress and patients' preference for smaller incisions and less invasive surgical methods. Although there are still certain limitations in terms of indication range and technical maturity, its long-term growth potential is outstanding. The following figure shows the historical and forecast market sizes of global porous and single-port endoscopic surgical robots.

Data source: Frost & Sullivan reports and annual reports of comparable companies

As the application value of robot-assisted surgery in clinical practice gradually emerges, the market for endoscopic surgical robots in China has maintained rapid growth. Although the penetration rate of robot-assisted surgery in total endoscopic surgeries in China was only 0.7% in 2024, it is expected to increase to 3.0% by 2033, providing a solid foundation for market expansion. Against this backdrop, the market scale of multi-port endoscopic surgical robots in China increased from RMB 2.02 billion in 2019 to RMB 4.11 billion in 2024, with an annual compound growth rate of 15.2%. It is expected to further expand to RMB 35.35 billion by 2033 (with an annual compound growth rate of about 27.0% from 2024 to 2033).

Meanwhile, as an emerging niche field, although the current market size of single-port laparoscopic surgical robots is small, their growth rate is significantly faster than that of multi-port laparoscopic surgical robots. The market size of single-port laparoscopic surgical robots in China is expected to reach approximately RMB 797 million in 2024 and is projected to grow to RMB 5.19 billion by 2033, with an annual compound growth rate of 59.1%. Single-port laparoscopic surgical robots have advantages in single incision, less trauma, and faster postoperative recovery, and are expected to serve as an important supplement to multi-port laparoscopic surgical robots, accelerating their penetration in specific surgical procedures. The table below lists the historical and forecast market sizes of multi-port and single-port laparoscopic surgical robots in China.

Data source: Frost & Sullivan reports and annual reports of comparable companies