HONG KONG, June 30th, 2026 —— CIC extends our warmest congratulations to Guangdong True Health Medical Technology Development Co., Ltd. (02697. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid reports foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
IPO Highlights
Global offering size: 3,564,700 H shares
Offering price: HK$135.40 per share
Gross proceeds: Approximately HK$454 million
Net proceeds: Approximately HK$388 million
China Surgical Robotics Market Outlook
According to CIC reports, surgical robotics represents a pivotal growth vector for high-end medical equipment and intelligent surgical platforms. As patients and clinicians increasingly demand minimally invasive treatments with less trauma, faster recovery and lower complication risk, the clinical value of surgical robots continues to rise in complex anatomical regions, precision manipulation and standardized treatment protocols.
China's surgical robotics market, while a relatively late entrant, has expanded at a rapid pace. The market is projected to reach RMB52.4 billion by 2031, posting a 32.8% CAGR from 2026 to 2031, pointing to broad market prospects.
Percutaneous Interventional Robotics: Addressing Core Clinical Pain Points
Percutaneous puncture surgical robots are primarily deployed in image-guided puncture localization, biopsy and preoperative positioning for minimally invasive interventional procedures. Conventional manual percutaneous puncture relies heavily on physician experience and tactile feedback, presenting challenges such as high localization difficulty, steep learning curves and elevated complication risks when treating deep small lesions, complex regions adjacent to blood vessels or organs, and thoracic-abdominal lesions affected by respiratory motion.
By enabling preoperative path planning, intraoperative image navigation, stable robotic arm positioning and respiratory motion tracking, percutaneous puncture surgical robots improve puncture accuracy, reduce operational variability and lower dependence on individual physician expertise, driving the upgrade of percutaneous interventional diagnosis and treatment workflows toward standardization and replicability.
Percutaneous microwave ablation surgical robots further extend capabilities from "precision localization" to "precision therapy", unifying navigation, percutaneous puncture and microwave ablation energy transmission on a single platform. Beyond assisting physicians with image-guided needle placement, they deliver localized microwave energy to ablate target tumor tissue, supporting minimally invasive treatment of solid tumors in the liver and lungs.
With wider adoption of tumor screening, expanding applications of image-guided minimally invasive therapy and improved interventional treatment capacity in hospitals, percutaneous microwave ablation surgical robots are positioned to transform tumor ablation from operator-dependent traditional procedures to robot-assisted workflows with higher accuracy, greater consistency and enhanced standardization.
Market Scale & Patient Base
According to CIC reports, the global population of pulmonary nodule patients reached approximately 1.6 billion in 2025, including around 310 million in China. The number of pulmonary nodule patients in China is expected to increase to approximately 330 million by 2031. Meanwhile, new incidence of solid tumors including lung, liver, kidney and pancreatic cancer continues to drive sustained clinical demand for image-guided biopsy, preoperative localization and local minimally invasive therapy.
China's percutaneous puncture surgical robots market is forecast to grow from US$3.7 million in 2025 to US$198.1 million in 2031.
China's percutaneous microwave ablation surgical robots market is projected to expand from RMB6.6 million in 2025 to RMB244.2 million in 2031, reflecting the long-term market potential of percutaneous interventional robotics in oncology diagnosis and treatment.
True Health Medical: Pioneer in Percutaneous Puncture and Ablation Surgical Robotics
Founded in 2018, True Health Medical focuses on the reports, development and commercialization of percutaneous puncture and ablation surgical robots, building its intelligent robotics product matrix around percutaneous localization and precision therapy. As of the latest practicable date, the company has formed a product portfolio centered on percutaneous puncture surgical robots, extended by percutaneous microwave ablation surgical robots, microwave ablation therapeutic devices, cryoablation robots, ex vivo organ preservation and evaluation systems, and supporting consumables. The lineup covers multiple clinical scenarios including minimally invasive puncture biopsy, preoperative localization, tumor ablation, minimally invasive interventional therapy, and organ preservation and evaluation.
Key Product Portfolio & Regulatory Milestones
Key percutaneous puncture systems: The company's flagship product line includes four models — TH-S1, TH-S, TH-S Pro and TH-SA — all granted Class III medical device registration certificates by the National Medical Products Administration ("NMPA") for pulmonary and abdominal puncture indications. The company is expanding TH-S1's indication scope to retroperitoneal lesions, with differentiated model configurations addressing clinical needs across different tiers of medical institutions.
Microwave ablation robotics platform: Extending capabilities from precision localization to precision therapy, the TH-X MW integrates CT imaging planning, real-time 3D navigation, respiratory motion tracking, robotic arm positioning and microwave energy delivery on a single unified platform. It received NMPA Class III approval for liver solid tumor therapy in September 2024, followed by pulmonary tumor therapy indication approval in April 2026. The upgraded TH-X HMW model adds laser pointer navigation tracking, multi-planar reconstruction and surgical report export functions to streamline ablation workflows and strengthen postoperative review capabilities. Together, the two systems form the company’s core product tier in the percutaneous ablation robotics segment.
Pipeline expansion: Upcoming products include the TH-P series percutaneous puncture robots, MW150 microwave ablation therapeutic device, TH-X Cryo cryoablation robot, ex vivo organ preservation and evaluation systems, and matching consumables, marking the company's strategic expansion from tumor diagnosis and interventional therapy into organ preservation and transplantation segments.
True Health Medical initiated commercialization of its core products in 2022, distributing surgical robots and supporting consumables to hospitals and medical institutions primarily through a dealer network. As of the latest practicable date, the company has secured market authorization for multiple products and established a customer footprint covering 23 key provinces across China.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in enabling "first-in-sector" IPOs in the medical device sector.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to TH MEDICAL-B, CIC has supported leading enterprises in successful listings both domestically and overseas, including United Imagine, Starsportsmed, Xuanzhu Biopharma, PegBio, Taimei Tech, MGI, Microtech Medical, OrbusNeich, MicroPort,and more.
CIC Reports are now available on Bloomberg and FactSet portals.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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