IPO News | Jingfeng Medical Proposes Hong Kong Stock IPO, China Securities Regulatory Commission requires explanation of the reasons for failure to list in Hong Kong while approval is in effect

The Zhitong Finance App learned that on December 19, the China Securities Regulatory Commission announced the disclosure of supplementary materials for overseas issuance and filing (December 15, 2025 to December 19, 2025). The Securities Regulatory Commission requested Jingfeng Medical to explain whether the reason why the company was unable to go public in Hong Kong after the application for listing in Hong Kong was approved by me in July 2022 constituted a substantial obstacle to the current listing in Hong Kong. According to the Hong Kong Stock Exchange's disclosure on January 11, 2023, Jingfeng Medical submitted to the Hong Kong Stock Exchange, with Morgan Stanley, CICC, and Citibank as co-sponsors.

At the same time, the Securities Regulatory Commission requested Jingfeng Medical to provide additional explanations on the following matters, and requested lawyers to check and issue clear legal opinions:

In January 2025, Jianliang Investment transferred the issuer shares held by Jiaxing Yuzi Matai Equity Investment Partnership (Limited Partnership); in June 2025, the Social Security Fund Zhongguancun Independent Innovation Investment Fund (Beijing) Partnership (Limited Partnership) and Suzhou Junlian Xiangdao Equity Investment Partnership (Limited Partnership) transferred the company shares held by Xiei Chuangfeng (Shenzhen). Please conduct additional checks on the above entities in accordance with the new shareholder inspection requirements in the last 12 months.

Explain the ratio of the number of shares issued to the total share capital after issuance without exercising the right to over-allotment and exercising the full amount of the over-allotment right, the estimated amount of capital raised, and the comparison of the share structure before and after the current offering. Explain whether there is shareholding in the company's historical history, and issue a concluding opinion on whether the establishment of the company and successive shareholding changes are legal and compliant.

Explain the progress of the company's repurchase of the incentive share of shares held by Wang Xiwen, partner of Jingcheng Ruifeng (Shenzhen) Technology Partnership (Limited Partnership), and issue clear conclusions on whether the employee's shareholding plan is legal and compliant and whether there are benefits. Explain whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen, or have other rights defects.

According to the previous prospectus, Jingfeng Medical is committed to the design, development and manufacture of surgical robots. The Jingfeng® multi-hole endoscopic surgical robot MP1000 is the company's recommended core product, while the Jingfeng® single-hole endoscopic surgical robot SP1000 is the key product under development. According to Frost & Sullivan, the company is the first company in China to complete critical clinical trials on multi-hole and single-hole endoscopic surgical robots. Both MP1000 and SP1000 have qualified for rapid review of innovative medical devices by the State Drug Administration through the green channel. The company obtained approval from the State Drug Administration to register MP1000 for urological surgery in December 2022.