Tianxing Medical Terminates IPO Amid Sponsor Withdrawal

On June 6, Beijing Tianxing Medical Co., Ltd. (hereinafter referred to as Tianxing Medical) announced the termination of its initial public offering (IPO) on the Shanghai Stock Exchange's Science and Technology Innovation Board. The termination was due to the withdrawal of the sponsor's recommendation, in accordance with the relevant provisions of Article 63 of the "Shanghai Stock Exchange Stock Issuance and Listing Review Rules."

Tianxing Medical is an innovative medical device company specializing in sports medicine, focusing on the research, development, production, and sales of sports medicine implants, active devices, consumables, and surgical tools. The company provides comprehensive clinical solutions for patients and doctors in the field of sports medicine.

As of September 30, 2024, Tianxing Medical has established a complete product matrix consisting of 47 approved or registered sports medicine products. In the field of implants, the company has launched multiple products made from polyether ether ketone (PEEK) materials, absorbable materials, and fully threaded materials. Notably, 11 of these products are the first domestically approved for market entry, with the fully threaded anchor screw being the first product of its kind approved and clinically applied in China.

The company has obtained 20 Class III medical device registration certificates and 17 Class II medical device registration certificates. Additionally, 15 of its products have received CE certification, and its products have been registered or approved in countries such as the United States, the United Kingdom, Australia, India, Indonesia, and the United Arab Emirates.

With a robust sales network, Tianxing Medical has established a strong brand presence in the sports medicine field. As of September 30, 2024, the company's products have been adopted by over 3,000 hospitals across 31 provinces, autonomous regions, and municipalities. According to a report by Frost & Sullivan, Tianxing Medical holds approximately 4% of the Chinese sports medicine device market in 2023, ranking first among domestic companies.

The funds raised from this IPO, after deducting issuance costs, will be fully allocated to projects related to the company's core business. The company plans to invest in various projects based on industry trends, strategic priorities, project urgency, fund availability, and project progress.

From a financial perspective, Tianxing Medical reported revenues of approximately 73.01 million yuan, 148 million yuan, 241 million yuan, and 223 million yuan for the years 2021, 2022, 2023, and the first nine months of 2024, respectively. The corresponding net profits for these periods were approximately -110 million yuan, 40.34 million yuan, 63.58 million yuan, and 64.08 million yuan.