On September 26th, the Shanghai Stock Exchange announced that Hangzhou Jianjia Robot Technology Co., Ltd. (hereinafter referred to as Jianjia Medical) has applied to withdraw its application for listing and therefore decided to terminate the review of its public offering of shares and listing on the Science and Technology Innovation Board.

It is reported that Jianjia Robot applied for an IPO on the Science and Technology Innovation Board on April 2, 2023. After a round of inquiries, the Shanghai Stock Exchange reviewed and focused on issues such as orthopedic and dental implant surgical robots, market space, and core technologies. It takes one and a half years from application to termination. Yesterday, Jianjia Robot terminated its IPO, and another equipment company's attempt to go public failed. The winter of IPO for equipment companies continues. When will spring come?

Jianjia Robot has great potential for the future
Jianjia Robot was founded in 2018 and is a high-tech enterprise dedicated to the research and development, production, and sales of surgical robots and related products. It is committed to building a technologically advanced surgical robot platform and providing hospitals with high-precision and intelligent surgical solutions.

It is worth noting that in this IPO, Jianjia Robot is applying for the fifth set of listing standards on the Science and Technology Innovation Board. During its IPO report period, according to the revenue of Jianjia Medical, it had a revenue of only 100000 to 200000 yuan in 2019 and 2020, but the revenue here was also non core income, and in 2021 and 2022, the revenue was 0 yuan.

The issuer also explained the reasons for the sustained zero revenue and long-term losses, stating that the main reason for the continuous losses of Jianjia Robot is the relatively short time since the company's products were launched, and the products that have been launched have not yet achieved large-scale commercialization, resulting in no significant economies of scale; And currently, the progress of Jianjia Medical's ongoing product projects continues to advance, and some products are undergoing clinical trials, resulting in a significant investment in the company's research and development expenses during the reporting period; At the same time, in order to achieve a long-term incentive mechanism for talents, Jianjia Robot implemented equity incentives for employees, resulting in higher share based payment expenses during the reporting period.

From the perspective of Jianjia Medical's products alone, their potential is full. The main product ARTHROBOT hip replacement surgical robot was included in the special review program for innovative medical devices in February 2021, and became the first domestically produced hip replacement surgical robot to obtain a Class III medical device registration certificate in April 2022.

In addition, its ARTHROBOT knee replacement surgical robot obtained a Class III medical device registration certificate in January 2023. The ARTHROBOT series products can be applied to both hip and knee replacement surgeries, breaking the long-standing monopoly of imported joint replacement surgical robots in this field.

In addition to the two products mentioned above, Jianjia Robot has a fairly rich product pipeline in the field of surgical robots, including THETA dental implant surgical robots, YOZX orthopedic surgical robots, etc. The THETA dental implant surgery robot integrates a robotic arm, binocular camera, and supporting software to assist doctors in dental implant surgery. It has the characteristics of small footprint, easy operation, and easy maintenance, and can achieve high-precision, safe, and precise surgical operations.

Moreover, the YOZX orthopedic surgical robot is a highly integrated, fully functional, and expandable surgical robot that can assist doctors in performing most orthopedic surgeries and provide comprehensive solutions for diseases such as joints, spine, and trauma.

With its rich product pipeline, Jianjia Robot was once favored by capital, such as Hillhouse Capital, Baidu Ventures Artificial Intelligence Equity Investment Partnership, Fosun Pharma, TigerGLOBAL, SoftBank China Capital, and others.

The winter for IPOs of mechanical enterprises is intensifying
In recent years, the IPO of machinery companies has been shrouded in a cold winter, and the momentum of "freezing" has become increasingly fierce. In 2021, there were 25 new medical device companies listed on the A-share market, but by 2023, there were only 5 new medical device companies listed on the A-share market.

Looking back at 2024, we haven't seen any signs of a resurgence yet, but the companies that failed in the A-share market are one after another. Now that the Q3 2024 quarter is coming to an end, only one equipment company has emerged from the encirclement: On June 26th, Adit was listed on the Shenzhen Stock Exchange's Growth Enterprise Market, becoming the only successful A-share medical device company to be listed so far.

Due to the impact of the overall environment, the IPO of medical equipment companies was once cold, and we can only wait and see when the spring returns. Under the return to the medical equipment industry, Jian Jia Medical's focus on the track has also been one of the hot topics in recent years. With strong support from national policies, China's orthopedic surgical robot industry has made tremendous progress. Among the segmented fields, orthopedic surgical robots in spine surgery and knee joint replacement are the most popular.

But currently, in the fields of orthopedic surgical robots and soft tissue surgical robots, Da Vinci Robotics has long been in an absolute monopoly. In addition to Da Vinci Robotics, foreign-funded enterprises such as Stryker, Boyilai, and Medtronic are rapidly developing. However, orthopedic surgical robots in China started relatively late and are still in the early stages of industrialization.
However, in recent years, a group of powerful orthopedic surgical robot companies have emerged in China. In addition to Jianjia Medical, domestic brands such as Tianzhihang, Huaruibo, Weizhuo Zhiyuan, and Minimally Invasive Medical have also emerged.

Among them, Tianzhihang has developed rapidly and is one of the earliest medical device enterprises in the industry to engage in orthopedic robot business. Its core product, Tianji ® Orthopedic surgical robots are the only universal products worldwide that cover trauma, spine, and joint surgeries. Innovation has achieved multi indication coverage for one machine, including full segment spinal surgery for cervical, thoracic, lumbar, and sacral vertebrae, as well as trauma surgery and joint replacement surgery for pelvic, acetabular, limb, and other areas. As of the end of the first quarter of 2024, the clinical application of Tianji series orthopedic robots has covered more than 200 medical institutions, 30 provinces, autonomous regions, and municipalities directly under the central government, with a surgical volume exceeding 70000 cases.

With the continuous growth of demand and the increasingly mature development of technology and industry, orthopedic surgical robots are entering a period of rapid growth, showing a trend of high-speed development.

Source: https://news.yaozh.com/archive/44288.html