On August 23rd, the IPO review status of Jiangsu Fulbright Medical Equipment Co., Ltd. (referred to as Fulbright Medical) on the Science and Technology Innovation Board of the Shanghai Stock Exchange changed to "terminated". Due to the withdrawal of the issuance and listing application by Fulbright Medical and its sponsor, in accordance with Article 63 of the Shanghai Stock Exchange's Stock Issuance and Listing Review Rules, the Shanghai Stock Exchange has terminated its issuance and listing review.

The Shanghai Stock Exchange issued an inquiry letter on July 23, 2023 regarding the review of the application documents for the initial public offering and listing of Jiangsu Fulbright Medical Equipment Co., Ltd. on the Science and Technology Innovation Board, requiring Fulbright Medical to respond to multiple questions regarding its main products, market, volume based procurement, core technology, and more. On January 17, 2024, Fulbright Medical updated its response to the first round of inquiries from the Municipal Party Committee regarding the listing on the Science and Technology Innovation Board.

According to the prospectus, Fulbright Medical is a leading innovative enterprise in China that focuses on the research and development, production, and sales of minimally invasive surgical instruments and consumables.

On June 30, 2023, Fulbright Medical's application for listing on the Science and Technology Innovation Board was accepted, and its sponsor was China International Capital Corporation (CICC). The company plans to publicly issue no more than 26.562285 million shares, not less than 25% of the total number of shares after issuance, and intends to raise 800 million yuan in funds. It is reported that the production and manufacturing of the minimally invasive high-end medical consumables and robots project funded by Fulbright Medical includes two sub projects: the production and manufacturing project of medical consumables and robots, and the research and development project of medical consumables and robots.

Among them, the planned investment amount for related production and manufacturing projects is about 724 million yuan, and the construction of a minimally invasive high-end medical consumables production line is planned to enhance the company's production automation, intelligence level, and production capacity, and expand the production scale of the company's minimally invasive high-end medical consumables products.

The planned investment amount for the related research and development project is approximately 275.0542 million yuan. It is planned to conduct in-depth research and development on the upgrading of the company's existing products and the development of new products within the construction site of the medical consumables and robot manufacturing project. The main research and development topics include: research and development of disposable suturable puncture devices, research and development of electric cutting staplers for disposable thoracoscopes, research and development of linear cutting staplers and components for reusable electric endoscopes, research and development of endoscopic surgical instrument clamping systems (assistant robots), research and development of reusable continuous application clamps and clamping components, research and development of sleeve shaped gastric surgery systems for disposable electric endoscopes, and pre-research and development of intelligent suturing systems.

It is reported that the total investment of the project is 1 billion yuan, with Fulbright Medical as the main implementation body, and the construction period is 3 years. The main body of the project has been capped and is planned to be completed in May 2023. After reaching the standard, it can produce 2.54 million pieces of minimally invasive high-end medical consumables and 20000 pieces of robots annually, with an expected annual sales revenue of 600 million yuan. Fulbright Medical stated that the project will iterate and update the company's existing products such as electric endoscope staplers, while developing robot series products such as endoscope instrument clamping systems and intelligent suturing systems, which will accelerate surgical operations into the intelligent era and provide strong support for future technological iterations and new product development.

According to the data, Jiangsu Fulbright Medical Equipment Co., Ltd. was established in October 2011 and is a leading innovative enterprise in China that focuses on the research and development, production, and sales of minimally invasive surgical instruments and consumables. Since its establishment, the company has been committed to independent research and technological innovation, creating high-performance minimally invasive surgical instruments to meet the growing and changing clinical needs of minimally invasive surgery.

After more than ten years of technological accumulation and iteration, the company has built a comprehensive product matrix and advanced product layout, including endoscopic staplers, electric endoscopic staplers, manual endoscopic staplers, open staplers, and other minimally invasive surgical instruments such as punctures, knot clamps, and forceps.

So far, the company's products have entered over 1000 hospitals nationwide, including more than 600 tertiary hospitals. At the same time, the company actively explores overseas markets, and its products are exported to more than 90 countries and regions such as Germany, Italy, and Spain, with a wide international market distribution.

Among them, the company's electric endoscope stapler Lunar ® Listed in 2020, it has obtained CE certification, FDA certification, and NMPA Class III medical device registration certificate, involving a total of 65 domestic invention patents and 10 overseas invention patents. Lunar ® is the first domestically produced electric endoscope stapler to obtain FDA certification and the first to obtain NMPA Class III medical device registration certificate through registered clinical trials; At the same time, it is the second domestic electric laparoscopic stapler after Johnson&Johnson and the first domestic brand to cover vascular indications, with a wider range of clinical applications.

Subsequently, the company launched the Lunar II fully electric intelligent endoscopic stapler in 2022, which incorporates dual pressing technology and unequal nail height design, resulting in better nail formation and hemostasis effects. In addition, the technology of using a knife nail compartment has been introduced to address the extreme situation of multiple cuts in a single surgery, achieving the goal of not reusing the cutting knife.

In addition, the company has independently developed and designed multiple minimally invasive surgical instruments based on clinical needs, including puncture devices, ligation clips, and forceps, further consolidating its leading position in the industry. The company's Metcha Trocar suturable puncture device is the second domestic puncture device after Medtronic and the first domestic brand to have fascia suturing function, innovatively integrating both tissue puncture and fascia suturing functions.

Source: http://qixieke.com/Font/index/detailPage.html?id=3155-23