SoftBank-backed surgical robotics firm eyes Hong Kong listing to power mainland China push

SoftBank-backed surgical robotics firm Noah Medical is set to list on the Hong Kong Stock Exchange, capitalizing on the city's reputation as a global financial hub. The US-based company aims to raise over US$100 million through its IPO, which could be filed as early as next year, according to founder Zhang Jian. Zhang expressed his intention to expand the company's presence in mainland China, highlighting Hong Kong's appeal as a natural listing destination due to its international standing and robust stock exchange.

Noah Medical plans to boost sales of its surgical robots in key Chinese cities, including Hangzhou, the capital of China's eastern Zhejiang province, where regulatory approval has been secured. The hospital Sir Run Run Shaw is among the potential customers. Currently, 90% of Noah Medical's revenue comes from the United States, where its surgical robots have treated approximately 15,000 patients.

Notable investors in the company include SoftBank Vision Fund, Lenovo Capital and Incubator, HongShan Capital Group, Saudi Aramco, Medtronic, Olympus, and Primavera Capital. Noah Medical's valuation stands at around US$571.5 million as of September 2025, as reported by market intelligence provider Forge Global. Founded in 2018, the company specializes in developing surgical robots that can reach internal organs through natural orifices such as the throat, bypassing the need for traditional incisions.

These robots are priced at roughly 10 million yuan (US$1.5 million) per unit in China, with patients paying around 10,000 yuan per operation. Zhang, a mechanical engineering graduate with a PhD from Columbia University, explained that the procedure minimizes bleeding and shortens hospital stays, with many patients able to return home on the same day or after just one night, without any visible scarring.

The company recently launched the latest iteration of its surgical robotics platform, Galaxy II, which offers the flexibility to switch between high-definition digital tomosynthesis and cone-beam CT scanning during a procedure, providing doctors with greater procedural control. The Hong Kong Stock Exchange has received around 420 listing applications this year, bringing the total under review to 793, as per the exchange's official website.