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Medcaptain Medical Technology Co Ltd (Ticker: 2041 HK) is a Chinese medical device company providing products across life support, minimally invasive intervention and in vitro diagnostics. Its portfolio includes infusion systems, endoscopic products, diagnostic analyzers and related consumables, with products distributed in more than 140 countries and regions and used in over 6,000 hospitals in China.
Medcaptain plans to list on the Hong Kong Stock Exchange on September 7, 2026. The company is offering approximately 38.91 million H shares at HKD 15.42 per share, raising approximately HKD 600 million (approximately $77 million). The offering consists entirely of primary shares. Based on the offer terms, Medcaptain is valued at approximately $943 million at the IPO price.
The company operates five R&D centers and six manufacturing centers across China and the UK. Revenue increased from RMB1.31 billion in 2023 to RMB1.62 billion in 2025, while gross margin rose to 53.7% in 2025. Medcaptain reported net profit of RMB50.7 million in 2025.
Shenzhen Longsys Electronics Co., Ltd. (Ticker: 9976 HK) is a Chinese semiconductor memory products company that designs, develops, back-end manufactures and sells storage and memory products for consumer, enterprise and industrial applications. The company operates the FORESEE, Zilia and Lexar brands and does not manufacture memory wafers, instead sourcing wafers and controller chips from third-party suppliers.
Shenzhen Longsys plans to list on the Hong Kong Stock Exchange on September 8, 2026. The IPO is priced at HKD 236.00 per share, below the indicated HKD 240.60 range, with approximately 26.08 million shares offered. The base offering is expected to raise approximately HKD 6.15 billion, or approximately $785 million. All shares in the base offering are primary shares, with a 15% greenshoe covering approximately 3.91 million additional shares.
The offering is being managed by firms including ABCI Capital, CLSA, China Securities International, Citigroup Global Markets Asia and Futu Securities International.
Excelland Robotics (Wuxi) Co. Ltd. (Ticker: 3231 HK) is a Chinese technology company that develops and commercializes commercial service robots, robotic modules and AI vision model solutions. Its products include delivery and cleaning robots, low-speed unmanned vehicles, robot-as-a-service and rental offerings, while its Yoware platform provides AI vision solutions for non-robot industrial applications.
Excelland Robotics plans to list on the Hong Kong Stock Exchange on September 9, 2026 under Chapter 18C of the Listing Rules, meaning that it is listing as a specialist technology company under Hong Kong’s dedicated regime for eligible technology businesses. The company is offering 45.0 million primary shares at an expected price range of HKD 14.45 to HKD 19.55 per share. The IPO is expected to raise approximately HKD 880 million, or approximately $112 million. The offering is being managed by a syndicate including CEB International Capital, CMBC Securities, DL Securities, Get Nice Securities, Guosen Securities HK Brokerage and Harmonia Capital.
The IPOX® Newsletters
IPOX® in the News
Reuters reports on SoftBank-backed SB Energy’s U.S. IPO filing as AI infrastructure investment accelerates. IPOX® Research Associate Lukas Muehlbauer comments on the company’s roughly $439 billion backlog, execution risks, and reliance on long-term customer commitments. He notes that investors must assess whether contracted demand can translate into future cash flow, while also weighing the uncertainty surrounding 20-year OpenAI leases in a rapidly evolving AI market and the sustainability of current infrastructure spending trends over the coming years.
IPOX® Associate Lukas Muehlbauer was featured in Bloomberg’s Mideast Money newsletter, providing context on Abu Dhabi’s recent moves to take strategic companies private. He highlighted how similar transactions in other markets have often reflected governments’ desire for greater control over important assets, whether to support long-term investment or restructuring. His comments helped frame the AD Ports and TAQA developments within a broader global pattern of state-led ownership consolidation and strategic market repositioning across public equity markets worldwide today and beyond.
German financial magazine FOCUS MONEY examines Oura’s planned IPO as the wearable technology company builds on strong growth and an expanding digital health platform. IPOX® Associate Lukas Muehlbauer comments on Oura’s positioning ahead of a potential listing, noting its evolution from a young wearable company into an established platform. He also highlights Oura’s focused product strategy versus larger technology groups, as the company targets further growth in the expanding global wearables market and recurring subscription-based customer revenue opportunities.
IPOX® CEO Josef Schuster commented on Lyntris’ New York debut after shares fell 11.4%, valuing the defense contractor at $1.78 billion. Schuster said the market was discounting the company’s capital structure rather than treating it like a venture capital deal. He also noted that higher U.S. bond yields were pushing investors away from riskier, less-seasoned companies, including recent IPOs, even as earnings remained strong. Lyntris priced its IPO below its marketed range and reduced the offering size to 17 million shares, raising $297.5 million.
Reuters reports that Londian Wason’s NYSE debut valued the Chinese copper foil maker at about $2.01 billion, marking the largest U.S. IPO by a Chinese company in more than a year. IPOX® Research Associate Lukas Muehlbauer cautioned that the strong first-day performance, supported by a very low float and potential scarcity premium, should not be viewed as proof of a broader reopening for larger Chinese IPOs. He also highlighted potential future supply risks and customer concentration concerns for longer-term investors.
The IPOX® Update
U.S. IPO activity is led by SB Energy’s planned $5 billion Nasdaq deal, alongside Cumberland Farms’ pre-IPO financing and Golden Pet Brands’ New York plans. In Europe, Nscale is raising $3.5 billion ahead of a potential flotation, while Blackstone prepares Hotel Investment Partners for a Spanish listing. Asia-Pacific remains especially active, with Moonshot AI, Asia OneHealthcare, Ligent, Club Med, Akulaku, Jollibee’s international unit and VinFast-linked GSM all advancing toward Hong Kong or Malaysian IPOs across technology, healthcare, hospitality and mobility.
This week’s IPOX Update highlights several major new listings across the U.S., Europe and Asia-Pacific. Oura is targeting a U.S. IPO of up to $3 billion, while Aggreko has filed for an NYSE listing that could raise about $1 billion. Ursa Major is pursuing a $2.3 billion SPAC transaction, and KNDS is considering reviving its European IPO. In Hong Kong, Syngenta remains a potential $10 billion candidate, while Medcaptain has launched its own offering ahead of a September market debut.
IPO activity accelerated across major markets, led by potentially record-sized U.S. offerings. Anthropic is preparing a public filing, while SB Energy targets at least $5 billion and General Atlantic revived listing plans. In Europe, Quantexa is weighing a London or U.S. IPO. Asia-Pacific activity includes a $1 billion Singapore data-center REIT and several Hong Kong technology listings. In Africa, Dangote Refinery advanced plans for a potential $5 billion Nigerian IPO after securing a $1 billion underwriting programme from its advisers.