SoftBank-backed Noah Medical, a US-headquartered medical robotics company, is preparing for a Hong Kong initial public offering that could raise more than US$100 million, founder Zhang Jian said.

The company could file for the listing as early as next year,

Zhang said the company chose Hong Kong to support its expansion in mainland China after winning approval from China’s drug regulator in November last year.

Noah plans to sell more surgical robots in top-tier and emerging mainland cities, including Hangzhou. It is targeting Sir Run Run Shaw Hospital there. Zhang added that Hong Kong’s Prince of Wales Hospital bought Noah’s equipment.

Noah’s flagship Galaxy System, used for robotic navigated bronchoscopy, received US Food and Drug Administration clearance in 2023.

About 90% of Noah’s revenue comes from the US, where its surgical robots have been used to treat about 15,000 patients, according to Zhang.

Before the planned initial public offering, Noah raised US$150 million in a 2023 series B round.

🔗 Source: South China Morning Post