Analysis of Furui Medical's Hong Kong IPO and Global Expansion Strategy for Liver Disease Testing Equipment

I have now collected sufficient information, and below is a systematic and comprehensive analysis report for you.

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Furui Medical (Stock Code: 300049.SZ), a leading enterprise with over 20 years of expertise in liver disease prevention and treatment, has established a prominent global competitive position[1]. Founded in 1998, the company listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in 2010, becoming the world’s first company focused on “liver fibrosis diagnosis and treatment” as its core business. After years of development, Furui has evolved into a managed healthcare services group integrating pharmaceutical production and sales, medical device R&D and sales, and liver disease and pediatric medical services[5].

The company’s core product, FibroScan®, is the world’s first non-invasive, real-time testing device that utilizes vibration-controlled transient elastography (VCTE™) to quantify liver stiffness. It received EU CE certification in 2003, NMPA registration approval in China in 2008, and US FDA certification in 2013[4]. The device has been widely adopted in more than 120 countries and regions worldwide, diagnosing over 10 million patients each year[1].

FibroScan has established a strong technical moat in the liver disease testing field. As of 2024, the product has over 5,384 clinical research papers and has been recommended in 218 authoritative liver disease guidelines and by academic societies[6]. Prestigious institutions including the World Health Organization (WHO), European Association for the Study of the Liver (EASL), American Association for the Study of Liver Diseases (AASLD), American Diabetes Association (ADA), and National Institute for Health and Care Excellence (NICE) have included FibroScan in liver disease testing guidelines or designated it as an officially recommended liver elastography testing device[1].

In 2024, the world’s first MASH (metabolic dysfunction-associated steatohepatitis) small-molecule drug included FibroScan testing in its instructions for use, marking the further establishment of the product’s core position in the NASH/MASH diagnosis and treatment chain[6].

The company has built a mature global business structure: its management headquarters is located in Beijing, Inner Mongolia serves as its pharmaceutical production base, Paris, France is its R&D hub, and Chengdu is its medical services base. Through holding companies such as France’s Echosens SA, Furui has formed a global layout with Beijing as the management center and Paris, France as the R&D frontier[1]. Its subsidiaries are located in countries and regions including France, the United States, Germany, Spain, the United Kingdom, Italy, Singapore, and Hong Kong, China[6].

According to the company’s announcement, Furui Medical will convene its 2026 First Extraordinary General Meeting on January 5, 2026, to deliberate on 13 related proposals including the “Proposal on the Company’s H-Share Issue and Listing on the Stock Exchange of Hong Kong Limited”[2]. The H-share issue is still subject to approval at the company’s shareholders’ meeting, filing with the China Securities Regulatory Commission, and approval from regulatory authorities such as the Hong Kong Stock Exchange. Specific issuance details will be determined in a timely manner based on market conditions[1].

The Hong Kong IPO market performed strongly in 2025, providing a favorable market environment for Furui Medical’s Hong Kong listing. According to market data, the number of new listings on the Hong Kong Stock Exchange reached 117 in 2025, with total fundraising amounting to HK$285.7 billion, representing year-on-year growth of approximately 67% and 224% respectively compared to 2024, and the fundraising size returned to the global top spot[8]. UBS predicts that the number of listed companies on the Hong Kong Stock Exchange will reach 150 to 200 in 2026, with fundraising expected to exceed HK$300 billion[7][8].

In terms of cornerstone investor enthusiasm, Hong Kong IPO projects remain highly sought after. Taking the recently listed MiniMax as an example, it attracted 14 cornerstone investors, with a total subscription amount of approximately HK$2.723 billion, accounting for over 60% of the total fundraising[7]. Market feedback shows that international long-term capital continues to have strong interest in high-quality Chinese enterprise assets, with clear subscription intentions[7].

According to the company’s disclosure, the funds raised from the Hong Kong IPO will be mainly allocated to the following areas[1][3]:

Fund Use	Specific Content
Advancement of Internationalization Strategy	Expand the global installation scale of FibroScan devices, and increase the international market share of new businesses such as varicose vein treatment
R&D Innovation	Support technological R&D and product iteration and upgrading
Supplementary Operating Capital	Supplement the company’s operating capital and optimize the capital structure
Brand Building	Leverage the platform advantages of Hong Kong as an international financial center to enhance international brand influence

The global liver disease testing market is in a stage of rapid development, with the main growth drivers including:

: With the launch of the world’s first MASH small-molecule drug, demand for early liver disease diagnosis has grown rapidly. Furui Medical has deepened cooperation with international pharmaceutical companies such as Boehringer Ingelheim to jointly eliminate key barriers in disease awareness, real-world evidence, and clinical application[4].

: The number of patients with non-alcoholic fatty liver disease (NAFLD/MASH) is large, with strong concealment and high missed diagnosis rates, driving the popularization of non-invasive diagnostic technologies.

: Global authoritative institutions continue to recommend FibroScan as the gold standard for liver disease testing, expanding the penetration rate of the device in medical institutions at all levels[3].

The company adopts an innovative business model to achieve synergistic development of equipment sales and pay-per-test services[1]:

Business Model	H1 2025 Performance	Proportion
Equipment Sales	RMB 253 million	52.5%
Pay-per-Test, Leasing and Others	RMB 229 million	47.5%
Total Medical Device Business	RMB 482 million	YoY Growth of 13.8%

As of H1 2025, Echosens’ pay-per-test sharing products including FibroScan Go, Box, and Handy have accumulated 977 installations worldwide[1]. The continuous deployment of the pay-per-test model has opened up a stable recurring revenue source for the company, reducing dependence on one-time equipment sales.

Furui Medical has a solid foundation for global expansion:

: Obtained medical device certifications from the three major key markets: EU CE, US FDA, and China NMPA[1][4].

: Over 5,400 peer-reviewed papers and more than 200 international guidelines demonstrate the effectiveness of FibroScan in the diagnosis and treatment of liver diseases[1].

: Through cooperation with international pharmaceutical companies such as Novo Nordisk and Boehringer Ingelheim, the company continues to strengthen its global supply chain and business collaboration capabilities[1].

: The company already has a mature layout in developed markets in Europe and the US, and will focus on the further expansion of international markets such as the US and Europe in the future[5].

Prior to its Hong Kong IPO, Furui Medical faces challenges in internal control and financial compliance. On December 31, 2024, the company received a corrective measure order from the Inner Mongolia Securities Regulatory Bureau, and Chairman Wang Guanyi and Sun Xiuzhen, who was acting as the finance director at the time, simultaneously received warning letters[9].

The main issues include:

Issue Type	Specific Content
Internal Control Defects	Failed to establish internal control and risk management systems for the parent company over important overseas subsidiaries, and internal departments did not conduct necessary inspections and supervision of overseas subsidiaries[9]
Non-Compliant Revenue Recognition	Recognized revenue upon the outbound delivery of pharmaceuticals, rather than upon customer sign-off in accordance with accounting standards, leading to distorted financial statement data for multiple periods[9]
Improper Handling of Sales Returns	A sale with a return clause in June 2023 was fully recognized as revenue, and no timely accounting adjustment was made after the goods were returned and warehoused in August[9]
Imprudent Accounting for Variable Consideration	Failed to make reasonable estimates of variable consideration such as sales discounts and rebates in sales contracts, and recognized revenue in full[9]

Overseas revenue accounted for over 60% of the company’s total revenue in 2023, with operations spanning the globe. The above issues reflect basic governance loopholes that require systematic improvement[9].

: The liver disease testing device market is becoming increasingly competitive, and other manufacturers may launch competitive alternative products.
: The deployment progress of pay-per-test model devices may be affected by factors such as market demand and competitive environment.
: Liver disease diagnosis demand is closely related to NASH drug R&D progress, which may affect the demand for diagnostic devices.
: Fluctuations in the prices of raw materials required for device production may affect the company’s profitability[5].

At the end of 2025, some new Hong Kong-listed stocks experienced breakage. Four companies—Huaren Biotech, Mingji Hospital, Nanhua Futures Co., Ltd., and Impression Dahongpao—saw their first-day declines reach 29%, 49%, 24%, and 35% respectively[7]. This phenomenon reminds investors that although the Hong Kong IPO market is generally active, individual stock performance varies significantly, and high-quality targets need to withstand market tests.

The Hong Kong IPO will provide Furui Medical with a new financing channel, and the raised funds will directly support the implementation of its global expansion strategy. As an important part of the international capital market, the Hong Kong stock market can attract global institutional investors, providing the company with a more diversified source of capital.

Leveraging the platform advantages of Hong Kong as an international financial center, Furui Medical is expected to further enhance its international brand influence[1]. Listing on the Hong Kong stock exchange is an important milestone in the company’s international development, helping to enhance its brand recognition and credibility in the global medical device market.

After listing on the Hong Kong stock exchange, the company will find it easier to attract top international talents, and will also help establish cooperative relationships with leading international scientific research institutions to promote technological innovation and product iteration.

The raised funds will support the company’s strategic upgrade from equipment sales to full-course management services, building Furui’s managed healthcare solution covering “Screening - Assessment - Management - Treatment - Insurance”[1].

Furui Medical’s Hong Kong IPO has a clear strategic logic. On the positive side, the company possesses world-leading non-invasive liver disease diagnostic technology and extensive academic recognition, with the FibroScan product occupying a core position in the NASH/MASH diagnosis and treatment chain. The dual-driver model of “equipment sales + pay-per-test” has shown strong growth momentum, and the global installation scale continues to expand. The Hong Kong IPO will provide sufficient financial support for the company to accelerate the implementation of its global expansion strategy.

However, investors need to pay attention to the following risk factors:

1. Effectiveness of Internal Control Rectification
   : The internal control defects exposed by the company prior to the Hong Kong IPO need to be effectively rectified to rebuild investor confidence;
2. Changes in Market Environment
   : Although the Hong Kong IPO market is generally active, individual stock performance varies. Furui Medical needs to demonstrate sustained performance growth capabilities;
3. Evolution of Competitive Landscape
   : Competition in the liver disease testing device market is intensifying, and the company needs to continue innovating to maintain its leading position;
4. Policy and Regulatory Risks
   : The medical device industry is facing increasingly stringent regulation, and the company needs to ensure product compliance and operational compliance.

Overall, as a global leader in non-invasive liver fibrosis diagnosis, Furui Medical has significant competitive barriers and first-mover advantages in the liver disease testing device field. The Hong Kong IPO is an important milestone in the company’s internationalization strategy, which is expected to provide financial support and brand endorsement for its global expansion. However, the company needs to complete internal control rectification before listing and continue to demonstrate performance growth capabilities after listing to gain long-term recognition from the capital market.

For investors focusing on the globalization of the medical device industry, Furui Medical’s Hong Kong IPO provides an investment target worthy of close tracking. It is recommended to continue paying attention to the company’s listing progress, the use of raised funds, and the actual results of global business expansion.

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[1] Eastmoney - Furui Medical Plans Hong Kong IPO to Rejuvenate International Layout (https://finance.eastmoney.com/a/202512183595605140.html)

[2] Eastmoney - Furui Medical: Will Convene the 2026 First Extraordinary General Meeting on January 05, 2026 (https://finance.eastmoney.com/a/202601043607882365.html)

[3] Yicai - Long-Term Capital Competes to Be Cornerstone Investors “Afraid of Missing Out”, UBS Says Hong Kong IPOs Will Remain Hot in 2026 (https://www.yicai.com/news/102991721.html)

[4] Inner Mongolia Furui Medical Technology Co., Ltd. 2025 Semi-Annual Report (http://static.cninfo.com.cn/finalpage/2025-08-22/1224534514.PDF)

[5] Eastmoney Securities Research Report - In-Depth Analysis of Furui Co., Ltd. (300049.SZ) (https://pdf.dfcfw.com/pdf/H3_AP202406031635290137_1.pdf)

[6] Furui Co., Ltd. Official Website - Company Introduction (https://www.fu-rui.com/about)

[7] Yicai - Long-Term Capital Competes to Be Cornerstone Investors “Afraid of Missing Out”, UBS Says Hong Kong IPOs Will Remain Hot in 2026 (https://www.yicai.com/news/102991721.html)

[8] Zijing Net - Hong Kong’s Role as a Safe Haven for Capital Shines, IPO Fundraising Expected to Reach HK$350 Billion This Year (https://zijing.com.cn/web/article/1458115946676899840/web/content_1458115946676899840.html)

[9] Sina Finance - Received Regulatory Letter Before Hong Kong IPO, Internal Control and Financial Issues Exposed, Furui Medical Faces Major Test (https://finance.sina.cn/2026-01-05/detail-inhfctqp2851044.d.html)