HK Recently Listed Stocks Watch | COFOE MEDICAL (01187.HK): Lock-up Period on Cornerstone Investors' 9.65 Million H Shares to Expire on Nov 5

NewTimeSpace News: On September 24, 2026, COFOE MEDICAL (01187.HK) closed at 29.90 HKD, down 2.67%.

On the news front, according to the Announcement of Final Offer Price and Allotment Results previously disclosed by the company, the 9.65 million H shares held in aggregate by 12 cornerstone investors will see their lock-up undertakings end on November 5, 2026, with the shares becoming tradable from November 6, 2026. The cornerstone investor line-up includes Lens Technology (Hong Kong) Co., Limited, Changsha Yufeng Technology Co., Ltd., Vision (Zhuhai) Private Equity Fund Management Co., Ltd. (in respect of the Vision Capital OTC Swap) and China Galaxy International Investment Co., Ltd., Panjing Gangjing Investment Fund, FR M CONSULTING CO., LTD, Hong Kong Hanqingda Industrial Co., Limited, Dacheng International Asset Management Co., Ltd., Zhongkang Technology Holdings Co., Ltd. and ODI TRUST LIMITED, as well as individual investors Huang Xuelin, Dai Jun'an and Lu Qinchao.

According to public information, COFOE MEDICAL (01187.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 6, 2026, with an offer price of 39.33 HKD, the upper limit of the offer price range, under a Global Offering of 27 million H shares, of which 2.7 million H shares were under the Hong Kong Public Offer, which was 399.08 times oversubscribed, and 24.3 million H shares were under the International Offering, which was 3.4 times oversubscribed; gross proceeds amounted to approximately 1.062 billion HKD and net proceeds to approximately 1.007 billion HKD. No over-allotment option was granted for this offering and no stabilization activities will be carried out; the number of issued shares at the time of listing was 235,897,000, with a board lot size of 100 shares. As an A+H company, the company waived the greenshoe mechanism in exchange for inclusion in Stock Connect (Southbound Trading) on the first day of listing, and its H shares were included in the Stock Connect (Southbound Trading) list with effect from May 6, 2026.

In terms of shareholding structure, the lock-up period for the company's cornerstone investors is 6 months from the listing date, and the shares held by them account for 35.76% of the total number of shares under the Global Offering (27,000,000 shares) and 4.09% of the total number of issued shares of the company immediately after completion of the Global Offering. In addition, the company's controlling shareholders Mr. Zhang Min, Ms. Nie Juan, Changsha Xiezihao Medical Investment Co., Ltd. and Changsha Keyuan Tongchuang Enterprise Management Centre (Limited Partnership) are separately subject to lock-up restrictions under the Listing Rules, with the last day of the first six-month period also being November 5, 2026 and the second six-month period running until May 5, 2027; according to the announcement, the four entities directly hold an aggregate of 112,795,424 shares. The shares held by the controlling shareholders are A shares, which are on a different basis from the supply in the secondary market for H shares.

In terms of results, the company disclosed its 2026 interim report on August 29, 2026. In the first half of 2026, revenue reached 2.072 billion RMB (same unit below), up 38.51% year on year; net profit attributable to shareholders of the listed company was 202 million RMB, up 20.84%; net profit excluding non-recurring gains and losses was 173 million RMB, up 26.73%; gross margin was 55.89%, up 3.4 percentage points year on year; basic earnings per share were 0.95 RMB. By segment, revenue from respiratory support reached 267 million RMB, up 166.90% year on year; revenue from traditional Chinese medicine physiotherapy and others reached 194 million RMB, up 114.54%; revenue from rehabilitation aids reached 742 million RMB, up 31.74%; revenue from medical care reached 511 million RMB, up 20.68%; and revenue from health monitoring reached 303 million RMB, up 11.70%. Net cash flows from operating activities in the same period amounted to 262 million RMB, down 25.33%. For the full year of 2025, the company achieved revenue of 3.387 billion RMB, up 13.56%, and net profit attributable to shareholders of 372 million RMB, up 19.20%.

At the industry level, according to information from Frost & Sullivan cited in the prospectus, based on domestic revenue in 2024, the company ranked second among home medical device companies in China with a market share of approximately 2.1%, ranking first in home rehabilitation aids and first in posture correction bands (Beibeijia). The company's business covers five major segments — rehabilitation aids, medical care, health monitoring, respiratory support and traditional Chinese medicine physiotherapy — with more than 200 product categories, channels covering online e-commerce, directly operated stores and chain pharmacies, and products sold to more than 60 countries and regions worldwide.

On the institutional side, Huatai Securities, in its first coverage report "COFOE MEDICAL: A Leading Home Medical Device Company Poised for Growth" published on August 14, 2026, gave a target price of 45.18 HKD for the company's H shares and 68.00 RMB for its A shares, corresponding to 20 times and 35 times 2026 PE for the H shares and A shares respectively. The institution expects the company's revenue for 2026 to 2028 to be 4.054 billion RMB, 4.827 billion RMB and 5.725 billion RMB respectively, and net profit attributable to shareholders to be 458 million RMB, 564 million RMB and 684 million RMB respectively; it also expressed optimism that ventilators, Beibeijia, hearing care and new health monitoring products will take turns to contribute major incremental growth, noting that revenue from the respiratory support business grew 80.2% year on year in the second half of 2025 and that, as sales of self-developed ventilators ramp up and channels expand, the segment's revenue growth is expected to be 70%, 40% and 30% for 2026 to 2028. On product mix, the institution pointed out that the company's overall gross margin has risen from 36.8% in 2018 to 53.2% in 2025 and further to 55.2% in the first quarter of 2026, while the revenue share and gross margin of self-manufactured products under its own brands reached 51.8% and 58.0% respectively in 2025.

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