Tangji Medical: Nine years of cumulative losses exceeding 400 million yuan, rapid IPO led to heated discussions after large-scale capital increase | IPO Observation
Hangzhou Tange Medical Technology Co., Ltd. plans to list on the Hong Kong Stock Exchange. From its establishment in 2016 to the end of June 2026, the company incurred cumulative losses of over 440 million yuan over nine years. During this period, its revenue was 12.709 million yuan, 32.21 million yuan, and 23.69 million yuan respectively, while the losses were 65.957 million yuan, 88.33 million yuan, and 68.327 million yuan respectively. The proportion of these expenses to current operating income was as high as 593.71%, 346.72%, and 400.28% respectively, and its current ratio has long been below 1. After completing a 225 million yuan C+ round of financing from November 2025 to June 2026, Tange Medical received acceptance from the Hong Kong Stock Exchange in August 2026 and quickly filed for an IPO. Its rapid pace of financing has raised doubts in the market about the necessity of such fundraising.
Hangzhou Tangji Medical Technology Co., Ltd. (hereinafter referred to as “Tangji Medical”) plans to list on the Hong Kong stock market through an IPO. From its establishment in 2016 until the end of June 2026, the company incurred cumulative losses of over 440 million yuan over nine years; after accounting for share reform factors, the unappropriated profit losses amounted to more than 440 million yuan. During the reporting period, the company’s revenues were 12.709 million yuan, 32.21 million yuan, and 23.69 million yuan respectively, while the losses during the same period were 65.957 million yuan, 88.33 million yuan, and 68.327 million yuan. The combined proportion of three types of expenses to current operating income was as high as 593.71%, 346.72%, and 400.28% respectively, and the current ratio has long been below 1. After completing a 225 million yuan C+ round of financing from November 2025 to June 2026, Tangji Medical received acceptance from the Hong Kong Stock Exchange in August 2026 and promptly submitted an IPO application. The rapid pace of financing raised doubts in the market about the necessity of such fundraising.