On September 7, Medcaptain Medical Technology Co., Ltd. was listed on the Main Board of the Hong Kong Stock Exchange. The stock fell over 40% on its first day of trading, then rebounded by 8.4% the following day. My interest in this event is not financial but strategic, as its listing provides a window into its minimally invasive intervention business, which encompasses rigid endoscopes, flexible endoscopes, and associated consumables. This naturally brings its subsidiaries, Jiangsu Vedkang Medical Science and Technology Co., Ltd. and Meirunda, into focus. A review of the prospectus is timely, as it coincides with the conclusion of the national centralized procurement (“VBP”) volume reporting for digestive intervention consumables, with bidding scheduled for September 10.
1. Vedkang, Medcaptain, AGS, and OptoMedic
Medcaptain acquired Vedkang Medical for RMB 1.7 billion and Meirunda for a nominal fee of RMB 5 (essentially assuming RMB 20.38 million in liabilities). At the time of the acquisition in 2021, Vedkang had an annual revenue of RMB 462 million and a net profit of RMB 31.2 million. By 2025, its revenue had grown to RMB 809 million. AGS Medical and OptoMedic are mentioned here merely for benchmarking purposes. For example, AGS Medical, another direct endoscopic consumables manufacturer, reported revenue of RMB 594 million in 2025 and RMB 302 million in H1 2026 (representing a year-on-year decline).
Medcaptain’s minimally invasive intervention segment now accounts for 49.4% of its revenue (Q1 2026). Notably, its urology products saw a year-on-year decline of approximately 30% in Q1 2026, potentially linked to the VBP policy or the integration of Vedkang.
Regarding Meirunda, Medcaptain’s acquisition wasn’t simply about the assets; it was an RMB 200 million investment that purchased an 11-year R&D team for rigid endoscopes, an endoscopic system development platform, and a crucial entry ticket into the rigid endoscope market. Both Meirunda and OptoMedic were early players in fluorescence laparoscopy. Meirunda was acquired due to its debt, while OptoMedic has leveraged its core fluorescence products to become the third-largest domestic player—a stark contrast in trajectories.
2. Vedkang’s Market Share and the VBP Landscape
The prospectus reveals that Vedkang held a 21.5% share of the Chinese digestive consumables market, ranking third, and a 7.5% share of the single-use choledochoscope market, ranking fourth. It was among the top three in the digestive minimally invasive consumables market from 2022 to 2025 and among the top five in the single-use choledochoscope market from 2023 to 2025, based on sales value.
It is a matter of some speculation—and likely disappointment for Medcaptain—that Vedkang was not included in this round of national VBP for digestive consumables. With the soft endoscope market, Medcaptain has now launched upper and lower GI endoscopes. AGS Medical has also entered the GI endoscope market, albeit slightly later than Vedkang. My preliminary assessment of their respective scopes and handling is ongoing.
A key question remains: as consumable manufacturers enter the endoscope equipment market, will they flourish, struggle with the different market dynamics, or simply see a moderate level of success?
3. Market Outlook
According to data in the filing, the Chinese endoscopic minimally invasive intervention market is projected to grow from RMB 28.3 billion in 2025 to RMB 52.8 billion by 2030, representing a CAGR of 13.3%.
About ZRHmed – Your Regulatory Fast-Track Partner for Endoscopic Consumables
As China’s endoscopic minimally invasive intervention market races toward RMB 52.8 billion by 2030, regulatory speed and reliability have become decisive advantages for distributors and healthcare providers. ZRHmed (Jiangxi Zhuoruihua Medical Instrument Co., Ltd.) stands out not only as a manufacturer of MDR CE certified and ISO 13485 accredited endoscopic consumables – including biopsy forceps, polypectomy snares, hemostatic clips, sclerotherapy needles, guidewires, stone retrieval baskets, sphincterotome and nasal biliary drainage catheters – but also for its strong regulatory affairs team.
We understand that time-to-market is critical. That is why we provide responsive regulatory support within 3–5 working days, helping partners navigate local registration, tender requirements, and market access with confidence. Combined with Tier-1 distribution partnerships and direct factory pricing, ZRHmed offers a fast-track path to market.
Whether you are entering the gastroenterology, endourology, or pulmonology space, our team is ready to support your growth with reliable products and rapid regulatory response. Contact us to explore how our regulatory expertise can accelerate your business.
Post time: Sep-28-2026