Medical Device Maker Nuoling Bio Refiles for Hong Kong IPO

Nanjing Nuoling Biotechnology, a Chinese medical device company specializing in cardiopulmonary therapies, has resubmitted its application for an initial public offering on the main board of the Hong Kong Stock Exchange. According to a filing disclosed on August 28, CCB International is the sole sponsor for the proposed listing.

Nuoling Bio, established in 2018, develops and commercializes devices for inhaled nitric oxide (iNO) therapy, cardiopulmonary support, and breath diagnostics. The company stated that all of its products are developed in-house.

Commercial Operations and Financials

Nuoling Bio's portfolio includes five approved products and five candidates in its development pipeline. Its core product is iNOwill, an on-demand iNO therapy system approved by China's National Medical Products Administration (NMPA) in 2022 and awarded a CE mark in the European Union in 2025, according to the prospectus.

The company has established a significant commercial presence, with its products used in nearly 700 hospitals across 31 provinces in mainland China. It has also begun commercialization in 10 overseas markets, including France and Hungary. Despite its expanding reach, the company remains unprofitable as it invests in growth.

Key financial figures from the filing include:

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• Revenue: Grew from ¥45.5 million in 2024 to ¥63.2 million in 2025, with ¥58.1 million recorded in the first six months of 2026.
• Gross Margin: Stood at 59.3% in 2024, 55.9% in 2025, and 59.8% in the first half of 2026.
• Net Loss: The company reported net losses of ¥86.2 million in 2024, ¥95.3 million in 2025, and ¥51.9 million in the first six months of 2026.

Market Outlook and Strategy

The IPO filing highlights a major technological shift in the iNO therapy market from traditional, cylinder-based gas delivery to on-demand generation systems, which is Nuoling Bio's focus. The on-demand segment is projected to grow at a compound annual growth rate (CAGR) of 34.2% globally between 2025 and 2030, far outpacing the legacy cylinder market.

This trend is particularly pronounced in China, where the iNO therapy market is forecast to expand from an estimated ¥90.1 million in 2025 to ¥2.96 billion by 2035, a CAGR of 44.0%. The growth is expected to be driven by increased hospital adoption and the convenience of on-demand systems.

Nuoling Bio's strategy involves expanding the clinical applications for its iNOwill device beyond pulmonary hypertension to include conditions like Acute Respiratory Distress Syndrome (ARDS) and Chronic Obstructive Pulmonary Disease (COPD). This aims to extend the use of iNO therapy from intensive care units to broader respiratory disease management.