HANGZHOU – November 06, 2026 -- Zylox-Tonbridge Medical Technology (HKEX: 2190) and GL Capital will jointly invest about HK$1.482 billion in LifeTech Scientific (HKEX: 1302) for roughly 16.7% of its enlarged share capital. Zylox-Tonbridge also intends to pursue a potential merger with LifeTech.
Lighthouse Two vehicle becomes LifeTech's largest shareholder
The investment runs through GL Lighthouse Two Investment Limited, which will subscribe for newly issued LifeTech shares. On completion, Lighthouse Two becomes LifeTech's largest single shareholder. Zylox-Tonbridge holds 60% of the vehicle through an investment of about HK$889 million.
Both investors may acquire additional LifeTech shares to support closer collaboration.
GL Capital buys 10.8% of Zylox-Tonbridge at a 13.5% premium
In a related transaction, GL Capital will subscribe for 39.8 million new Zylox-Tonbridge shares at HK$22 each, about 10.8% of the enlarged share capital. The price is a 13.5% premium to the closing price on the announcement date and a 15.4% premium to the five-day average close. Proceeds will fund potential future LifeTech investments and international business development.
Deal combines four therapeutic areas
The combination would pair Zylox-Tonbridge's peripheral vascular and neurovascular businesses with LifeTech's aortic and structural heart franchises. Zylox-Tonbridge Chairman Dr. Jonathon Zhong Zhao said the deal "marks an important milestone" toward an integrated vascular and structural heart platform in China.
LifeTech holds more than 50 medical device registration certificates in China, and 20 of its products have been accepted into the country's special review procedure for innovative medical devices. As of June 30, 2026, it had filed 2,608 valid patent applications, including 1,370 granted patents. Its portfolio includes left atrial appendage occluders, congenital heart defect occluders and the G-Branch thoracoabdominal aortic stent graft system.
Zylox-Tonbridge, through its Zylox Medical and Tonbridge Medical brands, serves more than 3,500 hospitals in China. Six more of its products have entered the special review procedure since the start of 2025, and 69 products had NMPA approval as of August 2026.
Overseas sales give both companies an international base
Zylox-Tonbridge reported a 349.3% year-over-year rise in revenue from markets outside Mainland China in the first half of 2026. Its products are commercialized in more than 70 countries and regions outside Mainland China, backed by a distribution network spanning more than 135. The company built its European footprint by acquiring and integrating Germany-based vascular intervention company optimed.
LifeTech operates seven subsidiaries outside Mainland China and sells in nearly 120 countries and regions. Its 2025 overseas revenue reached nearly RMB400 million, up about 14.4% and close to 30% of total revenue, with Europe and Asia the main contributors.
GL Capital, a China-focused healthcare investor managing more than RMB30 billion in assets, is the financial partner on both transactions.