Zylox-Tonbridge explores LifeTech merger after US$189M investment deal in China

CHINA** – Zylox-Tonbridge Medical Technology and GL Capital will jointly invest approximately HK$1.48 billion (US$189 million) in LifeTech Scientific, as Zylox-Tonbridge explores a potential merger to expand its vascular and structural heart device businesses in China.**

The investment aims to bring the two medical device manufacturers closer together and establish an integrated platform covering vascular and structural heart interventions.

It will be channelled through GL Lighthouse Two Investment, an entity in which Zylox-Tonbridge holds a 60% stake through an investment of approximately HK$ 889 million (US$ 114 million).

Under the agreement, Lighthouse Two will subscribe for newly issued shares representing approximately 16.7% of LifeTech’s enlarged share capital.

GL Capital strengthens Zylox-Tonbridge investment

Separately, GL Capital will acquire 39.8 million newly issued Zylox-Tonbridge shares at HK$22 (US$2.81) each, representing approximately 10.8% of the company’s enlarged share capital.

The subscription price represents a 13.5% premium to Zylox-Tonbridge’s closing share price on the announcement date and a 15.4% premium to its average closing price over the preceding five trading days.

Zylox-Tonbridge plans to use the proceeds to support its international commercial expansion and potential future investments in LifeTech.

Chairman Dr Jonathon Zhong Zhao said the companies’ established operating capabilities and growing international presence create opportunities to capture synergies, strengthen competitiveness, and support the company’s development as a global medical technology business.

Complementary medical device portfolios

The proposed combination brings together Zylox-Tonbridge’s peripheral vascular and neurovascular businesses with LifeTech’s aortic and structural heart operations.

This would broaden the combined portfolio across several cardiovascular intervention segments, potentially strengthening its position in China’s medical device market and supporting access to international markets.

LifeTech has also been expanding its overseas business. During the first half of 2026, its revenue from markets outside Mainland China increased by 349.3% year on year.

In 2025, the company generated approximately 400 million yuan (US$55.5m) in international revenue, representing annual growth of about 14.4% and nearly 30% of its total revenue. Asia and Europe were its main international markets.

Its product portfolio also includes an iron-based bioabsorbable material technology platform, which supports the development of medical devices designed to gradually dissolve after performing their intended function.

Zylox-Tonbridge markets medical devices through its Tonbridge Medical and Zylox Medical businesses.

By August 2026, it had secured 69 regulatory approvals in China and supplied products to more than 3,500 hospitals nationwide.

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