Huihe Medical Science and Technology Innovation Board IPO “terminated”, focusing on innovative medical device products in the field of pan-vascular intervention

The Zhitong Finance App learned that on September 24, the IPO review status of Shanghai Huihe Medical Technology Co., Ltd. (abbreviation: Huihe Medical) was changed to “terminated” on the Science and Technology Innovation Board of the Shanghai Stock Exchange. Due to the withdrawal of the issuance and listing application by Huihe Medical and its sponsor, the Shanghai Stock Exchange terminated its issuance and listing review in accordance with the relevant provisions of Article 63 of the “Shanghai Stock Exchange Stock Issuance and Listing Review Rules”.

Huihe Medical is mainly engaged in R&D, production and sales of innovative medical devices in the field of pan-vascular intervention. Relying on years of technical experience, accurate grasp of clinical needs, and rapid engineering transformation capabilities, the company has successively been approved to launch innovative products related to structural cardiac intervention, vascular intervention and tumor intervention since 2023, forming a rich product matrix.

In the field of structural cardiac intervention, the company independently developed a globally innovative valve ring contraction technology and was successfully approved as the core product K-Clip®. This product is currently the only tricuspid valve contraction repair device approved by mainstream market regulators in the world and the only tricuspid valve interventional treatment device approved for marketing in China. It has pioneered a new treatment paradigm in the field of tricuspid valve reflux disease and filled the gaps in domestic tricuspid valve interventional treatment.

The core product K-Clip® has been commercially implanted in more than 100 domestic terminal hospitals since it was approved by the NMPA for marketing in March 2025, and has maintained a good commercialization momentum.

In the field of vascular intervention, the company developed the first domestic endovascular shock wave catheter product approved in China, which can achieve all-circumferential and all-axial shock waves, and has achieved a good clinical reputation since its launch; in the field of tumor intervention, the company developed the first domestic microsphere product that can be used to treat embolization of vascular parenchymal organ malignant tumors in the field of drug release intervention, such as liver cancer and lung cancer. It has now won the bid for a local alliance led by Gansu Province.

In terms of sales, the company uses a distribution model. The company is responsible for overall market education, medical support, national and provincial network access, and dealers are responsible for marketing, terminal sales and logistics in designated authorized regions. At present, the company has built a professional and efficient sales team and a relatively complete domestic sales network, while actively promoting CE certification for core products to gradually expand the global sales network.

On the financial side, in 2023, 2024 and 2025, the company achieved operating income of approximately 2,8037 million yuan, 26.982 million yuan, and 102 million yuan; during the same period, the company achieved net profit of -201 million yuan, -190 million yuan, and -219 million yuan, respectively.