Huihe Medical’s STAR Market IPO Terminated After Withdrawal and On-Site Inspection Selection
Shanghai Huihe Medical Technology Co., Ltd. terminated its STAR Market IPO on September 24 after the company and its sponsors withdrew the application. The medical device firm, which had planned to raise 1.11 billion yuan, was among 21 companies selected for on-site inspection by the Securities Association of China on July 1. Huihe Medical reported revenues of 102 million yuan and net losses of 219 million yuan in 2025, with accumulated uncovered losses of 738 million yuan.
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Cross-source coverage
Common ground
- Huihe Medical has genuine technological innovation with its K-Clip® device, the only approved tricuspid intervention in China.
- The company's financials show significant losses and negative cash flow, raising sustainability questions.
- The US biotech crash of 2022 serves as a cautionary tale about hype-driven markets.
- Patient lives and access to life-saving technology are important considerations in this debate.
Points of contention
- Whether the IPO withdrawal shows market maturity or a double standard against Chinese innovation.
- If the on-site inspection was neutral regulation or a political signal to limit private capital access.
- Whether China should tolerate losses like Silicon Valley does, or demand clearer profitability paths.
- If the 'human cost' argument prioritizes patients or ignores long-term market stability.
Blind spots
- The debate overlooks how global power imbalances shape the rules for capital markets.
- There's little discussion of alternative funding sources, like government grants or venture capital, for such companies.
- The specific addressable market and cost-effectiveness of K-Clip® for tricuspid patients is not examined.
- The long-term impact on investor trust and sector-wide innovation if similar companies are repeatedly blocked is ignored.
WorldAttention’s read
The roundtable shows a clear split: one side sees Huihe Medical's IPO withdrawal as proof of China's capital markets maturing with responsible discipline, while the other views it as a symptom of a rigged system that punishes Chinese innovators with stricter standards than Western ones. Both agree the company has real technology and that the US biotech crash warns against hype, but they clash over whether patient capital or financial prudence should come first. The debate misses deeper issues like global power dynamics in market rules and the lack of alternative funding paths for such firms. Ultimately, the core tension is between building sustainable markets and giving breakthrough innovations the time and trust they need to scale.
Reporting timeline
Huihe Medical Terminates STAR Market IPO After Being Selected for On-Site Inspection, Originally Planned to Raise 1.11 Billion Yuan
Shanghai Huihe Medical Technology Co., Ltd. and its sponsors, Dongwu Securities and Guotai Haitai Securities, withdrew their IPO application, leading the Shanghai Stock Exchange to terminate the review for a STAR Market listing on September 24. The company had originally planned to raise 1.11 billion yuan for production, new product development, overseas clinical trials, and working capital. Notably, Huihe Medical was among 21 companies selected for on-site inspection by the Securities Association of China on July 1. The company develops innovative medical devices for the pan-vascular intervention field, with its core product, the transcatheter tricuspid annuloplasty system K-Clip®, receiving NMPA approval in March 2025. Financial data from 2023 to 2025 shows revenues of 2.8 million, 27 million, and 102 million yuan respectively, with net losses of 201 million, 190 million, and 219 million yuan. The company warned that if product sales underperform and R&D spending remains high, it may not achieve profitability and could face delisting conditions. Cumulative uncovered losses reached approximately 738 million yuan by the end of the reporting period.
Read sourceHuihe Medical Terminates STAR Market IPO After Being Selected for On-Site Inspection
Shanghai Huihe Medical Technology Co., Ltd. has terminated its initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market, according to a September 24 disclosure. The company and its sponsors, Dongwu Securities and Guotai Haitong, withdrew the application. Huihe Medical had planned to raise 1.11 billion yuan for production centers, new product development, overseas clinical trials, and working capital. The company warned that if product sales underperform and R&D spending remains high, it may continue to be unprofitable and could trigger delisting conditions. Notably, Huihe Medical was among 21 companies selected for on-site inspection in the fourth batch of 2026 by the China Securities Association on July 1. The company develops innovative medical devices for the pan-vascular intervention field and received NMPA approval in March 2025. Its IPO application was filed on June 30 using the fifth set of listing standards. Financial data shows revenues of 2.8 million yuan (2023), 27 million yuan (2024), and 102 million yuan (2025), with net losses of -201 million, -190 million, and -219 million respectively. Accumulated losses reached 738 million yuan. Operating cash flow was negative for three consecutive years. R&D expenses totaled over 330 million yuan over three years. The company attributed losses to high R&D costs and share-based payments. Its core product, the K-Clip® transcatheter tricuspid annuloplasty system, remains in early commercialization.
Read sourceShanghai Huihe Medical Technology Withdraws STAR Market IPO After Being Selected for On-Site Inspection
On September 24, the Shanghai Stock Exchange website showed that the STAR Market IPO review status of Shanghai Huihe Medical Technology Co., Ltd. (Huihe Medical) changed to 'terminated' because the company and its sponsors, Dongwu Securities and Guotai Haitong Securities, applied to withdraw the issuance and listing application. Huihe Medical's STAR Market IPO application was accepted on June 30, 2026, and entered the inquiry stage on July 23, 2026. The company was among those selected for the China Securities Association's fourth batch of on-site inspection spot checks for initial public offerings in 2026, announced on July 1. According to the prospectus, Huihe Medical, founded in May 2019, develops, produces, and sells innovative medical devices for the pan-vascular intervention field. Its main product is the K-Clip transcatheter tricuspid annuloplasty system for interventional treatment of severe tricuspid regurgitation. K-Clip received National Medical Products Administration approval in March 2025, becoming the first approved tricuspid heart interventional medical device in China. The company reported revenues of 2.8037 million yuan, 26.9882 million yuan, and 102 million yuan for 2023-2025, with net losses of 201 million yuan, 190 million yuan, and 219 million yuan respectively. As of end-2025, accumulated uncovered losses reached 738 million yuan. The company planned to use the STAR Market fifth set of listing standards and originally aimed to raise 1.11 billion yuan. The article notes that the China Securities Association has conducted four rounds of on-site inspections in 2026, covering 40 companies, above the historical average. Industry insiders commented that IPO on-site inspections serve as a 'physical examination' of applicant quality to prevent problematic applications from undermining market trust, particularly for STAR Market applicants where regulators need to verify technological attributes.
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Shanghai Huihe Medical Technology's STAR Market IPO Terminated After Withdrawal
Shanghai Huihe Medical Technology Co., Ltd. (Huihe Medical) has had its initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market terminated, effective September 24. The company and its sponsor withdrew the listing application, leading the exchange to end the review process under Article 63 of its stock issuance review rules. Huihe Medical specializes in innovative medical devices for pan-vascular intervention, including structural heart, vascular, and tumor intervention products. Its core product, K-Clip®, is a globally innovative tricuspid valve annuloplasty repair device, the only one approved by a major market regulator and the only approved tricuspid intervention device in China. Since its NMPA approval in March 2025, K-Clip® has been commercialized in over 100 hospitals. The company also developed China's first domestically approved intravascular shockwave catheter and a visible drug-loaded microsphere for tumor embolization. Financially, Huihe Medical reported revenues of approximately 2.80 million yuan (2023), 26.99 million yuan (2024), and 102 million yuan (2025), with net losses of 201 million, 190 million, and 219 million yuan respectively over the same periods.
Shanghai Huihe Medical IPO Terminated; Revenue 1 Billion, Loss 2.2 Billion
Shanghai Huihe Medical Technology Co., Ltd. (Huihe Medical) has had its initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market terminated. The company, which develops innovative medical devices for pan-vascular interventions, had planned to raise 11.1 billion yuan ($1.5 billion). According to its prospectus, Huihe Medical reported revenues of 280 million yuan in 2023, 269.9 million yuan in 2024, and 1 billion yuan in 2025, with net losses of 2 billion, 1.9 billion, and 2.2 billion yuan respectively. The company's core product, K-Clip, a tricuspid valve annuloplasty repair device, received NMPA approval in March 2025 and has been commercialized in over 100 hospitals. Founder Lin Lin controls 51.22% of the voting rights. The funds were intended for production centers, new product development, overseas clinical trials, and working capital.
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