Huihe Medical's STAR Market IPO "terminated"; mainly engaged in pan-vascular interventional Innovative Medical Management device products.

On September 24, the IPO review status of Shanghai Huihe Medical Technology Co., Ltd. (referred to as: Huihe Medical) on the Shanghai Stock Exchange STAR Market was changed to "terminated." As Huihe Medical and its sponsor withdrew the issuance and listing application, in accordance with the relevant provisions of Article 63 of the Shanghai Stock Exchange Rules for the Review of Stock Issuance and Listing, the Shanghai Stock Exchange terminated its issuance and listing review. Huihe Medical is mainly engaged in the research and development, production, and sales of Innovative Medical Management devices in the pan-vascular intervention field. Relying on years of accumulated technical experience, a precise grasp of clinical needs, and rapid engineering translation capabilities, the company has successively obtained approval for marketing of related innovative products in the fields of structural heart intervention, vascular intervention, and tumor intervention since 2023, forming a relatively rich product matrix. In the field of structural heart intervention, the company independently developed the globally innovative annuloplasty technology and successfully obtained approval for its core product K-Clip. This product is currently the world's only tricuspid annuloplasty repair device approved by mainstream market regulatory authorities with a registration certificate, and is also the only approved and marketed tricuspid valve interventional treatment device in China, creating a new treatment paradigm in the field of tricuspid regurgitation and filling the gap in domestic tricuspid valve interventional treatment procedures. Since the core product K-Clip obtained NMPA approval for marketing in March 2025, it has achieved commercial implantation in more than 100 terminal hospitals in China, maintaining good commercialization momentum. In the field of vascular intervention, the company developed China's first approved domestic intravascular shockwave catheter product, which can achieve full circumferential and full axial shockwaves, and has gained a good clinical reputation since its launch; in the field of tumor intervention, the company developed China's first developable drug-loaded microsphere product, used in drug-release intervention for the embolization treatment of hypervascular solid organ malignant tumors, such as liver cancer and lung cancer, and has currently won bids in the local alliance centralized procurement led by Gansu Province. In terms of sales, the company adopts a distribution model. The company is responsible for overall market education, medical support, and national and provincial listing access, while distributors are responsible for market promotion, 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 advancing CE certification for core products to gradually expand its global sales network. In terms of financials, for the years 2023, 2024, and 2025, the company achieved operating revenue of approximately RMB 2.8037 million, RMB 26.9882 million, and RMB 102 million, respectively; during the same periods, the company achieved net profits of RMB -201 million, RMB -190 million, and RMB -219 million, respectively.