Huihe Medical's STAR Market IPO review status was changed to "terminated" on September 24, as the company and its sponsor withdrew the listing application, according to the relevant provisions of the Shanghai Stock Exchange's stock issuance and listing review rules.
Shanghai Huihe Medical Technology Co., Ltd. is primarily engaged in the research, development, production, and sales of innovative medical devices in the panvascular intervention field. Leveraging years of accumulated technical experience, precise understanding of clinical needs, and rapid engineering translation capabilities, the company has successively obtained approval for innovative products in structural heart intervention, vascular intervention, and tumor intervention since 2023, forming a relatively rich product matrix.
In the structural heart intervention field, the company independently developed a globally innovative annuloplasty technique and successfully obtained approval for its core product K-Clip®. This product is currently the only tricuspid annuloplasty repair device approved by mainstream market regulators with a registration certificate worldwide, and the only tricuspid interventional treatment device approved for marketing in China, pioneering a new treatment paradigm for tricuspid regurgitation and filling the gap in domestic tricuspid interventional treatment procedures. Since obtaining NMPA approval in March 2025, the core product K-Clip® has achieved commercial implantation in over 100 terminal hospitals in China, maintaining strong commercialization momentum.
In the vascular intervention field, 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 tumor intervention field, the company developed China's first visualized drug-loaded microsphere product, applied in drug-release intervention for the embolization treatment of hypervascular solid organ malignancies such as liver cancer and lung cancer, and has won bids in a 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 handle market promotion, terminal sales, and logistics in designated authorized regions. Currently, the company has established a professional and efficient sales team and a relatively comprehensive domestic sales network, while actively advancing CE certification for its core products to gradually expand its global sales network.
Financially, for the fiscal 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 recorded net losses of RMB 201 million, RMB 190 million, and RMB 219 million, respectively.
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