Shenzhen Beixin Life Technology Co., Ltd. (Beixin Life) was officially listed on the STAR Market of the Shanghai Stock Exchange on February 5, 2026. This marks another significant listing following the resumption of the fifth set of listing standards on the STAR Market. The company aims to raise 952 million yuan through this IPO, with proceeds primarily allocated to the construction of an industrial base for interventional medical devices and related research and development projects.
Beixin Life was founded on December 11, 2015, by Dr. Song Liang, an expert in biomedical engineering, alongside seasoned professionals from the medical industry. Dr. Song, a graduate of Washington University in St. Louis, returned to China and joined the Shenzhen Institutes of Advanced Technology, Chinese Academy of Sciences, where he established a laboratory focused on biomedical optics and molecular imaging. During his research, Dr. Song identified unmet clinical needs in the precise interventional diagnosis and treatment of coronary heart disease, prompting his transition from academia to industry.
The company has strategically positioned itself in the cardiovascular precision intervention field, developing product lines for coronary artery disease, peripheral vascular disease, and atrial fibrillation. Over nearly a decade, Beixin Life has evolved from a single-product company into a comprehensive medical device enterprise with 11 commercialized products and 6 products under development. Its portfolio spans five categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiology solutions.
Core competitiveness is built upon two innovative products: the Fractional Flow Reserve (FFR) measurement system and the Intravascular Ultrasound (IVUS) diagnostic system. The FFR system, approved by the National Medical Products Administration in 2020, was the first domestically produced gold-standard FFR product. It utilizes innovative MEMS sensor technology. In July 2022, the company's self-developed IVUS system received market approval, becoming China's first 60MHz high-definition, high-speed IVUS product. This product was recognized as a Guangdong Provincial Manufacturing Champion Product in January 2026.
The company continues to enhance its product portfolio. In July 2025, it secured three Class III medical device registrations within 17 days. As of June 30, 2025, Beixin Life held 185 authorized patents domestically and internationally, including 86 invention patents and 14 PCT international patent applications. The company has established four core technology platforms.
According to its prospectus, the company's operating revenue grew rapidly from 92 million yuan in 2022 to 184 million yuan in 2023, and 317 million yuan in 2024, with a 72% year-on-year increase in 2024 largely driven by IVUS system sales. Net loss attributable to shareholders narrowed significantly from -290 million yuan in 2022 to -140 million yuan in 2023, and further to -44 million yuan in 2024. Notably, the company achieved profitability in the first quarter of 2024, with a net profit of 20.61 million yuan.
By the end of 2024, Beixin Life's products had entered approximately 1,000 hospitals globally, covering 30 provinces in China and expanding to over ten overseas countries. Overseas revenue surged nearly 160% year-on-year to 38.83 million yuan in 2024. In terms of product revenue composition for 2024, the FFR system contributed 77.46 million yuan (24.48% of total revenue), the IVUS system contributed 217 million yuan (68.62%), and vascular access products contributed 21.82 million yuan (6.90%), establishing the IVUS system as the primary revenue source.
Sequoia Capital China participated in at least five funding rounds for Beixin Life. Through its Sequoia ZSheng Fund, it holds a 10.1759% stake, making it the second-largest shareholder. Other investors have included GTJA Investment, HeTang Capital, and numerous others throughout various funding rounds from 2020 to 2022.
The company's shareholding structure is relatively dispersed. Founder Dr. Song Liang directly holds 16.1530% of shares and controls 29.5670% of voting rights through an employee持股 platform. The second to fourth largest shareholders are Sequoia ZSheng, Decheng Insight, and SDIC Unity, holding 10.1759%, 9.6743%, and 7.1479% respectively. A prior valuation adjustment mechanism was terminated upon the IPO application submission.
The innovative medical device industry is a strategically supported sector in China. The cardiovascular interventional device market is the second-largest globally and one of the fastest-growing segments in China, with a projected market size exceeding 90 billion yuan by 2026. Despite this promising outlook, challenges remain. Some of Beixin Life's products have been included in centralized procurement programs in various provinces, and broader inclusion is anticipated, posing long-term challenges related to pricing pressure and market share fluctuations.
Competition in the IVUS and FFR segments is intense, featuring international giants like Boston Scientific and Philips, as well as domestic players. The company acknowledges that while its core products are approved and hold a market position, commercialization is still in early stages compared to established international competitors.
Beixin Life's listing signifies the maturation of Chinese innovative medical device companies from technology followers into formidable global competitors. Supported by investors like Sequoia China, such companies are poised to play an increasingly vital role in the large cardiovascular interventional device market.