HH Healthcare Completes Series C Financing, Pioneering China-Originated Cardiovascular Devices onto the Global Stage

VCBeat (WeChat ID: vcbeat) learned that Shanghai Huihe Healthcare Technology Co., Ltd. ("Huihe Healthcare" for short) announced the completion of two consecutive rounds of financing totaling hundreds of millions of yuan. The C1 round was exclusively completed by Guotai Junan Innovation Investment, while the C2 round was led by Shanghai Science and Technology Innovation Fund and its affiliates, with G60 Science and Technology Innovation Fund and Shanghai Songjiang State Investment jointly following up with investment from Jiuting Town. Existing shareholders IDG Capital, Sherpa Healthcare Partners, and GF Capital continued to increase their investments.

HuiHe Healthcare is a world-leading cardiovascular intervention platform company with independent innovation capabilities, focusing on the research and development, production, and commercialization of cardiovascular interventional medical devices. It launches high-quality, originally developed products to the global market, working alongside doctors to bring health and happiness to patients.

The company has independently developed world-leading products in the fields of structural heart disease, vascular intervention, and intelligent intervention. The core product is K-Clip.^®Transcatheter Tricuspid Annuloplasty System and C-Wave^®The vascular shock wave system has completed confirmatory clinical studies in China and is about to enter commercialization. The company holds a globally authorized invention patent for K-Clip.^®Conducting CE confirmatory clinical trials simultaneously in Europe.

In the past year, HuiHe Healthcare won the second prize in China's 10th National Innovation and Entrepreneurship Competition (first place in the China medical device group) and K-Clip.^®Won the HCA (Healthcare Innovation Asia) Cardiovascular Device of the Year Award.

In the process of building a cardiovascular intervention platform, HuiHe Healthcare has established a comprehensive R&D, quality management, clinical registration, and production system. It has not only become an enterprise implementing intellectual property standards but also accumulated more than 200 patent applications, including over 120 invention patents, of which 20 invention patents have been authorized. The company has also obtained ISO13485 quality system certification, as well as sales and production licenses.

Ms. Lin Lin, founder and CEO of HuiHe Healthcare, stated:

"HuiHe Healthcare has proven the K-Clip^®The concept and implementation technology are practical solutions for severe tricuspid regurgitation, bringing hope to more than 150 Chinese patients and dozens of overseas patients. Its safety, effectiveness, and ease of operation all have advantages compared to similar products abroad. In the future, HuiHe Healthcare will continue to accelerate its overseas expansion, completing access in Europe, the United States, and other countries, bringing high-end medical devices made in China to the world."

Shanghai Kechuang Fund stated:

”HuiHe Healthcare, as a representative of domestically innovative medical device companies in China, is based on its self-developed technology with global intellectual property rights. By establishing a complete set of R&D, testing, clinical, and production systems, it is expected to provide high-end medical device products at an internationally advanced level for patients worldwide in the future. The Shanghai Science and Innovation Fund and its affiliates are pleased to continue their support for HuiHe Healthcare and will fully back the company in continuously launching innovative products, setting a new benchmark for original high-end medical devices in China.

Jiang Wei, Chairman of Guotai Junan Innovative Investment, said:

"HuiHe Healthcare is a leading enterprise in China that focuses on the field of interventional medical devices for structural heart disease. It owns China's first self-developed transcatheter tricuspid valve repair system and has significant advantages in R&D capabilities and market layout. Driven by multiple factors such as demand and policy, Guotai Junan Innovative Investment is highly confident in the future development of HuiHe Healthcare. We are willing to accompany the company and the industry in growing together steadily and achieving long-term success. We also look forward to HuiHe Healthcare leading the high-quality development of China’s medical device industry, forging a unique path of innovation for domestically produced products, and accelerating its journey toward the vast international market."

G60VCBeat said:

"HuiHe Healthcare has a rich R&D pipeline, focusing on the 'blue ocean' market of tricuspid valve intervention. Its core product is a domestic innovation and even holds global leadership. The management team combines medical and engineering expertise with a reasonable structure. Over the years, the company has consistently prioritized R&D investment, achieving outstanding results in the transformation of scientific and technological achievements. The G60 Science and Technology Innovation Fund is delighted to partner with HuiHe Healthcare and is committed to supporting its swift entry into the capital market to become an excellent publicly listed innovative medical device enterprise."

Representative of the existing shareholder IDG Capital stated:

"IDG Capital has been continuously paying attention to the growth of HuiHe Healthcare, witnessing the professionalism and ambition of the HuiHe Healthcare team. Over the past year, HuiHe Healthcare has achieved phased results in product development and clinical trials, constantly surpassing preset timelines. IDG Capital is pleased to continue investing in HuiHe Healthcare alongside both new and existing shareholders, helping it reach new heights."

HuiHe Healthcare is a cardiovascular interventional platform company with independent innovation capabilities, offering independently developed, world-leading products in the fields of cardiac intervention, vascular intervention, electrophysiological intervention, and interventional surgical robots.

HuiHe Healthcare's Invention: The Tricuspid Annuloplasty Repair System K-Clip^TMHas completed the confirmatory clinical trial in China (NMPA), and is simultaneously conducting global multi-center clinical trials. Participated in the compilation of industry consensus, published several high-impact articles, and gained widespread recognition from clinicians.

HuiHe Healthcare owns more than 200 patents, of which over 120 are inventions, and more than 20 inventions have been authorized in China and the United States.

Shanghai Sci-Tech Innovation Fund is a market-oriented母fund established by Shanghai International Group in accordance with the deployment requirements of the Shanghai Municipal Committee and Municipal Government. The main investors include Guosheng Group, SIPG, Guotai Junan, Shanghai Trust, Zhangjiang Hi-Tech, China Pacific Insurance Group, and Jiading State-owned Assets Group. With the mission of serving the construction of Shanghai's Science and Technology Innovation Center, the fund has a target scale of 30 billion yuan and currently manages over 12 billion yuan. To date, the Shanghai Sci-Tech Innovation Fund has invested in more than 60子funds, with a total签约scale exceeding 180 billion yuan, and its investment portfolio includes over 1,800 enterprises. Among these, 74 companies have gone public, including 43 on the Shanghai Stock Exchange's STAR Market.

Guotai Junan Innovative Investment Co., Ltd. ("Guotai Junan Innovative Investment" for short) is the only wholly-owned private equity investment management subsidiary under Guotai Junan Securities, responsible for managing various alternative assets such as private equity, special opportunities, and new infrastructure, with a management scale exceeding 60 billion RMB.

The company adheres to technological innovation as its guiding principle and takes the implementation of national strategies and the growth of the real economy as its responsibility. The company focuses on four key sectors: emerging technologies, biomedicine, green development, and consumer goods for daily life. It has established a core business framework of "mother fund + industry fund," creating alternative investment lines in urban renewal, new infrastructure, and special opportunities. Relying on stringent internal “fundraising-investment-management-exit” closed-loop management processes and a professional workforce, the company continuously creates value for its partners and stakeholders.

The company has always been committed to creating sustainable long-term value growth for global investors through the construction of an excellent, rigorous, and professional investment research system, as well as the enhancement of comprehensive, full-cycle operational capabilities. It remains focused on building high-growth, high-quality enterprises with technology and innovation at their core. By utilizing capital and innovative investment solutions, it empowers the most outstanding entrepreneurs to reach their full potential, drives overall industry development for invested companies, and actively fulfills its mission of contributing to the nation through finance.

G60 Science and Innovation Fund, established under the guidance of the Ministry of Science and Technology, is the first cross-regional private equity investment fund in the Yangtze River Delta region that undertakes the national strategic task of transforming scientific and technological achievements. It was jointly funded by the governments of nine cities along the Yangtze River Delta G60 Science and Innovation Corridor and Haitong Securities, and is managed market-wise by Haifu Industrial Investment Fund Management Co., Ltd. The fund adheres to the investment strategy of "focusing on corporate growth and aiming for successful exit." It primarily concentrates on integrated circuits, biomedicine, artificial intelligence, high-end equipment, new energy, new materials, new energy vehicles, and other high-tech fields. The fund strives to achieve an organic integration of economic benefits, political benefits, and social benefits, promoting the construction of the G60 "Three Pioneering Corridors" in the Yangtze River Delta, and better serving the national strategies of integrated development of the Yangtze River Delta and rejuvenating the country through science and education.

Songjiang State-owned Investment Group is a wholly state-owned enterprise established by the State-owned Assets Supervision and Administration Commission of Songjiang District, Shanghai. It serves as a financing platform, investment platform, and asset operation platform for state-owned capital. The group thoroughly implements the positioning requirements of the district Party Committee and district government for the "three major platforms," innovatively utilizing equity investment methods to serve major national, Shanghai, and Songjiang development strategies, while fostering and supporting the development of strategic emerging industries. The industrial investment fund of the State-owned Investment Group aligns with the development strategy of constructing the G60 Science and Innovation Corridor in Songjiang, adhering to the guidance of socialist core values. It understands the development patterns of various towns' industries, utilizes existing resources, conducts comprehensive planning, and promotes the implementation of major projects. In this round of financing, the State-owned Investment Group follows the approach of "government guidance, market-oriented operations, town asset participation, and professional management," focusing on industrial chains and deploying innovation chains. It jointly invests in HuiHe Healthcare with the collective assets of Jiuting Town. To date, the State-owned Investment Group’s industrial investment fund has participated in and managed more than 30 funds, with a total fund scale of nearly 20 billion yuan, investing in over 200 enterprises. Among these, more than 20 enterprises have gone public, nearly 20 enterprises have passed review or are under review, and over 40 enterprises plan to file for an IPO within the next 1-2 years.

IDG Capital is a globally leading private equity investment firm, having invested in over 1,400 outstanding companies worldwide. After nearly 30 years of development, the company has cumulatively managed assets exceeding 150 billion RMB. Over the years, IDG Capital has consistently paid close attention to and supported the development of the medical field. IDG Capital's investment scope in the medical sector covers all stages, including start-ups, growth phases, maturity phases, and mergers and acquisitions, with investment sizes ranging from several million US dollars to hundreds of millions of US dollars.