YingTai Medical Acquires DeJin Medical in Landmark $1.08B-Valued Deal, Completing Third Acquisition of DeNuo Portfolio

Wei Qiang Medical：

INT Medical completed the acquisition in May 2025, holding 51.70% of direct equity at a cost of approximately 324 million yuan; together with the Shanghai Sci-Tech Investment Fund, they control 81.83% of the equity at a total cost of approximately 513 million yuan.Through Wei Qiang Medical, INT Medical successfully entered the high-value consumables track for aortic and peripheral vascular applications.

Nuomao:

In March 2026, Shanghai Chenyao Fund and INT Medical acquired the company's control rights at a valuation of 500 million yuan, while simultaneously injecting 250 million yuan at the same valuation. Nuomao possesses core product lines of electrophysiology manufactured in China, including heavy-weight products such as pulsed field ablation catheters.Against the backdrop of accelerated adoption of domestically produced electrophysiology products in China, Nuomao's product line fills the gap for INT Medical in the cardiac electrophysiology field.

Valgen Medtech:

From the end of December 2025 to March 2026, INT Medical's Hong Kong-listed subsidiary Broncus Medical made two consecutive moves, spending a total of approximately US$70.12 million (about HK$545 million) to acquire approximately 4.9% of Valgen Medtech's equity.Valgen Medtech is a leading structural heart disease company in China.In the first three quarters of 2025, a post-tax profit of 45.11 million yuan has been achieved, operating cash flow turned positive to reach 102.8 million yuan, officially crossing the break-even point, with several hundred million yuan in cash reserves remaining on the books.

This acquisition case was accompanied by an 18-month-long game of interests and valuation disputes.

The Removal of Sequoia Fund's Veto Power:From the end of December 2025 to March 2026, INT Medical's Hong Kong-listed subsidiary Broncus Medical made two consecutive moves, acquiring approximately 4.9% of Valgen Medtech's equity held by Sequoia Capital for a total of about US$70.12 million (approximately HK$545 million). With Sequoia Capital exiting based on its initial investment principal of US$55.12 million, it indicates that no secondary premium was obtained in this transaction. After Sequoia's exit, INT Medical has preemptively cleared the largest voting obstacle in the acquisition of Valgen Medtech.

Venus Medtech's Low-price Clearance:In January 2026, Qiming Medical announced that it would sell approximately 1.05% of its equity in Valgen Medtech to Broncus Medical for 15 million US dollars. Qiming Medical stated that this sale was an "appropriate opportunity to realize the value of its investment," allowing the company to focus on its core business.

The "Cliff" in Nuomao's Valuation:Nuomao, which was valued at 2.9 billion yuan during the Series B financing in 2021, saw its valuation drop to 500 million yuan in the March 2026 acquisition plan, shrinking by over 80%. This significant drop in valuation triggered a public outcry from the original shareholders. Zhang Mingfang, former Chief Pharmaceutical Analyst of New Fortune, publicly stated that the actual controller's transfer of the company’s control for 500 million yuan seriously underestimated the company's value and harmed shareholder rights. According to the company's articles of association, the transfer of control is considered a liquidation event, which should trigger the "preferred liquidation right." Despite INT Medical's denial of allegations such as lack of transparency in information disclosure, disputes over the rights of minority shareholders remain an uncertain variable in this transaction.

INT Medical is a hidden champion in the field of "support devices" for cardiovascular interventions in China, with core products covering five major sectors: cardiovascular, peripheral vascular, neurovascular, cardiac electrophysiology, and structural heart disease.

As of December 31, 2025, INT Medical has 120 registered products in China, 43 CE-certified products, and 26 FDA-certified products. However, the valuation ceiling for being an "accessories factory" is getting lower, so INT Medical must acquire high-price flagship products to achieve a value leap.

ThroughWei Qiang Medical, INT Medical enters the aortic and peripheral vascular intervention; throughNuomao, entering the field of cardiac electrophysiology ablation; throughValgen Medtech, securing the "leading position" in China's domestically produced TEER sector. These three companies, together with INT Medical's existing supporting devices such as catheters, guidewires, and balloon inflation devices, have formed a "comprehensive cardiovascular high-value consumables matrix" integrating electrophysiology, peripheral vascular, structural heart disease, and interventional accessories — a cross-sector, family-level integration that no Chinese company has ever achieved before.

Valgen Medtech was founded in 2015, focusing on the research and development of interventional treatment technologies and products for mitral and tricuspid valve diseases. In 2021, it completed a Series B financing round worth several hundred million US dollars, led by DCP Capital and Sequoia China, with follow-up investments from Venus Medtech, Qiming Venture Partners, and other institutions, reaching a valuation of over 10 billion yuan.

DragonFly™ Transcatheter Mitral Valve Clip SystemIt is the company's core asset. On November 29, 2023, DragonFly™ was approved for marketing by the NMPA, becoming China's first domestically produced transvenous mitral valve repair product approved for market entry via a femoral vein approach, filling the gap in the domestic medical device field. In April 2025, DragonFly™ received EU CE certification, making it the first domestically produced mitral valve treatment device to obtain CE certification and the third globally recognized product of its kind on the international market. Subsequently, the system was successively approved for marketing in Indonesia, Hong Kong, Brazil, Saudi Arabia, the Philippines, and other countries and regions.

DragonFly™ has accumulated substantial clinical evidence. Follow-up data of patients with degenerative mitral regurgitation at 36 months post-operation showed that 82.5% of the patients successfully achieved the composite endpoint of "no death, no valve reoperation, and no recurrence of regurgitation." The 12-month data from the DRAGONFLY-FMR study, released at the 2025 EuroPCR conference, also demonstrated the system's favorable safety and efficacy in treating functional mitral regurgitation. As of April 2026, the DragonFly™ system has been used in over 1,500 surgeries worldwide. In addition, Valgen Medtech also owns reserve products such as the DragonFly-T™ tricuspid valve clip system and the MitralStitch® system, as well as products under research for mitral valve replacement and chordae tendineae repair. These five product lines form the most comprehensive matrix for mitral valve interventional treatment in China.

INT Medical Completes "Three-in-a-Row Acquisitions" of Denovo's Three Core Assets (Wei Qiang Medical, Nuomao, Valgen Medtech) in 18 Months, Marking China's Cardiovascular Device Industry Moving from "Single Product Breakthrough" to "Family-Level Platform Integration".

Among these three sectors, Wei Qiang Medical is the industry leader, Valgen Medtech has just crossed the break-even point, and Nuomao is in the early stage of a new track. The synergy between the technologies of these three companies and INT Medical's channels will determine whether this asset restructuring, which exceeds 2 billion yuan in scale, represents a strategic leap or a capital adventure.

INT Medical (Kangdelai Series)Leading Enterprise in Cardiac Intervention AccessoriesCompleted three consecutive acquisitions at continuously low prices,"From Supporting Role to Leading Role";On the contrary, the high-value consumables giant DenovoReceding from the "crest of the wave,"This seems to indicate thatThe competitive landscape of China's medical device industry is undergoing a profound reconstruction.