Hengyu Medical Secures Two Rounds of Over RMB 100 Million Within Five Months, Eyeing IPO
Horimed
OCT Imaging Equipment R&D and Manufacturer
Recently, Horimed Technology Co., Ltd. (hereinafter referred to as "Horimed") announced the completion of a new round of strategic investment exceeding 100 million yuan. This round of financing was jointly led by CICC Capital and Xichuang Investment, with continued additional investment from existing shareholder Chengdu Science and Technology Investment. StarBridge Capital served as the long-term exclusive financial advisor.
Notably, according to the latest data from Qichacha, this strategic investment follows its previous roundD+The round of financing has just passed5Months. In the current situation where the pace of capital has slowed down, such密集的亿元级加注显得尤为亮眼。
A review of its financing history shows that the company has completed multiple rounds of financing and advanced toD+After the round, this phase is generally considered a critical preparatory period before going public in the medical device industry. Based on industry patterns and the company’s fundamentals, whether Horimed has the potential for capitalization and the possibility of future growth remains to be seen.IPOThe possibility has become a hotly debated focus within the industry.
Capital Intensive Investment:5 Two Hundred Million Yuan in Financing in Two Months
Horimed's financing journey presents "High frequency, large amount, and continuous reinvestment by existing shareholders" The distinct characteristic is that each round of financing is accompanied by an upgrade in the investor lineup and a steady increase in valuation, clearly outlining the company's growth trajectory from its startup phase to the IPO preparation stage.
Since its establishment,Horimed has cumulatively completed over10Round of financing, with a total amount up to severalHundreds of millions, investors include topPE, Industrial Capital and Local Government Guidance Funds, forming a diversified and powerful shareholder matrix.
According to Qichacha data,2025Year12Month, the company completedD+Nearly 100 million yuan in financing; in a short period5Months later, it once again secured a strategic investment of over 100 million yuan. The lead investors were upgraded to top-tier institutions such as CICC Capital and XTC Innovation, while the existing shareholder Chengdu Sci-Tech Investment also chose to increase their investment. This fully demonstrates the high recognition and firm confidence of the capital market in its development prospects, and lays the foundation for its potential future capitalization process.
FromIn terms of financing rounds and attributes,D+Round financing is usually a step for enterprises towardsPre-IPOImportant Transition Phase, and this time the additional financing of over 100 million yuan is explicitly identified as strategic investment. Such investments often involve not only capital infusion but also empowerment in terms of industrial resources and capital market experience from the investors, providing comprehensive support for the company to optimize its equity structure, advance commercial implementation, and prepare for an IPO.
The general rule in the industry shows that innovative medical device companies completeD+After the round and subsequent strategic investments, if core elements such as product, commercialization, and compliance meet the standards, it usually will6-12Start the IPO coaching within months, with an overall listing cycle of approximately18-24months. The current financing pace and capital movements of Horimed are highly aligned with the pre-IPO preparation path of companies listed on the STAR Market.
Listed companies in the same trackNorthcore LifeFor example, itsIPOPreviously, it also went through multiple rounds of intensive financing, starting from the early stage.VCIn the later stagePE, industrial capital gradually entering the market, existing shareholders continuing to invest, and ultimately successfully going public after reaching the later rounds of financing.
Horimed this time5Receiving two hundred-million-level financings within months and introducing top-tier institutions like CICC Capital with rich IPO operation experience undoubtedly further strengthens the market's anticipation of its upcoming launch.IPOThe expectation. But so far, the company has not disclosed any specificIPOPlan.
Capitalization Potential Support: Horimed's Core Competitiveness
Can a medical device company have the capability to impactIPOThe potential, the core depends onTechnology, Products, Market, ComplianceFour Key Metrics. Horimed has already established a solid foundation in these aspects, which is the core logic behind the continuous investment from capital and the market's increasing expectations for its capitalization.
Technically, the company is positioned in vascular intervention.、“Eye of the Heart” Core Track, Focusing on Intravascular Ultrasound (IVUS), Optical Coherence Tomography (OCT) and other high-end intraluminal imaging products, is one of the few in China to simultaneously layout and masterIVUSAndOCTA platform enterprise with core technologies, which has been deeply engaged in this field for many years, forming a full-chain layout from core components to complete equipment, and from single products to system solutions.
Its self-developed key components such as probes, imaging algorithms, and catheter systems have gradually achieved independent control, with a complete patent layout, effectively eliminating reliance on foreign technology. To date, the number of patent applications182Items, Valid Patent Quantity109pieces, core technical strength gains industry recognition, also in line with the Sci-Tech Innovation Board“Hard Tech”Positioning requirements provide technical support for potential future capitalization.
At the product level, the company has formedCardiovascular+Pan-Vascular, Imaging+Functional ScienceThe multi-line matrix, focusing onIVUSEquipment and Catheters,OCTEquipment and Catheters,IVUS/OCTThe independent research, production, and sales of all-in-one machines and other products,In addition, Horimed Technology Co., Ltd. independently developed2D ICEAnd4D ICE and the integrated cardiac ultrasound system have been proceeding steadily, while the heavyweight laser product line is also continuously improving., with a clear product pipeline and ample room for growth.
At the market level, vascular interventional imaging is in the outbreak period of domestic substitution in China.PCIThe number of surgeries is increasing year by year, and the base of patients with coronary heart disease is huge, but the penetration rate of intravascular imaging is still significantly lower than that in overseas mature markets, indicating broad industry prospects. In the past, this field was long dominated by foreign giants such as Abbott, Boston Scientific, and Philips. However, in recent years,Policy encouragement, increasing clinical demand, and centralized procurement trendsDriven by multiple factors, Chinese manufacturers are accelerating their breakthrough. Horimed, as a leading domestic company, directly benefits from the industry dividend and, together with companies like Beixins Life, jointly promotes the process of domestic substitution.
On the commercialization front, the company's channel coverage continues to expand, having established strong cooperative relationships with several well-known hospitals such as the Second Affiliated Hospital of Harbin Medical University, the Second Affiliated Hospital of Zhejiang University, and the General Hospital of the People’s Liberation Army. Clinical recognition is continuously increasing. The proceeds from this strategic investment will further accelerate the research, development, production, and commercialization of Horimed's intravascular imaging and treatment-related products, continuing to strengthen its capital foundation.
Benchmarking Beixins Life: The IPO Path of a Pioneer in the Same Track Validates Industry Rules
As a direct对标企业 in the field of cardiovascular interventional imaging, the IPO journey of NorthX Life has provided an important industry reference for Horimed.
The two companies have highly overlapping business fields, similar technological layouts, and comparable financing stages. The complete path of Northcore Life—from multiple rounds of financing to listing on the STAR Market—also, to a certain extent, reflects the current development stage and potential capitalization space of Horimed.
Northcore Life2015Founded in the year, focusing on precise cardiovascular intervention, core products includeIVUS、FFRetc., the financing rhythm presents“Early Start, Intensive Late-stage Investment” Characteristics,IPOCumulative completion prior to12Round of Financing，Brings together top institutions such as Sequoia China and Qiming Venture Partners.
The company was previously2021Failed to test the waters in the Hong Kong stock market this year, then turned to the STAR Market,2022Year10Started listing coaching in the month,2023Year3Submitted the prospectus in the month, after undergoing review inquiries and data updates, on2026Year2Officially launched in the month, its capital operation rhythm is relatively close to the current state of Horimed.
At the product level, NorthX LifeIVUS+FFRBuild“Imaging+Functional Science” Dual-wheel Matrix, Horimed FocusesIVUS+OCTDual Imaging Technology: One of the few companies in China that simultaneously masters these two core technologies. Its products cover cardiovascular imaging systems and pan-vascular interventional consumables, all of which have broken foreign monopolies through self-developed technology.
InIVUSTaking the market landscape as an example, foreign companies such as Abbott and Boston Scientific have occupied over 80% of the market share in the past decade.2024Year North Core Life with10.6%Leading the domestic market share, Horimed follows closely, both benefiting from the increase in clinical demand and the wave of domestic substitution.
By comparison, Horimed has established a foundation to benchmark against NorthX Life in terms of full-chain self-developed technology, patent layout, and product performance. Meanwhile, its commercial coverage continues to expand, with the Tianjin production base equipped with comprehensive production facilities, and its capacity layout has basically taken shape, solidifying the foundation for subsequent development and potential capitalization processes.
Likelihood of Listing: From Financing and Dynamics“There is an opportunity”, but there are still multiple uncertainties
Considering the current financing trends and corporate dynamics, Horimed does have the possibility of targeting the STAR Market, but this possibility still hinges on the successful fulfillment of several key conditions.
From a positive perspective, the company has continuously secured substantial financing,D+After another round, the company has received strategic investment from leading institutions, with existing shareholders continuing to increase their investments. The shareholder structure includes top-tier institutions with capital market experience, laying a solid capital foundation for potential future IPO preparations. Meanwhile, the company’s sector aligns with the hard tech and China-produced substitution direction, featuring comprehensive technical layouts and a clear product pipeline. Focused on integrated pan-vascular solutions, it fits well with the Sci-Tech Innovation Board’s emphasis on encouraging high-end medical equipment.
Investors such as CICC Capital and Xichuang Investment have also clearly expressed their optimism about Horimed.IVUSAndOCTThe independent innovation capability of equipment products, as well as their core role in the substitution of domestically produced alternatives. If core products are approved as planned in the future, commercialization continues to increase, and revenue scale rises steadily, the company will initiateIPOThe time window is likely to gradually approach.
But on the other hand, uncertainty cannot be ignored either.The registration cycle for Class III medical devices is long and highly uncertain, and the approval节奏 of core products directly affects the entire commercialization process and the timeline for going public.This is also the core challenge on the path to the listing of innovative medical device companies.
At the same time,The review of unprofitable enterprises on the Sci-Tech Innovation Board has become stricter, with more emphasis on real commercialization capabilities and predictable profit paths.Relying solely on technical stories can hardly support a smooth approval process, and Horimed is still in the growth stage, with the realization of profit expectations still requiring time.
AndThe competition in the industry is also intensifying.The pressure from foreign brands and the accelerating catch-up of domestic counterparts are putting both market share and pricing systems to the test, further increasing the difficulty of commercial realization.
In addition,IPOReview policies, market environment, valuation windows, and other external factors may also influence a company's IPO plans. Previously, there were also prominent device companies with outstanding technology and financing that postponed or withdrew their IPO applications for various reasons.
Conclusion: Capital endorsement strengthens the expectation of going public, but whether it can be realized still depends on key deliverables.
Overall, it was completed continuously within five months.D+The rounds of financing and strategic investments exceeding 100 million yuan have significantly increased the expectations for Horimed's IPO, placing it at a crucial juncture for capitalization.
Compared with industry pioneers like Northcore Life, Horimed possesses similar growth potential in terms of track logic, technical direction, and growth path, which also gives it the possibility to impact the capital market. However, whether it can truly succeed still depends on a series of key milestones such as product registration progress, commercialization performance, financial results, and compliance review.
Against the backdrop of accelerating China-made substitution and continuous expansion of the vascular intervention market, this company, which has been deeply engaged in the high-end intraluminal imaging field, is worth ongoing attention from the industry for its future development.
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