Heqing Flexible Electronics Files IPO Prospectus: Pioneering Medical-Grade Wearables with Flexible Electronics for Healthcare Management
"Flexible," meaning soft and not rigid, is the opposite of "rigid." Flexible electronic devices refer to an emerging class of electronics in which components are mounted on flexible, stretchable plastic or thin metal substrates. These devices retain their functionality even after undergoing deformations such as bending, folding, stretching, or compression within a certain range.
Flexible electronic technology was hailed by the American journal Science as one of the top ten scientific and technological achievements of 2000, ranking alongside the draft human genome sequence and cloning technology, which underscores its significance in the advancement of human science and technology.
In fact, the well-known flexible screens, flexible chips, and flexible electrodes represent only the tip of the iceberg of flexible electronics technology. Various aspects involved in information technology, including sensing, information transmission, information processing, and energy storage, are all poised to achieve flexibility. Currently, flexible electronics technology has been widely applied in fields such as information technology, energy, displays, and aerospace. In the medical field, flexible electronics is also demonstrating its unique advantages.
Flexible Electronic Chip (Image provided by the interviewee)
Zhejiang Heqing Flexible Electronics Technology Co., Ltd. (hereinafter referred to as “Heqing Flexible Electronics”), a company dedicated to the development of the flexible electronics technology industry, is a pioneer in China’s flexible electronics sector. With the support of the Hangzhou Qiantang New Area, Heqing Flexible Electronics was established in Hangzhou in May 2018. Notably, the company also holds another significant identity: it serves as the Global Research Center for Flexible Electronics and Intelligent Technologies (hereinafter referred to as the “Flexible Electronics Center”).
The Flexible Electronics Center primarily conducts cutting-edge research in areas such as flexible sensing and chips. It focuses on flexible sensing, flexible displays, flexible energy, flexible healthcare, flexible integrated circuits, and chips, aiming to build a globally leading platform for flexible electronics and intelligent technologies and establish an international-level "Flexible Valley."
“Transforming traditional rigid devices into flexible ones that conform better to the skin makes them more suitable for wear and enables more precise monitoring or diagnostic results for patients,” Dang Shaokun, Manager of Product Planning at Heqing RouDian, told VCBeat, noting that flexible electronics will comprehensively support the development of smart wearable devices.
Exterior view of Heqing Roudian (Photo provided by the interviewee)
In recent years, flexible sensors have been widely used in the monitoring of human vital signs. They can not only monitor basic physiological parameters related to human health, such as blood pressure, pulse, and body temperature, but also detect various electrical signals, including electrocardiogram (ECG), electroencephalogram (EEG), and neural signals.
“However, market awareness of wearable devices remains relatively low,” stated Dang Shaokun, noting that this is a major constraint on the development of flexible electronics. By the end of 2018, the market size of China’s medical device industry had reached RMB 530 billion, yet the market share of wearable devices likely accounted for only one-fifth. Currently, wearable devices are expanding toward medical-grade applications, with clinicians becoming a key source of information for end consumers. “Cultivating public awareness of real-time monitoring may still be a lengthy process.”
In 2014, products such as wristbands and smartwatches drew significant consumer interest to the wearable market, but ultimately, these devices ended up gathering dust. “One reason is that wearable products failed to conform closely to the skin, causing their monitoring capabilities to hit a ceiling, with both accuracy and sensitivity put to the test.”
To enhance the wearing comfort and measurement accuracy of vital sign monitoring devices, Heqing Roudian employs stretchable, flexible inorganic micro-nano technology, endowing its products with distinct advantages such as lightweight comfort, precise measurement, mobile wearability, and continuous monitoring. The electrocardiogram (ECG) monitors, body temperature monitors, and sleep monitors developed based on flexible electronic technology are only 1.9–2.2 millimeters thick and weigh 5–8 grams. These devices ensure accurate and reliable monitoring data while providing users with a comfortable and soft wearing experience. Notably, both the ECG monitors and body temperature monitors have obtained Class II medical device certification in China, and corresponding products have been launched for both consumer and healthcare channels.
Heqingrou Electric Product Collection (Photos provided by the interviewee)
ECG Monitor:The Xinrou ECG Monitor provides rapid, continuous single-lead electrocardiogram (ECG) data. It is suitable for a wide range of individuals requiring heart rate management, including middle-aged and elderly patients with chronic cardiovascular diseases, individuals with long-term hypertension, postoperative rehabilitation patients, those experiencing occasional palpitations or chest tightness, and urban professionals facing high work pressure, frequent overtime, and late nights. Prolonged continuous ECG monitoring enables these populations to monitor their cardiovascular health in a timely and effective manner, while also providing valuable guidance for improving cardiovascular health through exercise, fitness, and dietary adjustments.
Body Temperature Monitor:Body temperature monitors are primarily used for fever management in infants and children, menstrual cycle tracking in women, and basal body temperature monitoring for individuals trying to conceive or during pregnancy. These devices offer features such as continuous temperature monitoring, temperature trend visualization, fever alerts, and medication management. During use, the patient secures the patch to the axilla using a disposable double-sided adhesive. The patch’s built-in triple temperature sensors continuously collect real-time body temperature data, which is transmitted via Bluetooth to a dedicated health app for monitoring.
Sleep Monitor:The sleep monitor supports real-time alerts for respiratory abnormalities and pushes real-time information on sleep hygiene. It monitors sleep status in real time by tracking changes in electrocardiogram (ECG), respiration, and body movement, providing accurate and comprehensive sleep quality scores. This device offers an effective monitoring solution for early disease prevention and the assessment of suboptimal health conditions, making it suitable for patients with sleep apnea symptoms, individuals with poor sleep quality, and the middle-aged and elderly population.
In May this year, Heqing RouDian and BOE established a strategic cooperation framework to jointly promote the coordinated development of the flexible electronics industry. Dang Shaokun told VCBeat that flexible electronic skin is also one of Heqing RouDian’s future research and development directions. At the recently concluded 82nd China Medical Equipment Fair (CMEF), Heqing RouDian showcased products including a fetal/maternal heart rate monitor for fetal heart monitoring, a continuous auscultation recorder for bowel sound monitoring, and flexible iontophoresis eye patches for the medical aesthetics industry.
In addition, Heqing Roudian collaborates with local governments, health institutions, and primary care medical consortia to implement tiered diagnosis and treatment as well as chronic disease management. It has also developed an integrated remote monitoring and management solution for both in-hospital and out-of-hospital settings, tailored to diverse scenarios and user needs.
This solution is built upon the Heqing Roudian series of hardware devices, a central monitoring system, a backend analysis system, and algorithm servers. It employs two data transmission methods—mobile app-based transmission and Bluetooth router transmission—to enable real-time multi-patient vital signs monitoring, abnormal data alerts, and monitoring analysis reports.
Dang Shaokun introduced that Heqing Roudian’s integrated remote monitoring and management solution, which bridges in-hospital and out-of-hospital settings, can interface with third-party medical and health management platforms as well as physician groups to enable remote consultations and the monitoring and evaluation of drug efficacy. This solution is applicable not only to personal health management and real-time monitoring of physical activity but also to centralized remote monitoring in elderly care institutions for home-based care, centralized in-hospital patient monitoring, and can be extended to tiered diagnosis and treatment scenarios involving regional ECG management.
Integrated Remote Monitoring and Management Solution for In-Hospital and Out-of-Hospital Care (Image provided by the interviewee)
Moving forward, Heqing RouDian will fully explore the potential of flexible electronics in the healthcare industry. Rather than limiting its focus to products that monitor vital signs such as ECG, blood oxygen saturation, blood pressure, and fetal heart rate, the company is committed to achieving breakthroughs in therapeutic and rehabilitative applications. This includes the research and development of technologies and products such as biodegradable implantable pills, transdermal drug delivery systems, and ultrasound-based blood pressure regulation.Institutions interested in this company should contact the financing assistant, Xiao Yun: DongMai_Investent.