Cheroee Technology Files IPO Prospectus: Pioneering Flexible-Form Medical Devices and Building China's 'Flex Valley'

In the past, we envisioned a future in which various devices could be made as soft and lightweight as paper through certain technologies, thereby adapting to diverse user needs. This is flexible electronics technology, recognized by the American journal Science as one of the world’s top ten scientific and technological achievements of 2000. It has opened up boundless possibilities for the creation of flexible devices and brought numerous surprises into people’s lives.

Nowadays, flexible screens are no longer a novelty in the electronics sector. In the field of medical devices, flexible electronics technology is also held in high regard. In Jiaxing, Zhejiang Province, one company has taken the lead in adopting flexible electronics technology to develop several wearable medical devices that are among the lightest, thinnest, and most flexible in the industry.

This company is Zhirou Technology. Established in January 2016, Zhirou Technology is a benchmark project for the commercialization of scientific and technological achievements from Tsinghua University, specializing in the research, development, and production of flexible medical electronic products for human use. Since their official launch at the Wuzhen World Internet Conference in 2018, the company’s ECG monitors, temperature monitors, and sleep monitors have each achieved cumulative sales nearing 10,000 units, garnering strong acclaim from major hospitals, pharmaceutical companies, and consumers.

Although Zhejiang Zhirou Technology Co., Ltd. was recently established, its founding team has over a decade of experience in researching flexible electronics. Since 2008, the core founders of Zhirou Technology have been engaged in academic and applied research on flexible electronics at Tsinghua University.

Initially, the research team’s achievements in flexible electronics were primarily applied in the aerospace sector. Given the stringent requirements for materials, weight, and thickness of flexible electronic products in this field, the team’s technology underwent rigorous refinement. Later, during the technology commercialization phase, under the leadership of Chairman and Chief Technology Officer Su Honghong and CEO Fu Ji, the flexible electronic products developed by the Zhejiang Zhirou Technology Co., Ltd. team gradually reached an industry-leading level.

With advancements in medical technology and heightened public awareness of health management, wearable medical devices have experienced explosive growth. Fu Ji’s research team has gradually discovered that the soft, deformable, and motion-artifact-resistant properties of flexible electronics make them highly suitable for medical applications.

“Many flexible electronic products have already been unveiled on the market, such as the recently popular foldable-screen smartphones. However, from the perspective of core functionality, a foldable screen is not an essential requirement for mobile phones,” said Fu Ji. “Flexible wearable devices can conform closely to the skin, offering advantages such as enhanced comfort and more accurate data monitoring compared to rigid wearables like wristbands. The future direction of medical device development will undoubtedly be toward flexible forms.”

Fu Ji believes that “medical devices can maximize the advantages of flexible electronics.” Therefore, the company’s founding team joined the wave of wearable medical devices and established Zhirou Technology.

Shortly after its establishment, Zhejiang Zhirou Technology Co., Ltd. invested tens of millions of RMB to build a 1,500-square-meter production line.

Few startups in the medical device sector have established complete production lines. When discussing the rationale behind building their own production line, Fu Ji stated, “High-level mass production manufacturing processes are the core barrier to entry for flexible electronic products.” Initially, Zhirou Technology also relied on contract manufacturers for production. However, after switching several contract manufacturers in succession, the company still failed to produce products with appropriate thickness and flexibility.

Fu Ji stated, “Since the founding team all come from technical backgrounds, we held a firm belief that we must develop top-tier flexible electronic products for the medical industry.” In light of this, Zhejiang Zhirou Technology Co., Ltd. began establishing its own production lines, refining manufacturing processes, and assembling a production team. After nearly two years of exploration, the company successfully produced flexible electronic products that are ultra-flexible, ultra-thin, and ultra-lightweight, setting a new benchmark in the industry.

Zhirou Technology, with flexible electronics technology at its core, has developed three flexible wearable devices with distinct functionalities. These products are only one-third the thickness of comparable devices, offer a flexibility of 180°, and weigh between 5 and 9 grams. These features enable Zhirou Technology’s products to conform closely to the skin, achieving medical-grade monitoring accuracy.

Body temperature monitors provide continuous temperature monitoring for patients with abnormal body temperatures, such as infants. When an infant's body temperature becomes abnormal, the monitor can issue timely alerts. This product also generates body temperature trend curves for doctors and parents to review.

ECG monitors are ideal tools for physicians to conduct disease screening and postoperative management. This product provides users with continuous ECG monitoring, enabling screening for cardiovascular diseases such as atrial fibrillation, as well as remote postoperative management and cardiac rehabilitation services. Patients can wear this device at home while moving freely, and physicians can access their ECG reports through the hospital system.

Meanwhile, the ECG monitor is also a highly convenient tool for self-managed health care, helping fitness enthusiasts enhance exercise safety, optimize training methods, and improve training outcomes. Additionally, this product can be used for athlete selection. Thanks to its ultra-soft, ultra-thin, and ultra-lightweight design, it offers excellent anti-interference performance, ensuring that the monitor provides stable, high-quality ECG waveforms even during intense physical activity.

Zhejiang Zhirou Technology Co., Ltd. previously collaborated with the Wuxi Marathon Organizing Committee to equip participants with ECG monitors, enabling the committee to monitor athletes’ electrocardiographic data in real time for early warning and timely intervention in cases of sudden cardiac arrest or other emergencies. Post-race, professional recommendations for physical recovery were provided based on the collected ECG data.

Sleep monitors provide personal sleep monitoring and nighttime care services by tracking users' nighttime sleep quality, sleep stages, sleep apnea events, and nocturnal cardiac events.

Currently, both the Wenrou Temperature Monitor and Xinrou ECG Monitor have obtained Class II medical device certification in China. The Wenrou Temperature Monitor has also received CE certification, with certifications for additional product models proceeding in an orderly manner. Furthermore, the Xinrou ECG Monitor has been awarded the CES Innovation Award in the United States.

Recognizing the potential of flexible electronics technology in the medical field, major hospitals have extended cooperation offers to Zhirou Technology. Currently, Zhirou Technology is engaged in product development and scientific research collaborations with several large hospitals, including the PLA General Hospital (301 Hospital), Peking University First Hospital, Peking University Third Hospital, Peking University People’s Hospital, the Air Force General Hospital, and the Second Affiliated Hospital of Zhejiang University School of Medicine.

Zhejiang Zhirou Technology Co., Ltd. was recognized as a National High-Tech Enterprise just three years after its establishment. Looking ahead, the company aims to become a leading enterprise in flexible medical electronics.

Fu Ji stated that the company’s future development strategy consists of two parts: first, product research and development, improvement, and sales; and second, establishing a flexible electronics medical industry chain.

“Flexible electronics is a foundational technology with broad application prospects and a vast market in the medical field,” said Fu Ji.

Currently, all of Zhirou Technology’s products are monitoring devices. Moving forward, the company will apply flexible electronics technology to a broader range of medical devices, including therapeutic products. For hypertensive patients who cannot be effectively treated with medication, Zhirou Technology plans to develop medical devices for epicutaneous or implantable use to regulate blood pressure levels. Additionally, the company will develop flexible electronic products for the medical aesthetics sector.

Zhirou Technology has adopted an open and collaborative approach to accelerate the commercialization of flexible electronic products, having already reached cooperation agreements and signed contracts with multiple listed companies. It is reported that Zhirou Technology is collaborating with a well-known domestic pharmaceutical company to integrate temperature monitors with antipyretic medications, thereby better serving individuals suffering from colds.

In addition to product R&D, Zhirou Technology, a leader in flexible electronic medical products, is collaborating with the Zhejiang Provincial Government, Tsinghua University, and local enterprises in Zhejiang to establish a “Flex Valley” in the Hangzhou-Jiaxing region of Zhejiang. “Just as the United States has Silicon Valley and Wuhan has Optics Valley, we aim to build a ‘Flex Valley’ with the support of Zhejiang Province, creating a complete industrial chain that spans material processing, design and R&D, production, sales, and user services.”

Within just six months of its establishment, the company completed a RMB 20 million angel financing round invested by Zhehua Investment and Zongheng Capital.

Fu Ji, CEO of Zhirou Technology, stated, “Wearable medical devices and flexible electronics are both hot sectors at present. By entering the right track, the company has naturally gained favor from investment institutions.”

Fu Ji also stated that the company’s products are mature, and the lack of sales channels is currently the biggest challenge it faces. The company is now seeking partners and a new round of financing.