H&H Healthcare
R&D and Producer of Interventional Medical Devices for Heart Disease
In a market long monopolized by imported devices, HuiHe Healthcare is carving out a path for China-made alternatives through "original innovation."
Recently,Shanghai Huihe Healthcare Technology Co., Ltd. (referred to as: HuiHe Healthcare) has completed a D-round financing of several hundred million yuan, strategically led by Taiping (Shenzhen) Medical and Health Industry Private Equity Investment Fund, with continued investment from existing shareholder Sherpa Healthcare Partners.This move not only injects funds for subsequent commercial expansion but also highlights the firm confidence of industrial capital in the赛道 of structural heart disease devices produced in China.
丨Deep Cultivation in the Field of Structural Heart Disease Interventions, Building a Comprehensive Product Matrix
HuiHe Healthcare was founded in Shanghai in 2019, focusing on the research, development, production, and commercialization of interventional medical devices for structural heart disease. In March 2023, the company signed an IPO coaching agreement with Guotai Junan Securities, officially launching its A-share IPO process, and is currently in the IPO coaching stage.
The core business focuses on the interventional field of structural heart disease, relying on the full-chain capabilities of "R&D - production - clinical - commercialization". It has built a product matrix flagshipged by the "K-Clip? Transcatheter Tricuspid Annuloplasty Repair System", which is the first self-developed and produced system in China, covering multiple clinical scenarios such as tricuspid regurgitation, coronary/peripheral vascular diseases, and tumor intervention.
The flagship product of the company, K-Clip?, is the world's first minimally invasive tricuspid valve repair system. It replicates the classic surgical Kay’s procedure principle, achieving precise annuloplasty of the tricuspid valve through catheter delivery. The surgery is characterized by minimal trauma and quick recovery, with an operation time of only about 30 minutes, making it especially suitable for patients with annular dilation as the primary lesion. Currently, K-Clip? has passed the special approval for innovative medical devices by the National Medical Products Administration (NMPA) (Green Channel) and was officially approved for marketing in March 2025, successfully filling the technical gap in the field of minimally invasive tricuspid valve repair in China.
▲Image source: Official WeChat account of the company
It is reported that HuiHe Healthcare has obtained more than 230 patents, including 170 invention patents and over 10 PCT patents.
Notably, the innovative strength of HuiHe Healthcare is inseparable from the profound background of its founder, Lin Lin.
As an "innovative leader" emerging from the clinical front line, Lin Lin holds a master's degree from Shanghai Jiao Tong University School of Medicine and an EMBA degree from CEIBS. Before founding HuiHe Healthcare, she worked as a cardiologist at Ruijin Hospital, affiliated with Shanghai Jiao Tong University, accumulating twenty years of clinical and research experience, during which she participated in hundreds of interventional cardiac valve surgeries. Later, she served as a senior executive in a Fortune 500 medical device company. This diverse experience established HuiHe Healthcare’s underlying advantage of "combining medical expertise with engineering."
Lin Lin, Founder and CEO of HuiHe Healthcare
Since founding the company and serving as CEO in 2019, she has led her team to successfully develop the K-Clip system, which has now been successfully applied in over 250 clinical surgeries.
In addition to this globally pioneering flagship product, HuiHe Healthcare has also made advancements and successfully developed world-leading products in multiple fields. Currently, the company has four products that have obtained registration certificates and are being sold on the market. Although these products differ from K-Clip in terms of originality, they are all innovative products at the forefront of technology in China.
Product Status of HuiHe Healthcare, Products Marked with a Five-Pointed Star Have Been Certified for Sale
丨Completed 7 rounds of financing, valued at nearly 5 billion
Combining publicly available information with the company's development history, HuiHe Healthcare has completed 7 rounds of financing (including early seed rounds) in 6 years, with a total amount of nearly one billion yuan. Its valuation has jumped from the start-up stage to nearly 5 billion yuan, forming a clear path of "technology validation - clinical advancement - multi-product implementation - global layout."
Series A (November 2020, nearly 100 million yuan)
Led by Boyuan Capital, with participation from SDIC Chuanghe, Guofang Capital, and existing shareholder Oriza Ventures, the funding will mainly advance the continuous R&D and clinical approval of transcatheter tricuspid valve intervention products, as well as the development of other product pipelines related to structural heart disease.
Series B+ and B++ Rounds (2021, totaling hundreds of millions of RMB)
In 2021, the first clinical enrollment for K-Clip? was completed. The B-round financing was led by IDG Capital, a global top venture capital institution, with participation from Shanghai Sci-Tech Innovation Fund, Nuoyu Capital, and Xiangtang Capital. This has connected HuiHe Healthcare with cutting-edge R&D technology and clinical resources internationally, accelerating the expanded clinical trials of K-Clip?.
Two Months Later, HuiHe Healthcare Announces Completion of Series B+ Financing Round with Exclusive Investment from Sherpa Healthcare Partners; Company Valuation Nears 5 Billion RMB. Notably, This Round of Funding Has Kicked Off the Preliminary Construction of the Shanghai Songjiang GMP Production Base, Paving the Way for Future Commercialization.
C1+C2 Round (December 2022, Hundreds of Millions of Yuan)
In 2022, the C1 round of investment was exclusively completed by Guotai Junan Innovative Investment, which also facilitated the inclusion of K-Clip? in the NMPA Innovative Medical Device Green Channel. The C2 round of investment 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 Jiuting Town, while existing shareholders IDG Capital, Sherpa Healthcare Partners, and GF Capital continued to increase their investments. This round not only supported the final stage of the K-Clip? Phase III clinical trial but also accelerated the registration of C-Wave? for peripheral indications, while initiating the EU CE registration clinical trial for K-Clip?, marking the first step towards globalization. With the completion of this round of hundreds of millions of D-series financing, it signifies not only an injection of capital but also the dual recognition by industrial capital of HuiHe Healthcare's "product value and IPO potential."
丨The "Tough Battle" for the Domestic Substitution of Structural Heart Disease Devices
In the field of cardiovascular diseases, structural heart disease (especially tricuspid regurgitation) is becoming a neglected "health killer." The global market size for structural heart disease devices is estimated to be approximately $12.5 billion in 2025 and is projected to reach about $24.8 billion by 2032, with a compound annual growth rate (CAGR) of 7.9% during the forecast period.
In the Chinese market, according to a Frost & Sullivan report, the market size of interventional medical devices for structural heart disease in China is expected to exceed 10.4 billion yuan by 2025, making it the second-largest track in the cardiovascular treatment device field after coronary intervention. By 2030, the market size in China is expected to surpass 49 billion yuan, with an annual compound growth rate of over 30%.
Data shows that China has more than 10 million patients with tricuspid regurgitation, of which about 30% are moderate to severe cases. However, traditional treatment faces a dilemma: open-heart surgery is highly invasive and risky, making it suitable for only a small number of critically ill patients; meanwhile, the lack of mature minimally invasive interventional devices in China previously meant that many patients had to rely on conservative drug treatments, leaving disease progression difficult to control.
In the context of domestically produced alternatives becomingHealthcare IndustryAgainst the backdrop of core trends, this clinical gap might be the key opportunity for HuiHe Healthcare's rise, indicating enormous potential for future development.