Source: Direct IPO, by Han Wenjing
The capital market is welcoming another major player in the high-end medical device field.
Recently, the official website of the Shanghai Stock Exchange announced that the Sci-Tech Innovation Board IPO application of Shenzhen Core Medical Technology Co., Ltd. (hereinafter referred to as "Core Medical") has been officially accepted. This innovative enterprise, which amazed the industry with the world's smallest artificial heart, is about to embark on a new journey of IPO.
The rise of Core Medical is inseparable from the profound industry accumulation of its founder, Dr. Yu Shunzhou. Dr. Yu Shunzhou graduated from Harbin Institute of Technology and later pursued further studies in mechanical engineering at the University of California, Davis in the United States. By chance, he became involved in the field of artificial hearts and worked for top artificial heart companies such as Terumo Heart in the U.S.
In 2016, Yu Shunzhou returned to China to start a business and founded Core Medical. Since its establishment, the company has been committed to the research and development and production of high-end innovative medical device products such as mechanical circulatory assist devices (commonly known as "artificial hearts"). Since its inception, the company has attracted continuous investment from many top-tier institutional shareholders, including Hillhouse Ventures, ZhenXin Capital, and Lianxin Capital.
Currently, the core product of the company, the magnetic levitation implantable left ventricular assist system Corheart®6, was approved for marketing by the National Medical Products Administration in June 2023. It is the smallest and lightest commercialized magnetic levitation implantable artificial heart globally — with a thickness of 26 millimeters, a diameter of only 34 millimeters, and a weight of approximately 90 grams. Compared to international competitors, the diameter is reduced by about 30%, and the weight is decreased by over 50%. Measured by terminal implant volume, in 2024, Corheart®6 holds over 45% market share in China, ranking first in the industry.
In the EU market, Corheart® 6 has now submitted a CE registration application and launched a multi-center clinical trial covering several top-tier hospitals in the European cardiovascular field. In other overseas regions, Corheart® 6 successively obtained overseas marketing approval in Colombia in November 2024 and in Ukraine in March 2025, marking the "going global" milestone for Chinese artificial heart enterprises gaining approval abroad.
The success of a single product has not stopped Core Medical from innovating. The company has built a rich product pipeline that covers different heart failure scenarios and promotes multi-generational collaborative development.
In addition to the commercialized Corheart® 6, Shenzhen Core Medical Technology Co., Ltd.'s magnetically levitated integrated implantable dual-heart assist system, DuoCor®2, has now entered the clinical stage, with the potential to address the long-term treatment challenges of global "total heart failure." The interventional ventricular assist system, CorVad®4.0/6.0 series, is expected to be approved for marketing in the first quarter of 2026, potentially becoming China's first approved interventional artificial heart product.
As of the date of signing the prospectus, the company has developed five implantable and six interventional artificial heart products, one of which is an implantable product that has been commercialized, two are interventional products in the registration approval stage, and several other artificial heart products are in the clinical stage.
However, the industry characteristics of high R&D investment and long return cycles for innovative medical device companies are also reflected in the performance of Core Medical.
In terms of performance, the prospectus shows that for the fiscal years 2023 and 2024, as well as January-June 2025, the company's revenue for each period was RMB 16.5503 million, RMB 93.6884 million, and RMB 70.4776 million, respectively. The net profit attributable to the parent company’s owners was RMB -170 million, RMB -132 million, and RMB -72.7514 million, respectively. Currently, Core Medical is still in a loss-making state, mainly due to the company's continuous investment of substantial funds in new product research and development, clinical trials, and market promotion.
In terms of equity structure, founder Yu Shunzhou directly holds 21.79% of Core Medical's shares and indirectly holds 0.09% through Shenzhen Xinfu. Meanwhile, as the managing partner of the shareholding platform, Yu Shunzhou controls 7.35% of the voting rights via Shenzhen Xinfu, bringing the total control of Core Medical's voting rights to 29.14%.
In addition, Hillhouse holds a combined 9.3% stake through Zhuhai Sha Heng and Qi Rui Medical; Loyal Valley Capital holds a combined 11.71% stake through Shanghai Zhengli Min, Tan Ying Investment, and Hengqin Xule; New Alliance Capital holds a 6.14% stake; and Lian Yi Investment holds a 4.66% stake.
In this IPO, Core Medical plans to raise 1.216 billion yuan for projects including the development of cutting-edge products for circulatory support, the construction of an artificial heart industrialization base, marketing network and digitalization initiatives, and replenishing working capital. As these fundraising projects are gradually implemented, Core Medical is expected to achieve continuous breakthroughs in the artificial heart field.