Medical Devices & Capital Weekly Report (Issue No.6): IPO Filings and Market Dynamics

Jun 29, 2026 07:00 CST Updated 07:00

Neuracle

Developer and Manufacturer of Brain-Computer Interface Systems and Related Equipment

Core Medical

Artificial Heart Series Product Developer

Pusen

Developer of Disposable Medical Products

Sunnyou

Intelligent Rehabilitation Equipment R&D and Manufacturer

Cofoe

Intelligent Medical Device R&D, Production, and Sales Company

AMS

A High-Tech Company

INT Medical

Medical Device R&D, Production, and Sales Company

Valgen Medtech

Minimally Invasive Interventional Device Developer

Medical Devices · Capital Dynamics Weekly Report

June 22, 2026 — June 26, 2026

PART 01

I. IPO Listing Updates

Data Sources: Announcements from the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Hong Kong Stock Exchange, as well as public media

Enterprise	Sector	Current Progress
True Health Medical	HKEX	IPO, listing on 6/30, issue price HK$119.3–135.4
Neuracle	STAR Market	IPO Application Accepted, Planning to Raise RMB 2.5 Billion: A Representative Target in Brain-Computer Interface
Core Medical	STAR Market	July 2 Listing Review: Proposed Fundraising of RMB 1.217 Billion; A Representative Target in the Artificial Heart Sector
Pusen	STAR Market	IPO Application Accepted, Planned Fundraising of RMB 702 Million: A Leading Disposable Endoscope Company

PART 02

II. Industry Investment and Financing Information

Data Sources: Corporate Announcements, Public Media Reports

Enterprise	Amount / Round	Direction and Planning
Sunnyou	RMB 1.366 billion / Private Placement	Brain-Computer Interface (BCI) Rehabilitation Devices and Intelligent Rehabilitation Robots: Two Major Product Lines
Medjet Life	Tens of Millions of Yuan / Series B	Regenerative Materials/Orthopedic Devices: Accelerating Clinical Progress for Class III Certification
Cofoe	100-200 Million CNY / Share Buyback	Cancellation of All Repurchased Shares and Reduction of Registered Capital

PART 03

III. Mergers and Acquisitions Trends

Data Sources: Corporate Announcements, Exchange Announcements, Public Media Reports

Acquirer → Target	Transaction Scale	Integration Direction
Medprin → Easycess Medical	RMB 335 million	Neurointervention, Restructuring of Unprofitable Targets on the ChiNext Board After Reform
Fule → AMS (UK)	RMB 5.92 billion	Leading Industrial Adhesive Companies Cross Over into the Medical Adhesive Materials Sector
INT Medical → Valgen Medtech	$10 million	Increase Stake to 23.97%, Deepen Layout in Mitral/Tricuspid Valve Interventions

PART 04

IV. Dynamics of the Secondary Capital Market

1. Neuracle's IPO on the STAR Market Accepted
Neo’s implantable brain-computer interface received early approval for a Class III medical device license for invasive BCIs in March 2026. The company plans to raise RMB 2.5 billion through an IPO on the STAR Market, with backing from top-tier investors such as Sequoia Capital and Baidu Venture Capital.

2. True Health Medical’s HK Stock IPO
Representative Target for Biopsy Surgical Robots, Listed on June 30, Offering Price HK$119.3–135.4 per Share, Joint Sponsors CICC and DBS Group.

3. Core Medical Board Meeting
Representative Target for Artificial Hearts: Corheart 6 Left Ventricular Assist System Approved in 2023, IPO Review on the STAR Market Scheduled for July 2

4. Pusen's IPO Application Accepted
Disposable Endoscope Head Company, Global Market Share of Disposable Flexible Ureteroscopes (20.4%), 2025 Revenue of RMB 538 Million.

PART 05

V. Analysis of Industry Capital Trends

1. Investment and Financing Trends

·Brain-Computer Interfaces Continue to Draw Attention: Neuracle’s IPO Application Accepted, Poised to Become a Representative BCI Stock; BrainCo and Jieti Medical Are Also Accelerating Their Listing Processes

·Surgical Robotics Remain in High Demand: True Health Medical Lists on HKEX, Leading with a 36.4% Market Share in Domestically Produced Puncture Surgical Robots

·Leading Rehabilitation Equipment Companies Increase Investment: Sunnyou Raises RMB 1.366 Billion in Private Placement to Focus on Brain-Computer Interface Rehabilitation and Intelligent Rehabilitation Robots

2. Trends in M&A Integration

·Unlocking the Benefits of ChiNext Reform: Medprin Acquires Easycess Medical for RMB 335 Million, Becoming One of the First Unprofitable Restructuring Targets to Pass Review After the ChiNext Reform

·Cross-Border M&A Activity Surges: Fuller Acquires AMS for Nearly RMB 6 Billion, Top Industrial Adhesive Maker Heavily Invests in High-End Medical Consumables

·Acceleration of Consolidation in the Heart Valve Sector: INT Medical Continues to Increase Stake in Valgen Medtech, Deepening Its Structural Heart Disease Portfolio

3. Key Focus Areas

·Commercialization of Brain-Computer Interfaces and the Implementation of Medical Insurance Reimbursement Policies

·Reshaping of the Market Landscape for Surgical Robots Following Centralized Procurement

·Global Market Share of Disposable Endoscopes Continues to Expand

·Accelerated Domestic Substitution Under the Expansion of Centralized Procurement

4. Risk Warning

Innovative medical devices have long commercialization cycles and high capital consumption, leading to sustained losses for some companies; the expansion of centralized procurement continues to drive down product prices; and there is uncertainty regarding the implementation progress of medical insurance reimbursement policies for brain-computer interfaces.