Core Medical's Sci-Tech Board IPO Halted Amid Public Doubts Over 'Fully Magnetic Levitation' Technology Claims
Core Medical
Artificial Heart Series Product Developer
In recent days, news of the suspension of Core Medical’s listing on the STAR Market has been widely circulated within the industry. On June 30, the Listing Review Committee of the Shanghai Stock Exchange suddenly announced:Given that Core Medical still has relevant matters requiring further verification, it has been decided to cancel the review meeting originally scheduled for July 2.
As for the reason,Widely in the industryGuessand Core Medical's previous product, Corheart®6. Technical ControversiesRelated.
Core Medical is a leading enterprise in China engaged in the research and development, manufacturing, and sales of artificial hearts. Artificial hearts represent a quintessential example of hard technology, characterized by extremely high R&D complexity. Previously, this sector had long been dominated by foreign giants such as Abbott and Medtronic.
Domestic artificial heart companies, represented by Core Medical, have risen rapidly in recent years. Core Medical's implantable artificial heart, Corheart®6. Launched in June 2023. In its prospectus, Core Medical stated that the product holds a market share of over 45% nationwide in China, ranking first in the industry. In external communications, Corheart®6 is known as the world's smallest and lightest commercially available magnetically levitated implantable artificial heart.
However, the point of contention lies with Corheart.®6. The “fully magnetically levitated” technology adopted.
In late November last year, Kurt Dasse, a renowned scholar in the field of artificial hearts, wrote a letter to a prestigious journal, directly pointing to Core Medical’s Corheart.®6. AdoptedNot truly "fullMagnetic Levitation”technology, but rather a “magnetically assisted hydrodynamicBearing”。
Fully magnetic levitation is currently the most advanced and optimal bearing technology for artificial hearts, with Abbott’s HeartMate 3 being the industry-recognized product. Kurt Dasse believes that Core Medical’s Corheart®6. It is a magnetic-fluid hybrid bearing, not fully magnetic levitation.This means that the product'sThe technical value will be greatly diminished,The accuracy and authenticity of the information disclosed in the prospectus will also be subject to significant scrutiny.
Previously, the Shanghai Stock Exchange (SSE) issued a specific inquiry letter, focusing on questions regarding the technological innovation barriers of Core Medical’s fully magnetically levitated control technology. Core Medical has consistently maintained that its products utilize fully magnetically levitated control technology. However, on the eve of its scheduled listing committee review, Core Medical was suddenly disqualified.This highly unusual approach has led the market to speculate that Core Medical’s technical description failed to meet regulatory requirements.
"Debate over the Definition of 'Fully Magnetically Levitated'"
Whether an artificial heart is truly "fully magnetically levitated,"DependIs the rotor of its blood pump suspended solely by magnetic force?
Kurt Dasse cited the industry-authoritative book "Mechanical Circulatory and Respiratory Support (Second Edition)," Corheart®6. Classified solely as a “magnetically assisted hydrodynamic bearing” product, yielding a conclusion markedly different from that of Core Medical.
The scholar pointed out that the most significant feature of magnetic bearings is their ability to function normally even in a vacuum environment, as they do not rely on any fluid medium whatsoever. Therefore,The most directValidationThe method isFor the sake ofIn the airCan it be done?Stable suspension, rather than in liquidSuspension Performance。
He further stated that every blood pump manufacturer should disclose its rotor suspension method, including whether a combined approach of magnetic levitation and hydrodynamic support is employed.
This is precisely the Achilles’ heel of Core Medical. In its prospectus, Core Medical’s description of its technological pathway is relatively vague, merely stating in general terms that the concept of “fully magnetic levitation” specifically refers to an application technology of industrial magnetic levitation in the field of artificial hearts, and is “a technical standard term without a standardized definition.” In other words,It is difficult to make an accurate judgment based on the statements in the prospectus.Core Medical's Corheart®6 During Rotor OperationWhetherRelying solely on magnetic levitation.
According to media reports, the warnings clearly stated in Core Medical’s official Product Instruction Manual specify that trial operation of the product in air will damage the equipment, and the blood pump can only function normally when fully filled with fluid. This has further raised doubts about the actual efficacy of its magnetic levitation technology. However, Core Medical quickly responded that such labeling is merely a routine industry warning.
In addition to the prospectus and product instructions,Core MedicalIn other occasions, alwaysInsisting that its product utilizes “fully magnetic levitation” technology。At the 2025 Annual Meeting of the American Society for Artificial Internal Organs (ASAIO) held in the United States, the Medical Director of Core Medical explicitly pointed out that Corheart®6 is a fully magnetically levitated artificial heart product.
A Battle for Survival
In April 2026, Core Medical responded to the media, stating that Corheart®6. The device is entirely magnetically levitated, with no hydrodynamic bearings. In its response letter to the Shanghai Stock Exchange, Core Medical also firmly asserted that its product follows a “fully magnetic levitation” approach; however, its specific explanations failed to provide direct proof that this technological route was adopted, thereby not fully alleviating external concerns.This Listing ReviewAt the Final StageCancellation casts another shadow over the technical controversies surrounding Core Medical.Suspicions。
Image source: Core Medical's response letter
At its core,Controversy Surrounding Core Medical's "Fully Magnetically Levitated" Products,It is no longer merely a technical issue,What matters is the company’s future value and positioning.
The application of fully magnetically levitated technology in artificial hearts emerged in the 1990s. Magnetic bearings utilize magnetic forces to stably levitate the rotor, thereby addressing blood damage caused by friction and heat generation associated with high-speed rotation in traditional mechanical bearings. Consequently, fully magnetically levitated artificial hearts cause minimal blood trauma and are associated with lower incidences of thrombosis and stroke.
In practical clinical applications, the mainstream technical approaches for artificial hearts are hydrodynamic levitation, magnetic-hydrodynamic levitation, and fully magnetic levitation. Products combining electromagnetic levitation and hydrodynamic levitation include Medtronic’s HVAD, while fully magnetically levitated centrifugal pumps include Abbott’s HeartMate 3.
Among these, products with magnetic fluid suspension still have technical and safety limitations, with higher risks of adverse neurological events and thrombosis. As a result, Medtronic announced the withdrawal of this product from the market in 2021. Currently, in the field of artificial hearts, Abbott's fully magnetically levitated HeartMate 3 holds the most dominant market position.This means that whether it is fully magnetically levitated or not concerns the future product prospects of Core Medical.
In this sector, another Chinese company actively pursuing an IPO is Tongxin Medical. Its core product, the CH-VAD Implantable Ventricular Assist Device System, also claims to be “fully magnetically levitated.” Launched in 2021, it is described as enabling “contactless levitation and drive of the rotor via magnetic force,” without requiring a “liquid environment.”Once Core Medical's IPO eligibility is revoked,Peers have the opportunity to compete"China's First Artificial Heart Stock"
The review was canceled one day before the IPO’s scheduled hearing, a rarity in the history of China’s capital markets.The IPO journeys of similar companies in the past have been largely “a near-death experience.”，Longlide in 2019, Damuren in 2023, and Jieka Shares in 2025 all failed to go public after their reviews were cancelled. However, there are also success stories like Guotai Environmental Protection, which succeeded through a board-transfer IPO.
Whether Core Medical can still become the “first Chinese artificial heart stock” now depends on its hard power and luck.
By Yang Xixia
Edited by Jiang Yun, Jia Ting
Operations | Nian Shisan
Disclaimer: Original content by Jian Shi Ju. Do not reproduce without permission.
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