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NewMed
Artificial Heart Valve System Developer
On June 29, 2026, the official website of the Shanghai Stock Exchange disclosed that,Shanghai NewMed Medical Co., Ltd. (hereinafter referred to as “NewMed”)Its IPO application for the STAR Market has been officially accepted. As one of the representative companies in the field of interventional therapy for structural heart disease, NewMed plans to raise fundsRMB 1.364 billion。
CompanyMain Sources of Revenue During the Reporting PeriodFor two balloon-expandable transcatheter aortic valve replacement systems, Prizvalve® and Prizvalve Pro®and its accessories, with revenues in 2023–2025 being respectivelyRMB 6.28 million, RMB 27.75 million, and RMB 57.41 million; Cumulative loss over 3 years595 million yuan。
From HKEX "18A" to the STAR Market
NewMed was founded in2015,is a company dedicated toInterventional Artificial Heart ValveandInterventional Ventricular Assist Systema high-tech enterprise engaged in R&D, production, and sales. The company's actual controllerYu QifengPh.D., formerly worked at leading medical device companies such as Shanghai MicroPort Medical and Beijing Medtronic, founded NewMed in 2015.
As disclosed in the prospectus, NewMed had submitted multiple A1 listing applications to the Hong Kong Stock Exchange since 2021, aiming to list on the Main Board of the HKEX under Chapter 18A for pre-revenue biotechnology companies. However, after several unsuccessful attempts, the company terminated its HKEX listing process and fully shifted its focus to the domestic STAR Market in 2026.
Backed by Top-Tier Capital
According to public information, since its establishment in 2015, NewMed has completed multiple rounds of equity financing.Cumulative financing exceeds RMB 1 billion。OpenExcluding the voting rights controlled by the founders, OrbiMed, a top-tier global healthcare investment firm, holds 12.13% of the shares, making it the largest external institutional shareholder; Temasek holds 7.03%; and Boyuan Capital holds an aggregate stake of over 7%. Additionally, historical financing rounds have attracted premier institutions such as Sequoia China, Hillhouse Ventures, and Yunfeng Fund. The actual controllers, Mr. Yu Qifeng and his spouse, hold nearly 30% of the shares.
Core Product Pipeline
1. Approved Products: Balloon-expandable TAVR
NewMed has focused its breakthrough efforts on balloon-expandable valves, which present extremely high manufacturing complexity. Its core products, Prizvalve® and Prizvalve Pro®, received approval for market launch from the National Medical Products Administration (NMPA) in August 2024 and June 2025, respectively, and areChina's First Domestically Produced Balloon-Expandable TAVR System。
According to the latest data from NTCVR, approximately 18,600 TAVR procedures were performed in China in 2025. Although self-expanding valves still accounted for 87% of the market share, the implantation proportion of balloon-expandable valves rapidly increased from 6.3% in historical cumulative data to 13%, indicating growing clinical acceptance of the balloon-expandable approach.
2. Products Under Development: Transcatheter Mitral Valve Replacement System
Mi-thos®(Transapical Self-Expanding Valve)Particularly noteworthy—this product wasCompleted the first transcatheter mitral valve replacement surgery in Asia in May 2019(Zhongshan Hospital Affiliated to Fudan University), isDomesticThe First TMVR Product to Enter the Registration Clinical Trial Stage, having completed enrollment for the confirmatory clinical trial, it is poised to become the first TMVR valve system approved in China. In addition, the company is also developing the transapical balloon-expandable valve Mi-thos Elite.®Transfemoral Balloon-Expandable Mi-thos Pro Valve®, expected to be approved in 2030.
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Interventional Left Ventricular Assist System: Huanmei®Benchmarking against Johnson & Johnson's Impella®The series has completed confirmatory clinical enrollment and is expected to receive approval in 2027. This product employs bionic adaptive pulsatile flow assistance technology, featuring a dual-safety architecture that integrates fiber-optic pressure sensing feedback with pump motor signal parameter estimation.
R&D Investment Declines, Capital Chain Remains Tight
The prospectus shows the financial data of NewMed during the reporting period.Revenue Growth, But Not Yet Profitable.
Operating Revenuesurging from RMB 6.28 million in 2023 to in 2025RMB 57.41 million, three-year compound annual growth rate of approximately200%. Among them, the valve products achieved revenue in 2025RMB 46.4673 million, accounting for80.93%, revenue from ancillary products amounted to RMB 10.95 million.
Net ProfitThe three years were -303 million yuan, -163 million yuan, and-129 million yuan, cumulative loss of approximately595 million yuan, the loss in 2025 narrowed by 20.4% year-on-year.Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses-297 million yuan, -158 million yuan, and-118 million yuan。
R&D Investment Declined Over the Past Three Years, with R&D investments of RMB 123 million, RMB 90 million, andRMB 90 million, accounting for the proportion of revenue from1,892.19%Decreased to 155.51%.
As of the end of 2025, the company's retained earnings were -1.404 billion yuan.，The asset-liability ratio is 54.94%, and the company has not yet achieved self-sustaining operations, relying on financing support.
Tight Capital Chain: Can an IPO Provide a Rescue?
The prospectus shows that NewMed has only funds on handRMB 58.87 million, lower than its R&D investment in 202590 millionYuan. Meanwhile, there are still46.05 million in short-term loans and39.55 million in long-term loans.
Use of Proceeds: Capacity Expansion
The proposed fundraising amount is RMB 1.364 billion, with the R&D Center Construction Project alone accounting for RMB 768 million, or 56.3% of the total, indicating that the company remains in a phase of intensive R&D investment.
Technology Investment (56.3%):The R&D Center Construction Project exclusively accounts for RMB 768 million, indicating that the company will continue to maintain high-intensity investment in its cutting-edge pipeline, including mitral valve, tricuspid valve, and next-generation interventional ventricular assist device systems.
Capacity Expansion:Valve System Production Base (RMB 277 million) established in Shanghai Zhangjiang Science City, focusing on capacity upgrades for high-precision, advanced valve components; Catheter and Accessories Production Base (RMB 66 million) located in Haining Juanhu Science and Technology City, Zhejiang Province, to achieve efficient synergy in the Yangtze River Delta industrial chain.
Comprehensive Commercialization (153 million yuan):The funds will be directly used to expand the sales network, promote academic and clinical outreach, and accelerate terminal coverage of balloon-expandable valves in major tertiary hospitals across China.
The prospectus reveals that the company incurred cumulative losses of nearly RMB 600 million during the reporting period, experienced a continuous decline in its R&D workforce, and held inventory worth RMB 79 million. Based on designed capacity and actual output, the capacity utilization rate for the company’s core products is not high; nevertheless, the company still plans to raise funds to expand production capacity.
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