深圳南山冲出一个IPO！迈瑞前高管创办，估值82亿

Core Viewpoint - Shenzhen Maikedian Biomedical Technology Co., Ltd. (Maikedian) has transitioned from A-share listing guidance to applying for an IPO on the Hong Kong Stock Exchange, with a prospectus submitted in September 2025. The company has rapidly expanded its business through aggressive acquisitions, covering life support, minimally invasive intervention, and in vitro diagnostics, with products sold in over 140 countries and regions [2][4][11]. Financing History - Maikedian has completed multiple financing rounds since its establishment in 2011, raising approximately 2.259 billion RMB, with notable investors including Hillhouse Capital, Shenzhen Capital Group, and SoftBank China. The post-investment valuation reached 8.2 billion RMB after the E round in September 2023, which raised 88.75 million RMB [2][3][7]. Management Team - The company was founded by former executives from Mindray Medical, with a management team that includes key figures like Zhong Yaoqi and Liu Jie, who have extensive experience in the medical device industry. The team has established a dual-class share structure, allowing them to maintain significant control despite holding less than 40% of the shares [4][6][7]. Business Model Transformation - Initially focused on basic infusion and injection equipment, Maikedian shifted its strategy to become a comprehensive provider of high-end medical device solutions. This transformation involved a series of acquisitions to expand its product offerings and market presence [9][10]. Acquisition Strategy - The company has pursued an aggressive acquisition strategy to enter high-potential markets. Key acquisitions include Shanghai Runpu Biotechnology in 2017, which allowed entry into the in vitro diagnostics sector, and the acquisition of UK-based Penlon in 2022, enhancing its life support product line [10][11][12]. Revenue Growth - Maikedian's revenue has shown steady growth, with figures of 917.37 million RMB in 2022, 1.3 billion RMB in 2023, and projected 1.4 billion RMB in 2024. The gross margin improved from 43.7% to 49.7% during this period, indicating effective cost management and operational efficiency [17][18]. Market Position - The company holds a 15% market share in the domestic drug infusion market, ranking second behind Mindray. In the minimally invasive intervention sector, it has a 19.2% market share, showing potential for growth through strategic acquisitions and market expansion [19][20]. Distribution Channel Adjustments - Maikedian has undergone significant adjustments in its distribution channels, reducing the number of distributors from 3,694 to 2,566, while also addressing the increase in inactive distributors. This move aims to optimize channel structure and improve cash flow management [20][22]. Goodwill and Integration Challenges - As of June 30, 2025, Maikedian reported goodwill of 908 million RMB, primarily from acquisitions. The management has not recognized any impairment, indicating confidence in the integration and future profitability of acquired entities. Effective collaboration among business segments will be crucial for future growth [22].