Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. (Beixin Life) officially listed on the Sci-Tech Innovation Board on February 5, 2026, under the stock code "688712.SH," marking it as the first medical device company to successfully list under the new fifth set of standards since its restart and the first medical device company to list in 2024 [3]. Group 1: Company Overview - Beixin Life is the first domestic medical device company with a product portfolio that includes intravascular functional flow reserve (FFR) and intravascular ultrasound (IVUS) [3]. - The company has received investments from several well-known institutions, including Qiming Venture Partners, which led its Series C financing in 2020 and continued to support its development in Series D financing [4]. Group 2: Investment Insights - Qiming Venture Partners holds over 6% of Beixin Life's shares prior to the IPO, indicating its role as a major institutional investor [4]. - The firm has a strong interest in the cardiovascular and other medical device sectors, having a history of successful cases in these fields [4]. Group 3: Strategic Approach - Beixin Life's strategy focuses on building a robust product portfolio and company capabilities rather than merely pursuing rapid registration, emphasizing the creation of differentiated and competitive products [5]. - The company has maintained this strategy for over a decade, which has instilled confidence among shareholders [5]. Group 4: Future Expectations - Post-IPO, Beixin Life is expected to continue strengthening its product line in the coronary field and expand into high-potential new areas such as electrophysiology [5]. - There is significant untapped international market potential for Beixin Life's products, with plans for deeper internationalization following the IPO [5]. Group 5: Market Context - In 2025, Qiming Venture Partners invested in over 30 projects in the medical innovation sector, contributing more than 3 billion yuan, despite a cautious investment environment in the medical sector [5]. - The firm maintains strong confidence in the fundamentals of Chinese medical innovation, believing that China's clinical experience, engineering teams, and entrepreneurial spirit can foster globally competitive medical device products [6].

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. (Beixin Life) officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on February 5, 2026, under the stock code "688712.SH", marking it as the first medical device company to successfully list under the fifth set of standards since the relaunch of the Sci-Tech Innovation Board and the first medical device company to list in 2024 [3][4]. Company Overview - Beixin Life is the first domestic medical device company to have a product portfolio that includes intravascular functional flow reserve (FFR) and intravascular ultrasound (IVUS) [3][4]. - The company has received investments from several well-known institutions, including Sequoia China, which has been a significant supporter since leading the B-round financing in 2018 [3][4]. Investment Perspective - Sequoia China views Beixin Life as a strategic investment in the cardiovascular precision diagnosis and treatment sector, emphasizing that true domestic substitution should go beyond mere replication to surpass existing technologies [4][5]. - The investment team at Sequoia China identified a unique opportunity in the market despite the low clinical penetration of IVUS and FFR systems in China, where passive products dominate the cardiovascular intervention field [5]. Product Innovation - Beixin Life focuses on differentiated innovation based on clinical pain points rather than simply replicating existing imported products. For instance, the company developed a 60MHz high-frequency IVUS system that surpasses traditional imaging resolution limits [6]. - In the therapeutic domain, Beixin Life has initiated projects in the early stages of pulsed field ablation (PFA) technology, which has limited clinical research globally, demonstrating foresight in product development [6][7]. Market Expansion and Support - The company has multiple vascular access products that are continuously commercialized, receiving praise from leading experts in various clinical exchanges and live surgeries [7]. - Sequoia China has provided comprehensive support in financing, talent acquisition, and strategic guidance, helping Beixin Life navigate challenges in the high-tech medical device market [9][10]. International Growth - Beixin Life has established a strategic partnership with leading domestic sales companies to enhance its overseas market expansion, contributing to over 15% of its revenue from international sales by September 30, 2025 [10]. - The company's rapid development in research, sales, and internationalization has positioned it as a balanced player across multiple dimensions, contributing to its successful listing as an innovative medical device company [10].