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].

Core Viewpoint - North Chip Life has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone as the first medical device company to do so under the new fifth set of standards, with an opening price that surged 187% from the issue price [2][4]. Group 1: Company Overview - North Chip Life is recognized as a "hexagonal warrior" in the medical device industry, demonstrating balanced development across product innovation, global market entry, commercialization, and profitability [4][12]. - The company focuses on innovative and high-quality cardiovascular precision intervention solutions, aiming to fill the technological gaps in China's medical device industry [5][6]. Group 2: Investment and Support - Sequoia China has been a key investor since 2018, providing continuous support in strategic choices, operational advice, and international promotion [5][6][9]. - The investment team at Sequoia China identified the potential in North Chip Life's technology, leading to significant funding and strategic guidance throughout the company's growth [9][10]. Group 3: Product Innovation - North Chip Life has developed the first domestically approved 60MHz high-speed IVUS product and a domestic FFR measurement system, showcasing the capability of Chinese companies to redefine market standards through technological advancements [6][12]. - The company emphasizes differentiated innovation in its product development, addressing clinical pain points rather than merely replicating existing products [12][13]. Group 4: Market Expansion - North Chip Life has established strategic partnerships to enhance its overseas market presence, with international sales contributing over 15% of its revenue as of September 30, 2025 [10]. - The company is actively expanding its product offerings in the cardiovascular diagnosis and treatment sectors, focusing on high-performance and high-barrier medical devices [12][13].