Group 1: IPO Review and Registration Progress - One company, Beixin Life, successfully passed the IPO review for the Sci-Tech Innovation Board, focusing on innovative medical devices for cardiovascular diseases [2] - Beixin Life reported a cumulative loss of 736 million yuan as of December 31, 2024, due to high R&D and marketing expenses [2] - Two companies, Taikaiying and Hengkang New Materials, are scheduled for IPO reviews on July 25, 2024, targeting the Beijing Stock Exchange and the Sci-Tech Innovation Board respectively [2] Group 2: Company Performance and Financials - Taikaiying, specializing in mining and construction tires, reported a revenue of 2.295 billion yuan in 2024, a year-on-year increase of 12.99%, with a net profit of 157 million yuan, up 13.58% [3] - Hengkang New Materials experienced revenue fluctuations, achieving 322 million yuan, 368 million yuan, and 548 million yuan from 2022 to 2024, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [3][4] - Hengkang New Materials plans to raise 1 billion yuan through its IPO for projects related to integrated circuit precursors and advanced materials [4] Group 3: New Stock Listings and Market Activity - Huadian New Energy, listed on July 16, 2024, saw its stock price increase by 125.79% on the first day, closing at 7.18 yuan per share after an initial offering price of 3.18 yuan [8] - The IPO of Huadian New Energy raised 18.171 billion yuan, marking the largest fundraising in the A-share market for 2024 [8] - Three new stocks are scheduled for subscription this week, including Hanguo Group, Dingjia Precision, and Hansang Technology, with respective offering prices of 15.43 yuan, 11.16 yuan, and a planned inquiry on July 25 [10][11] Group 4: Policy and Regulatory Developments - Shenzhen aims to become a global hub for nurturing unicorn enterprises, supported by a comprehensive action plan for 2025-2027 that includes policy guidance, capital empowerment, and ecosystem cultivation [13]

Core Viewpoint - The IPO process of North Chip Life Technology Co., Ltd. is under significant market scrutiny due to concerns over team stability and ongoing losses, despite plans to raise 9.52 billion yuan by issuing up to 90 million shares [1] Group 1: Company Structure and Independence - North Chip Life's factory is located at the same address as a related company, Pruijin Enterprise Management Services, raising questions about operational independence and potential resource sharing [2] - The Beijing branch of North Chip Life shares its registered address with Beijing Qirui Zhicheng Management Consulting Co., which also operates in the healthcare sector, further complicating the independence narrative [2] Group 2: Workforce and R&D Challenges - The company claims stability among core technical personnel, yet data shows a significant reduction in R&D staff from 151 to 109, a decrease of 27.8% from 2022 to 2024 [3][4] - The overall employee count is increasing, but the proportion of R&D personnel is declining, which may impact innovation and competitive edge in a technology-driven industry [3][5] Group 3: Financial Performance and Market Challenges - North Chip Life's revenue is projected to grow from 92.45 million yuan in 2022 to 317 million yuan in 2024, but cumulative losses exceed 470 million yuan, with 29 million yuan lost in 2022 alone [6] - High sales and management expenses are a primary driver of losses, with sales expenses reaching 288 million yuan from 2022 to 2024, and 34.6% of revenue in 2024 [6] - The company's core products, FFR and IVUS systems, face severe pricing pressures due to market conditions, including a 58.5% price drop for the IVUS system following its inclusion in provincial collective procurement [6] - Increased competition from domestic firms like Lepu Medical and unresolved issues from a previous failed IPO application raise further concerns about the competitiveness of the FFR system [6]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the 34th company to receive approval this year [1] Company Overview - Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with a commitment to developing transformative solutions [1] - The company has launched 11 products to date and has 6 products under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [1] Shareholding Structure - The company has no controlling shareholder, with the actual controller being Song Liang, who holds 16.1530% of the shares directly and controls an additional 13.4140% through partnerships, totaling 29.5670% of voting rights [2] - Other shareholders are primarily financial investors who have committed not to seek control of the company, recognizing Song Liang's position as the actual controller [2] Management and Governance - Song Liang is the core founder and has served as the chairman and CEO, significantly influencing the selection of board members and daily management decisions [3] - The company plans to publicly issue up to 90 million shares on the Sci-Tech Innovation Board, with a minimum of 10% of the total share capital post-issue [3] Fundraising Plans - Beixin Life aims to raise approximately 95.22113 million yuan, which will be allocated to the construction of a medical device industrialization base, R&D projects, and to supplement working capital [3] Market Position and Competitive Landscape - The IPO review committee raised questions regarding the market space, competitive landscape, and sustainability of the company's core products, specifically FFR and IVUS [4]

Core Viewpoint - North Chip Life, a company focused on cardiovascular disease treatment, has successfully passed the IPO review on the Sci-Tech Innovation Board, aiming to leverage capital market opportunities for growth [1][3][21]. Company Overview - North Chip Life was established in 2015 and specializes in innovative medical devices for cardiovascular precision intervention, with over ten products commercialized and operations in approximately 1,000 hospitals globally [1][2]. - The company has developed key products such as the blood flow reserve fraction (FFR) system and intravascular ultrasound (IVUS) system, achieving significant technological advancements and filling domestic market gaps [2][6][7]. IPO Details - The IPO aims to raise approximately 950 million yuan, primarily for the construction of an interventional medical device industrialization base, R&D projects, and working capital [2]. - North Chip Life chose the fifth set of standards for the Sci-Tech Innovation Board, which does not require profitability but focuses on market value and R&D capabilities [2][17]. Financial Performance - The company reported rapid revenue growth from 2.91 thousand yuan in 2019 to 9.25 million yuan in 2022, although it has not yet achieved profitability [11][14]. - In the first quarter of 2025, North Chip Life achieved revenue of 127 million yuan, marking a 104.9% year-on-year increase, and a net profit of 16.39 million yuan, indicating a successful turnaround before the IPO [14][15]. Market Position and Future Outlook - North Chip Life's IVUS system is the first domestically developed 60MHz high-definition product, with a projected market share of 10.4% in 2024, ranking third in the industry [2][7]. - The company plans to accelerate the development of its pipeline products and enhance competitive performance, aiming to capture market share in the rapidly growing cardiovascular intervention device market [8][9]. Investment and Support - North Chip Life has completed nine rounds of financing, attracting notable venture capital and private equity firms, with Sequoia China being the largest shareholder [10][11]. - The backing from top-tier VC/PE institutions reflects the company's strong technological capabilities and market potential [10][11]. Regulatory Context - North Chip Life is the second company to benefit from the reintroduction of the fifth set of listing standards for unprofitable companies on the Sci-Tech Innovation Board, following the announcement in June 2025 [17][22]. - The successful IPO of North Chip Life sets a precedent for other high-tech, unprofitable companies seeking to enter the capital market [22].

Core Viewpoint - The reactivation of the fifth listing standard for the Sci-Tech Innovation Board has accelerated the IPO process for innovative pharmaceutical and medical device companies, providing them access to capital markets [1][2]. Group 1: IPO Progress and Financing - North Chip Life is set to undergo its IPO review on July 18, marking it as the second medical device company to be reviewed under the reactivated fifth listing standard [1]. - The company aims to raise 9.52 billion yuan, with allocations for the establishment of a medical device industrialization base, R&D projects, and working capital [1]. - The initial fundraising target was 12.74 billion yuan, indicating a reduction in the scale of fundraising and the removal of the marketing network construction project [1]. Group 2: Market Environment and Support - The Chinese government has increased support for genuinely innovative pharmaceutical and medical device companies through diversified financing, favorable tax policies, and integration of industry, academia, and research [2]. - The development environment for these companies has significantly improved, although the success of IPOs will increasingly depend on the companies' inherent value [2]. Group 3: Company Performance and Product Development - North Chip Life focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, with nine products commercialized, including IVUS and FFR systems [3]. - Revenue has shown consistent growth, with figures of 92.45 million yuan, 184 million yuan, and 317 million yuan from 2022 to 2024 [3]. - The FFR system's revenue decreased from 81 million yuan to 77 million yuan, while IVUS revenue surged from 9 million yuan to 217 million yuan, indicating a shift in revenue sources [4]. Group 4: Financial Health and Profitability - In Q1 2025, the company achieved a revenue of 128 million yuan, a year-on-year increase of 104.9%, and turned a profit of 18.68 million yuan, a growth of 184.28% [4]. - Despite recent profitability, the company still faces cumulative losses of 736 million yuan as of the end of 2024, indicating a need for further strengthening of its profit base [4]. Group 5: Competitive Landscape - North Chip Life faces competition from established international brands like Boston Scientific and Abbott, which have significant market shares in the cardiovascular sector [5]. - The domestic IVUS market has ten approved products, with most entering the medical insurance directory, while the FFR market is dominated by established players [6]. Group 6: R&D and Sales Challenges - The company has seen a decline in R&D investment from 143 million yuan to 113 million yuan from 2022 to 2024, with a significant drop in the proportion of revenue allocated to R&D [7]. - The number of R&D personnel has decreased from 151 to 109, raising concerns about the retention of high-level talent [7]. - Sales expenses have remained high, with figures of 75.88 million yuan, 103 million yuan, and 110 million yuan from 2022 to 2024, significantly above industry averages [8][9].

Core Viewpoint - The Shanghai Stock Exchange has scheduled a listing review meeting for Shenzhen Beixin Life Technology Co., Ltd. on July 18, 2025, marking a significant step in the company's IPO process after previous attempts to list on the Hong Kong Stock Exchange failed [1][3]. Group 1: Company Overview - Beixin Life is a medical device company that previously attempted to list on the Hong Kong Stock Exchange but faced setbacks, including an expired prospectus [3]. - The company signed a listing guidance agreement with China International Capital Corporation in October 2022, aiming for a listing on the STAR Market [3]. - Beixin Life's updated prospectus indicates a revised fundraising target of 9.52 billion yuan, down from an initial 12.74 billion yuan [3]. Group 2: Fundraising and Project Allocation - The total investment for the company's projects is approximately 127.39 million yuan, with significant allocations for the construction of an interventional medical device industrialization base and R&D projects [4]. - The updated prospectus shows a reduction in the proposed fundraising for the interventional medical device R&D project from 3.76 billion yuan to 2.82 billion yuan, reflecting a decrease of about 937 million yuan [6]. Group 3: Production Capacity and Utilization - Beixin Life's IVUS system capacity utilization rates have improved significantly, reaching 98.64% in 2024, while the FFR system's utilization was 67.54% [7][8]. - The company anticipates that the industrialization base project will achieve stable production by 2030, with projected annual capacities of 545,000 units for IVUS and 360,000 units for FFR [9]. Group 4: Financial Performance - Beixin Life reported revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for 2022, 2023, and 2024, respectively, with net losses decreasing from 300 million yuan in 2022 to 53.74 million yuan in 2024 [10][11]. - The company's R&D expenses have decreased over the years, with a notable drop in the R&D expense ratio from 154.95% in 2022 to 35.65% in 2024 [12]. Group 5: Shareholder Dynamics - Several shareholders have exited the company prior to its application for listing on the STAR Market, with notable transactions involving SpringHill and Shihezi Taiyu [17][18]. - The company has undergone multiple rounds of financing, with commitments made by investors that included performance-based clauses related to the company's IPO timeline [17].

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. is undergoing a second round of inquiry for its IPO on the Sci-Tech Innovation Board, with concerns raised about declining net profits, high sales expense ratios compared to peers, and the feasibility of its fundraising projects [1][5][8]. Group 1: Core Technical Personnel Departure - The company has experienced departures of core technical personnel during the reporting period, which has raised concerns regarding its R&D capabilities [3][4]. - The number of R&D personnel has decreased from 151 in 2022 to 109 in 2024, with a notable departure of a key technical staff member, Li Hengwei [3][4]. - The company asserts that the departure of Li Hengwei will not significantly impact its ongoing projects or business operations, as he completed the necessary handover before leaving [4]. Group 2: Sales Expense Growth - The company has seen a significant increase in sales expenses, with figures rising from approximately 75.88 million yuan in 2022 to 109.58 million yuan in 2024, while the sales expense ratio decreased from 82.08% to 34.61% [5][7]. - The sales expense ratio remains substantially higher than the industry average, which was 26.04% in 2022 and 23.25% in 2023 [5][6]. - The company attributes the high sales expenses to the need for extensive market education and promotion of its innovative medical devices, as well as being in the early stages of commercialization [7]. Group 3: Capacity Expansion Feasibility - The company plans to raise 9.52 billion yuan for projects including the construction of a medical device industrialization base and marketing network [8]. - Concerns have been raised regarding the utilization rates of its main products, with FFR system utilization rates at 62.67% in 2022 and IVUS system rates reaching 98.64% in 2024 [8]. - Experts suggest that expanding capacity without sufficient demand could lead to overcapacity and increased costs, emphasizing the need for a clear market demand forecast [8].