On September 16, the Shenzhen Stock Exchange disclosed that its listing review committee had approved the initial public offering of Guangdong Bomei Medical Technology Co., Ltd. (referred to as 鈥淏omei Medical鈥? at its 54th review meeting of 2026. The company's sponsor and lead underwriter is China International Capital Corporation Limited.

According to the prospectus submitted for review, Bomei Medical was established in March 2012 with a registered capital of RMB 57.82 million and legal representative Li Bin. The company focuses on the development, production, and global sales of high-performance vascular interventional medical devices. Its main products include various general balloon catheters, functional balloon catheters, drug-coated balloon catheters, interventional guidewires, and catheters, which are sold to more than 100 countries and regions worldwide.

The company plans to raise RMB 1.2 billion in this offering, with RMB 640 million allocated to the Songshan Lake Global Headquarters project, RMB 160 million to the first phase of the Hunan production base technical renovation project, and RMB 400 million to interventional medical device research and development. Bomei Medical intends to issue no more than 20 million shares, representing at least 25% of the total post-issuance share capital, which would not exceed 77.82 million shares.

Financial data shows that from 2023 to 2025, the company's operating revenue reached RMB 335 million, RMB 460 million, and RMB 655 million respectively, reflecting a compound annual growth rate of 39.78%. Net profit attributable to shareholders stood at RMB 28.50 million, RMB 77.44 million, and RMB 77.01 million over the same period, while non-GAAP net profit was RMB 25.92 million, RMB 66.60 million, and RMB 113 million.

For the first half of 2026, Bomei Medical posted operating revenue of RMB 416 million, up 37.43% year-over-year, with net profit attributable to shareholders of RMB 91.32 million, a surge of 454.31%, and non-GAAP net profit of RMB 90.08 million, up 34.07%. The company's unaudited full-year 2026 forecast projects revenue between RMB 860 million and RMB 880 million, representing growth of 31.38% to 34.43%, and non-GAAP net profit between RMB 160 million and RMB 180 million, up 42.01% to 59.76%.

Where things stand now

However, the company also flagged in its prospectus that it may need to set aside inventory write-down provisions if production costs rise, product demand falls short of expectations, or product prices decline. Notably, Bomei Medical currently faces pending litigation involving its peripheral drug-coated balloon product 鈥淰asecureTM始祖鸟TM,鈥?with the plaintiff seeking RMB 9.487 million in alleged infringement losses plus reasonable expenses. The company maintains that the product was independently developed and does not incorporate all technical features claimed in the disputed patent.

Additionally, the prospectus reveals that the actual controller and controlling shareholder, as obligors, have share buyback and other valuation adjustment mechanism agreements with 15 shareholders. According to a supplementary agreement signed in October 2025, the company-level buyback obligation is null and void from the outset, but the actual controller's and controlling shareholder's obligations are only conditionally terminated: if the company withdraws its application, the application is rejected, or the company fails to pass review or registration by Chinese securities regulators within 18 months of filing, the relevant clauses will automatically resume effect. In such a scenario, the actual controller could be required to honor the valuation adjustment terms and repurchase shares from certain shareholders.