Another Medical Device Company IPO: Domestic "Artificial Heart-Lung" First Stock Aiming for Sci-Tech Innovation Board

Shenzhen Hanno Medical Technology Co., Ltd.'s application for listing on the Sci-Tech Innovation Board has been accepted recently.

In 2023, this company specializing in the field of extracorporeal life support launched the first domestically approved ECMO (Extracorporeal Membrane Oxygenation) system in China, breaking the long-standing monopoly of European and American companies in this field.

Breaking the impasse:

China's first ECMO enters the capital market.

The news of Hanno Medical applying for an IPO on the Sci-Tech Innovation Board quickly spread in the medical device industry. According to the prospectus, the company plans to issue no more than 25.7515 million shares, raising 1.062 billion yuan, which will be invested in the construction of a research and development center, production base, and marketing network.

Its core product, the Lifemotion® Extracorporeal Membrane Oxygenation (ECMO) system, was approved for market release in 2023, making it the first domestic company to successfully develop and receive approval for an ECMO product. Prior to this, only a few countries such as the United States, Germany, and Italy had the capability to industrialize ECMO products.

Tackle

"The technological barriers behind 'artificial heart-lung machines'"

The ECMO system, known as the "artificial lung + heart," is the "ultimate weapon" for treating critically ill pneumonia patients. Previously, this technology was long monopolized by foreign companies, and domestic ECMO devices have relied heavily on imports.

Hanno Medical has achieved breakthroughs in multiple key technologies after years of independent research and development, and has systematically mastered seven core underlying technologies. The company has formed a cross-disciplinary research and development team that includes expertise in extracorporeal circulation, biomedical engineering, and clinical medicine.

Notably, at the beginning of 2025, Hanno Medical's ECMO system received the EU CE MDR certification, becoming the first domestically-produced ECMO system to enter the international market.

Landing:

More than 140 hospitals' choice

Despite being established for only a few years, Hanno Medical's market performance has already begun to take shape. As of June 30, 2025, the company's core product, the Lifemotion® ECMO system, has been adopted by over 140 hospitals nationwide.

This includes top-tier hospitals such as Anzhen Hospital affiliated with Capital Medical University, the General Hospital of the People's Liberation Army (301 Hospital), and West China Hospital of Sichuan University. The products have successfully entered Hong Kong's Queen Mary Hospital and have begun delivering orders to Europe, South America, and Africa.

Hematopoiesis

Dual signals of revenue growth and narrowed losses.

The prospectus shows that from 2022 to 2024, Hanno Medical's operating revenue was 0 yuan, 29.8311 million yuan, and 49.3088 million yuan, respectively. In the first half of 2025, the revenue reached 37.3453 million yuan.

Despite the company still being in a loss-making state, the loss amount has significantly narrowed from 341 million yuan in 2023 to 82.273 million yuan in the first half of 2025. This indicates that the company's business model is gradually maturing.

Blue Ocean:

The rapid rise of a ten-billion market

The ECMO industry is currently experiencing rapid growth. According to forecasts by Frost & Sullivan, the size of the ECMO market in China is projected to grow from 960 million yuan in 2024 to 3.71 billion yuan in 2030, with a compound annual growth rate of 25.2%.

By 2035, China's ECMO market is expected to exceed 10 billion yuan, while the global market is anticipated to reach 5.8 billion dollars. However, for a long time, the global ECMO market has been mainly dominated by three major brands: Maquet, Medtronic, and Sorin.

According to data from the Extracorporeal Life Support Professional Committee of the Chinese Medical Doctor Association, the total number of ECMO treatments nationwide in 2021 was 10,656 cases, an increase of 53.6% compared to 6,937 cases in 2020.

Dongfeng:

How policies provide support for innovative medical devices.

In July 2025, the National Medical Products Administration released measures to optimize the full lifecycle regulation to support the innovative development of high-end medical devices, providing policy support for the innovation of high-end medical devices, including ECMO.

These initiatives include optimizing special approval procedures, improving classification and naming principles, and continuously enhancing the standards system, providing a more favorable innovation environment for domestic high-end medical device companies.

Soul:

The Collaborative Journey of Three Founders with Medical Backgrounds

The founding team of Hanno Medical has a distinctive professional background. The actual controllers of the company are Liu Yang, Li Mingtao, and Li Yijiang.

Liu Yang graduated from Hannover Medical School in Germany with a degree in Hospital Management and Public Health Policy. He previously served as the General Manager of Hannover Medical Management Group. Li Yijiang holds a Doctor of Medicine (MD) degree and was a attending surgeon in the Department of Cardiac Surgery at Hannover Medical School in Germany.

In 2024, the salaries of three individuals are 1.4 million yuan, 1.4247 million yuan, and 1.4127 million yuan, respectively.

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From ECMO to a full lifecycle support product matrix.

Based on the independently developed three core technology platforms, Hanluo Medical is building a product matrix that covers the entire flow range and adapts to various scenario requirements, centered around the platform key technology of Extracorporeal Life Support (ECLS).

Currently, its approved and in-development pipeline is clearly divided into four major solutions: the core extracorporeal membrane oxygenation system (ECMO), the extracorporeal cardiopulmonary resuscitation system (ECPR) for emergency scenarios, the extracorporeal cardiopulmonary support system (CPS) for cardiac and pulmonary assistance, and the low-flow extracorporeal circulation support system (Low-Flow) suitable for lower flow support.

This layout allows its products to extend from ultimate life support to critical care support, complex surgeries, organ transplantation, and a broader range of clinical scenarios, showcasing the company's vast future market prospects and commercial potential.

Reality:

The dilemma of high costs and resource scarcity in the industry.

Although Hanno Medical has achieved technological breakthroughs, the ECMO industry still faces numerous challenges. On one hand, the cost of ECMO treatment is relatively high, and the consumables used during the process mainly rely on imports, with the startup cost being around 70,000 yuan.

On the other hand, ECMO resources remain scarce domestically. As of the end of 2021, the total number of hospitals offering extracorporeal life support technology in the country was 592, but approximately 14% of these hospitals were unable to continuously provide this technology.

Pattern:

Domestic medical device players at the pinnacle of the pyramid.

In the competitive landscape of China's innovative medical device industry, the industry exhibits a "pyramid" structure, with leading companies dominating the high-end market. The first tier mainly includes United Imaging Healthcare, MicroPort Scientific Corporation, BGI Genomics, and Mindray Medical.

In the 2025 ranking of the development potential of Chinese medical device companies, Mindray Medical ranks first, covering the three major areas of life information support, in vitro diagnostics, and medical imaging. United Imaging, as a leader in high-end medical imaging equipment, is also accelerating its expansion into overseas markets.

As of the date of signing the prospectus, Hanno Medical has delivered orders to Europe, South America, and Africa. In the domestic market, in addition to covering over 140 hospitals, its products have successfully entered top-tier hospitals such as Beijing Anzhen Hospital affiliated with Capital Medical University and the General Hospital of the People's Liberation Army.

Hanno Medical's sprint for the Science and Technology Innovation Board is not only a capital annotation of the breakthrough in domestic ECMO technology but also marks China's breakthrough in the global high-end medical device market. Driven by both favorable policies and a blue ocean market, its strategy of using technology as a spear and the market as a shield may reshape the competitive landscape in the field of extracorporeal life support globally.