Full Landscape Review: High-Precision Technology and Global Strategy Driving China’s Next Wave of MedTech IPOs in 2025

In 2025, the relaunch of the fifth set of listing standards for the Sci-Tech Innovation Board (STAR Market) in China provided a new path to capital for a wave of innovative device companies. Even those not yet profitable but possessing cutting-edge technology platforms regained their ticket to the capital market, triggering an industry-wide IPO boom. From blood purification and medical imaging to surgical robots and neuroscience, multiple sub-sectors have seen the emergence of innovative companies with core competitiveness. This demonstrates the vigorous vitality and strong capital recognition of China’s medical device industry.

IPO Boom Highlights Industry Landscape, with Neuroscience and Surgical Robots Leading the Way

According to our incomplete statistics, 10 companies have either completed an IPO or submitted a listing application as of now. Among these, 3 companies have successfully listed, and 7 companies are in the application or registration stage. Based on the information we have gained so far, medical device companies undergoing IPOs in 2025 (to date) demonstrate four major trends:

1. Diversified Listing Locations

Companies are listing on both A-shares (SSE, SZSE, BSE) and Hong Kong Stocks (HKEX). The HKEX, in particular, has become the preferred choice for emerging technology companies in areas like AI medicine (healthcare) and neuroscience.

2. Differentiated Fundraising Scale

Fundraising scales show significant variation, exemplified by the blood purification leader WEGO raising over ¥1 billion on the SSE, compared to the neuroscience company BrainAU raising HK$501 million on the HKEX. This variation reflects the difference in market valuations across various segments, listing venues, and company profiles.

3. Increased Technological Barriers

High-end technologies such as Intravascular Ultrasound (IVUS), surgical robots, and brain function analysis account for over 60% of the listed and applying companies. This highlights the industry’s clear shift toward high-precision and sophisticated development.

4. Accelerated “Going Global” Strategy

Companies like Cofoe Medical Technolgy and Medcaptain Medical Technology have explicitly stated plans to strengthen overseas channel development and expansion. BrioHealth Solutions, which may successfully list under the favorable STAR Market standards, has already had its artificial heart product covered by US Federal Medicare. This pioneers a new model for Chinese high-end medical devices to expand overseas.

BrainAU: The Innovation Code for the First Neuroscience Stock on the HKEX

As the first neuroscience company to list on the HKEX in 2025, BrainAU (脑动极光) drew significant industry attention with its HK$501 million fundraising. Its success is built upon a triple foundation of technology, product pipeline, and business model.

1. Core Products and Technological Barriers

Established in 2012, BrainAU is dedicated to combining neuroscience with advanced artificial intelligence technology to develop medical-grade digital therapeutics products for cognitive impairment.

The company’s core product, the “Brain Function Information Management Platform Software System” (脑功能信息管理平台软件系统), is China’s first regulatory-approved digital therapeutics product for cognitive impairment.
The system has been commercialized for eight indications across four main types of cognitive impairment.
It is primarily used for the screening, assessment, rehabilitation, and data analysis of vascular cognitive impairment, aphasia, Alzheimer’s disease, depression, schizophrenia, sleep disorders, Attention Deficit Hyperactivity Disorder (ADHD), and autism.
Its key components include AI technology and virtual human technology.
The company’s developed BrainAuGPT large model uses a large language model to construct cognitive ability digital therapeutics. It combines the most cutting-edge cognitive medicine theories with doctors’ experience and knowledge to develop a personalized “one-thousand-people-one-thousand–solution” (千人千方) intervention technology.
This model served as a new business growth driver in the first half of 2025, contributing revenue of ¥24.779 million for the first time.

2. Product Pipeline and Future Planning

BrainAU has a relatively rich product pipeline. Aside from the core system, it covers assessment and intervention products for a wide range of cognitive impairments induced by vascular diseases, neurodegenerative diseases, psychiatric disorders, and childhood developmental defects.

The specifics are as follows:

Product Name	R&D Progress	Indications/Product Performance
Basic Cognitive Ability Test Software	NMPA Approved	Helps medical professionals assess patients’ basic cognitive abilities by allowing patients to self-administer cognitive ability tests related to processing speed, working memory, episodic memory, visuospatial ability, and language comprehension
Cognitive Ability Assisted Screening and Assessment Software	NMPA Approved	Helps medical professionals evaluate patients’ cognitive abilities by allowing patients to self-administer the Mini-Mental State Examination (MMSE) and Montreal Cognitive Assessment (MoCA) scales
Dyslexia Assisted Screening and Assessment Software	NMPA Approved	Improves the assessment of developmental dyslexia risk in children
ADHD Assessment and Treatment Software	Preclinical development stage	Assesses and treats Attention Deficit Hyperactivity Disorder
“Mind Island” Depression Cognitive Quantitative Assessment Software	Clinical development stage	Assesses and treats depression
Depression Treatment Software	Preclinical development stage	Utilizes a combination of games and computerized cognitive behavioral therapy to improve depression-related symptoms
Cognitive Dysfunction Assessment Software and Cognitive Dysfunction Treatment Software	Development stage	Assesses and intervenes in cognitive impairment

3. Business Model: A Closed Loop from Hospital to Home Treatment

BrainAU’ digital therapeutics business employs a “2H (to Hospitals) + 2C (to Consumers)” dual-drive business model. This creates a complete service closed loop, spanning from in-hospital diagnosis and treatment to home intervention.

3.1 2H Model: The Core Revenue Cornerstone

This model centers on providing cognitive assessment and intervention services to hospitals. Revenue is derived from fee settlements determined by the hospital based on the patient’s actual usage and the provincial medical insurance reimbursement catalog. This remains BrainAU’ primary source of income.

3.2 2C Model: High-Growth Potential Market

The 2C model targets out-of-hospital users. Revenue is generated through the direct sale of cognitive training products, and users pay corresponding subscription fees. In 2024, the sales share of out-of-hospital digital therapeutics jumped from a long-term share of less than 10% to 20.3%. This surge reflects the accelerating potential of the consumer market, making it a focus area.

The 2025 IPO status of China’s innovative medical device companies reflects the industry’s technological advancements and reveals the future competitive landscape.

BrainAU, as a representative of the neuroscience track, demonstrates huge market potential with its AI-driven brain function management platform. Simultaneously, breakthroughs by companies like Insight Lifetech and SAGEBOT in the high-end device sector also signal a new stage for domestic substitution. In the future, companies with core technology and a global perspective will be more favored by the capital market.

For detailed information of the companies and their portfolios, click here to download our list of IPO medtech companies for free!

#IPO #medtech #medicaldevices #medtechinnovation #medicaldevicesinnovation #medtechIPO #China #digitalhealth

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