Baidu Anke's Science and Technology Innovation Board IPO terminated. The company broke the monopoly of imported products in the domestic PICC market.

On September 4th, Shandong Baiduoan Medical Equipment Co., Ltd. (referred to as Baiduoan) had its status for IPO review on the Shanghai Stock Exchange Science and Technology Innovation Board changed to "terminated". This was because Baiduoan and its sponsor withdrew their application for the IPO, leading to the Shanghai Stock Exchange terminating the review process according to relevant rules. The prospectus shows that Baiduoan is a national high-tech enterprise dedicated to applying medical material modification technology to interventional medical devices. Through independent research and continuous innovation, the company has formed a technology platform with medical material modification, precision processing, and digital diagnosis and treatment of vascular access as core components. The company is the first domestic enterprise to obtain a Class III medical device registration certificate for domestic PICC products, breaking the monopoly of imported products in the domestic PICC market. The company's PICC products have the advantages of high tensile strength and conductivity. When used clinically with the company's independently developed color Doppler ultrasound diagnostic system, they have advantages such as a high success rate in catheterization, accurate positioning, and a low incidence of complications. In addition to vascular access products, the company also has a rich product line including neurosurgical products, surgical drainage systems, and other modified materials. Financially, in the fiscal years of 2019, 2020, 2021, and January to June 2022, Baiduoan achieved operating income of approximately RMB 177 million, RMB 237 million, RMB 210 million, and RMB 100 million, respectively. During the same periods, the company achieved net profits of RMB 31.3172 million, RMB 41.5551 million, RMB 42.8973 million, and RMB 18.4578 million, respectively. It is worth noting that Baiduoan mentioned in the prospectus that the company faces risks in new product development and market promotion. The medical device industry is interdisciplinary and technology-intensive, with high demands for technical innovation and product development capabilities. To maintain competitiveness in the industry and address clinical challenges, the company has established a research and development system driven by independent innovation, integrating industry, academia, research, and medicine. However, due to the difficulty and high regulatory requirements for technical innovation and product registration in the medical device industry, there is uncertainty in the company's product development and commercialization processes, leading to risks such as long development cycles, high investment in research and development, and even product development failures. In terms of market promotion, adjustments to policies in the medical industry can impact the timing, promotion, and pricing strategies of the company's new products. Furthermore, end-user hospitals will consider factors such as product performance, disease characteristics, clinical operational habits, and usage environment when introducing new products. If the company's plans for new product listing and promotion are negatively affected by industry policy adjustments or changes in clinical demands, or if the promotion of new products is not effectively executed, the new products may not enter the market as expected or gain a substantial market share, adversely impacting the company's profitability.