Jinjiang Electronics Restarts IPO Guidance: How Did the "Termination History" Suddenly Vanish?

Recently, Sichuan Jinjiang Electronic Medical Equipment Technology Co., Ltd. (“Jinjiang Electronic”) submitted an IPO counseling filing application to the Securities Regulatory Bureau.

This is Jinjiang Electronic’s second attempt at an IPO within three years.

As early as June 2023, Jinjiang Electronic tried to sprint for the STAR Market, but after only one round of inquiry, it withdrew its IPO application and the IPO review was declared terminated.

The sponsor for both of Jinjiang Electronic’s IPO attempts was CITIC Securities.

Strangely, however, CITIC Securities stated in the notes of Jinjiang Electronic’s IPO counseling material that “Jinjiang Electronic has not had any situation in the past three years where the application for initial public offering submission was terminated, not approved, or not registered.”

According to convention, if a company starts an IPO twice in three years, the sponsor will clearly list the company’s previous IPO application situations in the notes of the counseling materials.

For example, in another CITIC Securities IPO counseling project, Aiker Medical Equipment (Beijing) Co., Ltd. (“Aiker Medical”) also attempted an IPO twice, and in the notes of the counseling materials it is clearly stated: “On April 20, 2023, the company’s listing application for the STAR Market of the Shanghai Stock Exchange was accepted, but due to changes in the market environment, the company withdrew the previous listing application and, on April 11, 2024, received the Shanghai Stock Exchange’s decision to terminate the review.”

This contrast in the notes has left the market even more puzzled.

Why, under the same two-time IPO situation, does CITIC Securities, as the same sponsor, disclose in detail Aiker Medical’s previous IPO withdrawal and termination record, while omitting Jinjiang Electronic’s public STAR Market IPO termination history in the counseling materials?

This inconsistency in disclosure not only deviates from industry norms, but also raises questions about the accuracy of the counseling materials’ information.

Furthermore, according to CITIC Securities’ plan, Jinjiang Electronic is expected to complete counseling in March-April next year, paving the way for the first step toward an application.

Jinjiang Electronic focuses mainly on 3D electrophysiological mapping systems and catheters, radiofrequency ablation, and various types of consumables. Its most innovative product is the Pulse Field Ablation (PFA) system, which in 2024 received approval for launch from the National Medical Products Administration, becoming the first domestically approved product in the PFA field.

PFA is a major breakthrough in existing ablation surgery.

Currently, 3D systems are generally equipped with radiofrequency and cryoablation catheters, which are the mainstream surgical approaches. However, the ablation energy of these two methods is not selectively targeted to tissues and may easily cause blood clots, pulmonary vein stenosis, and various complications.

By contrast, PFA, which hardly generates heat, boasts advantages such as short treatment time and fast ablation speed, ensuring precision while reducing damage to surrounding tissues and thus lowering the risk of complications.

However, the PFA market is facing increasing competition. Since the end of 2024, domestic medical device companies such as Huatai Medical (688617.SH), Aikemai, and others have all had their PFA products approved for launch.

This may pose more challenges to the commercialization of Jinjiang Electronic’s PFA.

Risk warning and disclaimerThe market has risks, and investment needs to be cautious. This article does not constitute personal investment advice and does not take into account the special investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article suit their particular situation. Any investment based on this is at your own risk.