Qiming Venture Partners Portfolio Company Northmed Technology Debuts on STAR Market

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On February 5, 2026 Beijing time, Qiming Venture Partners portfolio company Insight Lifetech, a leading Chinese innovative medical device manufacturer, successfully listed on the STAR Market. Insight Lifetech (688712.SH) priced its IPO at CNY 17.52 per share, opened at CNY 50.31 per share, and reached a market capitalization of CNY 20.98 billion.

In 2020, Qiming Venture Partners led Insight Lifetech's Series C financing and continued to support the company's growth in its Series D round. Prior to the IPO, Qiming Venture Partners held over 6% of Insight Lifetech's shares, making it one of the company's major institutional investors.

Qiming Venture Partners Partner Oscar Zhang (left) and Qiming Venture Partners Executive Director Shuo Mao (right) at the listing ceremony

Founded in 2015, Insight Lifetech is committed to delivering innovative products and services that address genuine clinical needs, pioneering precision cardiovascular intervention solutions. The company is the first domestic medical device manufacturer in China with a product portfolio spanning both intravascular physiology — fractional flow reserve (FFR) — and imaging, specifically intravascular ultrasound (IVUS). This fills a gap in the domestic market and breaks China's complete reliance on imported products for the clinical precision diagnosis of coronary artery disease.

Since its founding, Insight Lifetech has continuously expanded into coronary artery disease, peripheral vascular disease, and atrial fibrillation based on clinical needs in cardiovascular disease diagnosis and treatment and the evolution of frontier technologies. To date, the company has launched 11 products with six more in development, covering five product categories: IVUS systems, FFR systems, vascular access products, intravascular lithotripsy balloon treatment systems, and electrophysiology solutions.

Among these, the company's core IVUS system is China's first approved independently developed 60MHz high-definition, high-speed domestic IVUS product and the first domestic IVUS product approved for overseas sale (under the EU MDR). It captured the top market share among domestic brands immediately upon launch and reduced domestic reliance on imports. The core FFR system is China's first approved domestic product in the gold-standard FFR field and the first domestic FFR product approved for overseas sale (under the EU MDR). It was evaluated by the National Medical Products Administration as "internationally leading, a domestic first, filling the gap in China's gold-standard fractional flow reserve measurement technology." These two products are expected to transform the clinical practice of precision-guided percutaneous coronary intervention (PCI).

Song Liang, Founder, Chairman and CEO of Insight Lifetech, said: "Since our founding, Insight Lifetech has always adhered to our mission of 'improving life and health through innovation and quality,' dedicated to pioneering intelligent precision cardiovascular intervention solutions. With passion and relentless effort around the clock, we have filled a critical void in China's medical device industry — the high-performance precision cardiovascular interventional devices segment, which has the highest technological barriers and the longest industrial chain. Going forward, we will continue to hold our position at the forefront of precision cardiovascular intervention innovation, remain clinically centered, pursue uncompromising quality, and demonstrate the robust power of Chinese innovation to the world."

Oscar Zhang, Partner at Qiming Venture Partners, said: "The Insight Lifetech team combines deep, persistent dedication to technological innovation in cardiovascular intervention with the hard-core capability to fill domestic gaps through differentiated products — this dual quality of 'technical conviction plus industrial execution' gives us firm confidence in their continued breakthroughs in innovative medical devices. This successful IPO is not only an important validation of the development path for domestic cardiovascular innovation, but also demonstrates the rapid rise of China's global competitiveness in healthcare innovation. Qiming Venture Partners believes that China's clinical experience, engineering talent, and entrepreneurial spirit, combined with China's supply chain advantages, can cultivate a generation of innovative medical device products with global competitiveness. We hope to have the opportunity to accompany such entrepreneurs, empower these high-quality products, and jointly build great medical device companies originating from China."

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Leading Chinese Innovative Medical Device Maker Insight Lifetech Has Successfully Listed on STAR Market

Insight Lifetech, a portfolio company of Qiming Venture Partners and a leading Chinese innovative medical device manufacturer, successfully listed on the Shanghai Stock Exchange's STAR Market on February 5, 2026 Beijing time. Insight Lifetech (688712.SH) issued shares at a price of CNY17.52 per share and opened at CNY50.31 per share with a market capitalization of CNY20.98 billion.

Qiming Venture Partners led the C round financing of Insight Lifetech in 2020 and continued to fund the company's development in the D round. Before the company's IPO, Qiming Venture Partners held a more than 6% stake in Insight Lifetech and was one of its major institutional investors.

Founded in 2015, Insight Lifetech is dedicated to developing innovative solutions with the potential to transform precision diagnosis and treatment of cardiovascular diseases. The company is the only domestic medical device company in China with a product portfolio in both precision intravascular physiology and imaging, including the first and only domestic fractional flow reserve (FFR) system approved by NMPA in China, and intravascular ultrasound (IVUS) system, which was the first domestic IVUS system to have entered clinical trials and completed patient enrollment.

Since its establishment, Insight Lifetech has continuously invested in the fields of coronary artery diseases, peripheral vascular diseases, and atrial fibrillation based on the clinical needs of cardiovascular disease diagnosis and the development of cutting-edge technologies. It has now brought 11 products into the market and has more products under development in diverse categories, including IVUS system, FFR system, vascular access products, and electrophysiological solutions, etc..

The company's core product, the IVUS system, is the first independently-developed 60MHz high-definition high-speed IVUS product approved in China and the first China-made product approved by CE MDR. The product gained the largest market share in China and reduced the country's dependence on imported products immediately after coming into the market. The FFR system, another core product of the company, is China's first approved domestically-made product in FFR field and the first China-made product approved to overseas (by CE MDR). The two products are expected to help enhance the clinical practice of precision-guided percutaneous coronary intervention (PCI) surgeries.

Song Liang, Founder, Chairman & CEO of Insight Lifetech stated, "Since establishment, Insight Lifetech has consistently adhered to the mission 'To transform healthcare through innovation and quality', dedicating to innovating intelligence-powered precision cardiovascular intervention. With unwavering passion and relentless effort, we have filled a critical gap in China's medical device industry—a sector characterized by the highest technological barriers and the longest industrial chain: high-performance precision cardiovascular interventional devices.

Moving forward, we will continue to hold our position at the forefront of innovation in precision cardiovascular intervention, remain clinically focused, pursue uncompromising quality, and demonstrate the robust power of Chinese innovation to the world. "

**"Insight Lifetech is deeply committed to transfer clinical insights and technological capabilities to innovative and differentiated therapies in the cardiovascular intervention field, for the benefits of patients and physicians, worldwide. The dedicated team convinced us that it can make continuous breakthroughs in the field of innovative medical devices. The successful IPO of Insight Lifetech is not only an important verification of the development path of domestic cardiovascular innovative medical devices, but also demonstrates the rapid rise of China's global competitiveness in medtech innovation. Qiming Venture Partners believes that China's clinical experience, engineering capabilities, and entrepreneurship as well as advantages in supply chains can cultivate a generation of innovative medical device products which are competitive worldwide. We hope to work with ambitious entrepreneurs, to develop high-quality products, and to co-build great medical device companies from China," Oscar Zhang, a partner of Qiming Venture Partners, said. **

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【启明周报·投资企业要闻十条】Vol. 04, 2026.2.3 启明星 | 北芯C轮融资数亿元，启明创投领投 启明荣誉 | 5位启明创投投资人荣登2025年福布斯中国创投人100榜单

Qiming Venture Partners was founded in 2006. The firm currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, Qiming Venture Partners has focused on investing in outstanding early- and growth-stage companies in Technology and Healthcare.

To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies. More than 210 of these have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. Over 80 companies have become recognized unicorns or super-unicorns.

Many Qiming Venture Partners portfolio companies have grown into the most influential companies in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ: HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ: WRD, 00800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ: ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ: SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), SinoCellTech (688520.SH), Insilico Medicine (03696.HK), Apollomics, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.