China's STAR Market Is Fast-Tracking Unprofitable Tech IPOs: Here's Who's in the Queue

Key Points

The STAR Market’s Fifth Set of Listing Standards is accelerating the review process for unprofitable tech and biotech IPOs in China, signalling significant regulatory support.
Biosensors International Group (北芯生命), a medical device company focused on cardiovascular disease, successfully passed its STAR Market IPO review, becoming only the second medical device company to do so under these standards.
Cardiovascular disease is the leading cause of death in China, accounting for nearly 49% of deaths in rural and urban areas in 2021.
Biosensors’ revenue grew from ¥92 million RMB in 2022 to ¥317 million RMB in 2024, with net losses significantly narrowing from -¥300 million RMB to -¥50 million RMB in the same period.
There are currently 5 companies queued for IPOs under the STAR Market’s Fifth Set of Standards, including Biosensors and Sinorobotics (思哲睿) competing as the next medical device firm to list.

A major signal is coming out of China’s tech scene: the Sci-Tech Innovation Board’s (STAR Market) Fifth Set of Listing Standards is back in a big way, and the review process is speeding up.

This isn’t just bureaucratic shuffling; it’s a huge deal for innovative, but not-yet-profitable, companies in deep tech and biotech.

The move is injecting fresh optimism and, more importantly, opening up critical financing channels for companies on the cutting edge.

A Green Light for Deep Tech Innovators

On the evening of July 18, the Shanghai Stock Exchange gave the green light to Biosensors International Group (Beixin Shengming 北芯生命), which successfully passed its STAR Market IPO review.

This is a major milestone, especially since the company’s IPO journey has been a two-year process.

The acceleration is a clear indicator of regulatory support for companies with breakthrough technology but no profits to show… yet.

Industry insiders see this as a policy dividend, particularly for:

Innovative pharmaceutical companies in critical R&D stages.
Medical device companies with game-changing tech.

This shift towards a more inclusive and efficient approval system is designed to fuel the entire pharmaceutical and med-tech industry in China.

What’s really interesting is that Biosensors is only the second medical device company to get this far under the Fifth Set of Standards.

The first was MicroPort EP (Weidian Shengli 微电生理), which listed back in August 2022.

If Biosensors successfully lists, it will be a massive win for the innovative medical device sector, signaling more capital market support is on the way.

Biosensors International Group IPO Funding Breakdown
Category	Initial Plan (RMB)	Revised Plan (RMB)
Total Planned Raise	¥1,274 million	¥952 million
Investment in R&D	¥376 million	¥470 million
Marketing Network Construction Project	Included	Scrapped

Biosensors International Group – Key Financial Figures (2022-2024)
Metric	2022	2023	2024
Revenue (RMB million)	92	184	317
Net Profit (RMB million)	-300	-160	-50
IVUS System Revenue Share (%)	10.14%	N/A	68.62%
Sales Expense Ratio (%)	82.08%	N/A	34.61%

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Spotlight on Biosensors: A Closer Look at the Latest IPO Contender

Tackling China’s Biggest Killer: Cardiovascular Disease

Biosensors International Group isn’t just any company; it’s a national high-tech enterprise focused on a massive problem.

Cardiovascular disease is the leading cause of death in China.

The “China Cardiovascular Health and Disease Report 2024 Summary” paints a stark picture: in 2021, the disease was responsible for:

48.98% of deaths in rural areas.
47.35% of deaths in urban areas.

That means roughly 2 out of every 5 deaths are from cardiovascular disease.

Biosensors develops and sells innovative medical devices for the precise diagnosis and treatment of these diseases.

Their core products are an Intravascular Ultrasound (IVUS) diagnostic system and a Fractional Flow Reserve (FFR) measurement system.

These aren’t just concepts on a slide deck. Both products are already commercialized, hitting the market in 2022 and 2020, respectively.

Even better, they’ve secured EU marketing authorization, making them the first domestically produced products in their fields to “go global.”

They are not only filling a major gap in the domestic market but also starting to replace the reliance on imported devices.

The IPO Funding Strategy: Doubling Down on R&D

Biosensors initially planned to raise ¥1.274 billion RMB ($175.7 million USD).

They’ve since adjusted that figure down to ¥952 million RMB ($131.2 million USD) and made some strategic changes to where the money is going.

They scrapped their “Marketing Network Construction Project” but uniquely increased the funding for R&D.

The investment in their interventional medical device research and development project was boosted from an initial ¥376 million RMB ($51.8 million USD) to ¥470 million RMB ($64.8 million USD).

This cash is earmarked for developing new products and pushing clinical projects forward, both in China and internationally.

The Financials: Growth vs. Profit

Like many deep tech startups, Biosensors is in growth mode, and the numbers reflect that.

Here’s a quick look at their financials:

Revenue (2022-2024): Grew from ¥92 million RMB ($12.7 million USD) to ¥184 million RMB ($25.3 million USD) to ¥317 million RMB ($43.7 million USD).
Net Profit (2022-2024): Losses narrowed from -¥300 million RMB (-$41.3 million USD) to -¥160 million RMB (-$22.0 million USD) to -¥50 million RMB (-$6.9 million USD).

The company’s core IVUS system has been a huge driver of this growth, jumping from 10.14% of total revenue in 2022 to a whopping 68.62% in 2024.

Regulators did question their sales expenses, which were higher than the industry average.

The company explained this was due to being in the early stages of commercialization and the need to invest heavily in promotion to build a market for innovative devices in China.

The good news? The sales expense ratio is trending down, from 82.08% in 2022 to 34.61% in 2024, showing increasing efficiency as they scale.

The STAR Market Race: 5 IPOs Are Queued Up

According to data from Wind, there are currently five companies in the IPO pipeline under the STAR Market’s Fifth Set of Standards.

Here’s the current lineup:

Biosensors International Group (Beixin Shengming 北芯生命) – Medical Devices
Sinorobotics (Sizherui 思哲睿) – Medical Devices
Wuhan Huayuan Biology Technology (Heyuan Shengwu 禾元生物) – Innovative Pharma
Shanghai Hengrundasheng Biotechnolody (Hengrun Dasheng 恒润达生) – Innovative Pharma
Betta Pharmaceuticals (Bibete 必贝特) – Innovative Pharma

All eyes are now on the “race” between the two medical device companies: Biosensors International Group and Sinorobotics (Sizherui 思哲睿).

The big question is who will become the second med-tech firm to list under this special standard.

Adding a little extra drama, the two are sponsored by rival top-tier investment banks, China International Capital Corporation (Zhongjin Gongsi 中金公司) and CITIC Securities (Zhongxin Zhengquan 中信证券), respectively.

Meanwhile, Betta Pharmaceuticals (Bibete 必贝特) has been waiting the longest, with no updates since it submitted its registration back in June 2023.

The accelerated review for Biosensors and Wuhan Huayuan shows momentum is building.

Now, the market is watching intently to see which of these five companies will be the first to officially list, a key test of the revitalized STAR Market Fifth Set of Standards.

STAR Market – Companies in IPO Pipeline (Fifth Set of Standards)

Biosensors International Group (Beixin Shengming 北芯生命): Medical Devices
Sinorobotics (Sizherui 思哲睿): Medical Devices
Wuhan Huayuan Biology Technology (Heyuan Shengwu 禾元生物): Innovative Pharma
Shanghai Hengrundasheng Biotechnolody (Hengrun Dasheng 恒润达生): Innovative Pharma
Betta Pharmaceuticals (Bibete 必贝特): Innovative Pharma