Shanghai INT Medical Instruments Co., Ltd. Accelerates Expansion with Discloseable Transaction: Acquisition of Partnership Interest and Indirect Stake in Valgen Holding Corporation
Key Highlights
- Strategic Acquisition: On 23 July 2026, Shanghai INT Medical Instruments Co., Ltd. (“the Company”) and its wholly-owned subsidiary agreed to acquire 100% of the partnership interests in Shanghai Maoyi for US\$55.12 million (approx. RMB 374.3 million), thereby gaining an indirect holding of 579,866 series B preferred shares in Valgen Holding Corporation (“Target Company”), amounting to approximately 3.85% of Valgen’s total issued share capital.
- Aggregated Stake: With this transaction and previous acquisitions, the Company will hold a total of 4,193,775 shares in Valgen, representing approximately 27.82% of the Target Company’s share capital, for an aggregate consideration of US\$172.88 million (around RMB 1.17 billion).
- Valgen’s Prominence: Valgen Medtech, Valgen’s wholly-owned subsidiary, is a leading innovator in interventional treatment technologies for atrioventricular valve diseases, with several products approved under China’s Innovative Medical Device Special Review Procedure.
- Financial Performance: Valgen reported significant growth, with unaudited revenue of RMB 205.88 million and net profit before and after tax of RMB 49.57 million for the year ended 31 December 2025, a turnaround from a net loss in 2024.
- Consideration and Payment Structure: The per-share price for this batch of series B preferred shares is approximately US\$95.06. Payment is structured with a 20% deposit upfront (refundable under certain circumstances), and the balance due within 15 business days after all closing conditions are met.
- Listing Rules and Shareholder Impact: The acquisition qualifies as a discloseable transaction under HKEX Listing Rules as the aggregated consideration exceeds 5% but is less than 25% of applicable ratios. Completion is subject to several conditions, including no prohibitive regulatory actions.
Details of the Transaction
The acquisition was executed via a Partnership Interest Transfer Agreement between the Company, its subsidiary Xiamen INT, and the three existing partners of Shanghai Maoyi (HongShan Baohui as general partner, HongShan Yuechen and Taijiashan as limited partners). All three funds are ultimately controlled by an independent third party, Zhou Kui.
Shanghai Maoyi indirectly holds the Valgen shares through its wholly-owned subsidiary Max Grand Limited, incorporated in the Cayman Islands.
Valgen Holding Corporation and Market Potential
- Valgen Holding Corporation is a Cayman Islands exempted company, with Valgen Medtech as its principal PRC operating entity.
- Valgen Medtech specializes in structural heart disease, notably mitral and tricuspid valve interventions. Four major products have received the NMPA’s innovative device approval, including the DragonFly™ and DragonFly-T® valve systems and the Dragon Fire® ablation system.
- DragonFly™ is noted as the first domestically manufactured transcatheter mitral valve product approved by the NMPA, underscoring Valgen’s leading position in China’s rapidly growing cardiovascular device market.
Financial Information and Valuation
- For the year ended 31 December 2025, Valgen’s unaudited revenue surged to RMB 205.88 million from RMB 100.60 million in 2024. Net profit swung positive to RMB 49.57 million from a loss of RMB 40.35 million in 2024.
- Despite strong revenue and profit, Valgen reported net liabilities of RMB 522.4 million, primarily due to financial liabilities associated with preferred share repurchase/redemption obligations.
- The consideration for the acquisition was primarily based on the Transferors’ investment cost, aligned with prior share transfers, and reflective of the strong industry outlook for structural heart interventions in China.
Implications for Shareholders and Potential Share Price Impact
- Growth and Market Leadership: The acquisition significantly enhances Shanghai INT’s product pipeline in the structural heart disease space, positioning the Company for further growth and industry leadership.
- Consolidation Strategy: The transaction is part of a broader strategy to consolidate equity interests in Valgen, which could provide synergistic benefits and potential for future value creation.
- Price Sensitivity: Shareholders should note that completion of the transaction is subject to fulfillment of several closing conditions, and any failure or regulatory impediment could affect the outcome. Such a sizable investment and strategic positioning are likely to be closely watched by the market and could impact share price depending on execution and subsequent performance of the acquired assets.
- Further Acquisitions: Any additional acquisitions in Valgen will be subject to further compliance and disclosure, potentially influencing future share valuations.
Board Statement and Governance
The Board, including independent non-executive Directors, unanimously considers the transaction fair, reasonable, and in the best interests of the Company and its shareholders. No Director is required to abstain from voting.
Conclusion
This transaction marks a significant step for Shanghai INT Medical Instruments Co., Ltd. in reinforcing its leadership in China’s cardiovascular interventional device market, expanding its portfolio in a high-growth segment. Investors should closely monitor transaction completion, regulatory developments, and future performance of Valgen for potential share price impact.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. Completion of the transaction is subject to the fulfillment or waiver of certain conditions and may be affected by regulatory or market developments.
【廣東話版本】
上海瑛泰醫療器械股份有限公司重磅收購 進一步鞏固心臟結構性疾病市場地位
重點摘要
- 戰略收購：2026年7月23日，上海瑛泰醫療器械股份有限公司（「公司」）及其全資子公司同意以5,512萬美元（約人民幣3.74億元）收購上海袤熠企業管理諮詢合夥企業（「上海袤熠」）100%合夥權益，從而間接持有Valgen Holding Corporation（「目標公司」）57.99萬股B系列優先股，佔目標公司已發行股份約3.85%。
- 持股整合：連同此前收購，公司將合共持有4,193,775股目標公司股份，佔已發行股份約27.82%，總對價約1.7288億美元（人民幣約11.74億元）。
- 目標公司優勢：Valgen Medtech（目標公司全資子公司）是國內心臟瓣膜介入治療技術領先者，多項產品獲國家藥監局創新醫療器械特別審查通過。
- 財務表現：2025年未經審核營收2.06億元人民幣，淨利潤4,957萬元人民幣，實現由虧轉盈（2024年虧損4,035萬元）。
- 支付結構：B系列優先股每股作價約95.06美元。付款分為20%定金（特定情況可全額退還）及餘款於交割條件全部達成後15個工作日內支付。
- 上市規則及股東影響：本次及前兩次收購須按照香港上市規則合併計算，屬於可披露交易，完成需滿足多項條件，包括無監管阻礙。
交易詳情
本次交易通過公司及子公司（廈門瑛泰）與上海袤熠現有三位合夥人（紅杉保慧為普通合夥人、紅杉悅辰及太嘉杉為有限合夥人）簽署協議完成，三者最終實益擁有人為獨立第三方周逵。
上海袤熠通過其全資子公司Max Grand Limited（開曼群島註冊）間接持有Valgen。
目標公司及市場前景
- Valgen Holding Corporation為開曼群島豁免公司，Valgen Medtech為其中國營運實體。
- 主營結構性心臟病領域（特別是二尖瓣及三尖瓣介入治療），四項產品獲國家藥監局創新器械審批，包括DragonFly™、DragonFly-T®瓣膜系統及Dragon Fire®消融系統。
- DragonFly™為中國首款獲批的國產經導管二尖瓣產品，鞏固其市場領導地位。
財務資料及估值
- 2025年營收2.06億元，較2024年翻倍，淨利轉正至4,957萬元。
- 儘管營收和利潤增長，2025年底淨負債5.22億元，主要因優先股未來贖回義務形成的金融負債。
- 本次作價參考合夥人投資成本，與前兩次轉讓條款一致，並結合中國結構性心臟病治療市場前景。
對股東及潛在股價影響
- 增強競爭力：有助公司心臟結構疾病產品線補充，提升綜合競爭力及長遠發展。
- 持股戰略：本次屬持續整合步驟，有助未來協同發展及估值提升。
- 價格敏感：交易須滿足多項交割條件及監管要求，若未能完成或受阻，或影響公司股價。如此大規模投資及戰略佈局料成市場關注焦點。
- 後續收購：未來如再增持，亦需符合披露及審批規定，或持續影響股價。
董事會聲明及企業管治
董事會（包括獨立非執董）認為交易條款公平合理，符合公司和全體股東利益，無董事需回避表決。
總結
這宗收購為公司鞏固心血管介入市場領導地位、擴充產品線奠定基礎。投資者宜密切留意交易進展、監管審批及目標公司表現，對公司股價或有潛在影響。
【免責聲明】
本文僅作資訊參考，不構成任何投資建議。投資者請自行審慎評估及諮詢專業顧問。交易完成尚需多項條件，或受監管及市場因素影響。
