Introduction

On February 5, 2026, Insight Lifetech officially listed on the Sci-Tech Innovation Board (STAR Market).

On January 30, 2026, the Nanshan District Statistics Bureau released the main economic indicators for Nanshan District for January–December 2025. According to the unified results of Shenzhen's Gross Domestic Product, Nanshan District's GDP for 2025 reached 1,010.238 billion RMB, representing a year-on-year growth of 6.3% at constant prices, capturing national attention.

Under the dazzling spotlight on Nanshan, another dynamic area of Shenzhen—Longhua District—is quietly rising with a different posture, becoming another powerful engine for Shenzhen's high-quality development.

On February 5, Shenzhen Insight Lifetech Co., Ltd. officially listed on the Sci-Tech Innovation Board (STAR Market) with stock code 688712.SH and an offering price of 17.52 RMB per share.

Image: Insight Lifetech

As the second company to go through the review process since CSRC Chairman Wu Qing announced the "resumption of the STAR Market's fifth set of listing standards for pre-revenue companies" at the Lujiazui Forum on June 18, 2025, Insight Lifetech's listing not only marks its entry into a new development stage but also signifies that Longhua District has fired its "first shot" in the 2026 STAR Market medical device sector. Meanwhile, Insight Lifetech is also the first IPO project harvested by Efung Capital in 2026.

Image: Dr. Song Liang, Founder, Chairman, and General Manager of Insight Lifetech (right); Dr. Zhu Jinqiao, Founder & Chairman of Efung Capital (left)

PART.01
Innovation-Driven: Pioneer in Dual-Instrument Precision Coronary Diagnosis

Insight Lifetech is a national high-tech enterprise focusing on the R&D, manufacturing, and sales of innovative medical devices for precision diagnosis and treatment of cardiovascular diseases. As of the end of September 2025, Insight has obtained over 20 Class III medical device registration certificates domestically and internationally, launched more than ten products to the market, and has dozens of products in the pipeline. Its technological portfolio covers coronary artery disease, peripheral vascular disease, atrial fibrillation treatment, and other innovative fields with high growth potential both domestically and internationally.

Cardiovascular interventional devices are among the most dynamically innovative and fastest-growing medical sectors globally. According to industry data, the compound annual growth rate of China's cardiovascular interventional device market over the past five years was 10.2%. It is estimated that by 2026, the scale of China's cardiovascular interventional device market will reach 91.2 billion RMB.

Figure: China's Cardiovascular Interventional Device Market Scale 2022-2026

Behind this growth lies the urgent clinical need driven by an aging global population and the continuously rising prevalence of cardiovascular diseases. World Health Organization data shows that cardiovascular diseases remain the world's leading cause of death, currently claiming approximately 17.9 million lives annually, while diagnostic and treatment technologies continue to advance.

PART.02
Shenzhen Speed: Knocking on the STAR Market Door with Industrial Value

Since its establishment in 2015, Insight Lifetech has pursued technological breakthroughs and product at "Shenzhen Speed." The company's currently commercialized products include the first independently innovated 60MHz high-definition high-speed domestic Intravascular Ultrasound (IVUS) system approved by the NMPA, the first domestic gold-standard Fractional Flow Reserve (FFR) system in the FFR field approved by the NMPA, the first domestic peripheral IVUS catheter, and vascular access products with performance rivaling the highest international standards.

Figure: FFR System

Furthermore, Insight's Pulsed Field Ablation (PFA) system became the first Chinese PFA product selected for breakthrough clinical research progress at the European Society of Cardiology Annual Congress, and its clinical results were published in JACC, a top international journal in the cardiovascular field. To date, Insight's core products have reached hospitals in 30 domestic provinces and municipalities and achieved clinical application in over 1,000 hospitals across more than ten countries, including Belgium, Germany, and Italy.

Figure: Cardiac Pulsed Field Ablation System (PFA System)

In 2023, Insight Lifetech accelerated product commercialization, gained recognition from numerous top-tier cardiovascular centers in China, and actively initiated overseas market布局. That same year, relying on its hardcore innovation capabilities and market potential, Insight was recognized as a national-level "Little Giant" specialized and sophisticated enterprise, further demonstrating its leading position and industrial value in the precision cardiovascular intervention field.

In May 2024, Insight Lifetech's Intravascular Ultrasound (IVUS) host, VivoHeart™, obtained the EU MDR Class IIb medical device registration certificate, becoming the first domestically developed 60MHz high-definition high-speed IVUS product with industry-leading imaging speed.

In July 2025, Insight Lifetech successfully cleared the review under the restarted fifth set of STAR Market standards, becoming the second company to do so and the first innovative device company to go through the process.

In December 2025, Insight Lifetech's application for initial public offering registration was approved.

In January 2026, Insight Lifetech officially debuted on the STAR Market. This is not only a testament to the growth of one enterprise but also signifies that China is fully capable of overcoming "bottleneck" problems in core technology fields.

It is worth noting that Insight Lifetech's registered address is in Longhua District, Shenzhen. Behind this coordinate lies the fertile innovation soil built by Shenzhen's overall industrial policies and regional synergy.

PART.03
Pioneering Shenzhen: The "Dare to Be First" Innovation Hub

As China's most dynamic innovative city, Shenzhen has long successfully transformed from a "World Factory" into "China's Silicon Valley," the "Hardware Capital," and a "Maker's Paradise," advancing towards becoming a globally leading highland. Behind this are a series of active industrial support policies introduced by Shenzhen, vigorous efforts to attract high-end talent, the "dare to be first" entrepreneurial spirit, and the of deep integration of industry, academia, and research.

On January 30, 2026, the Shenzhen Statistics Bureau released data showing that, according to the unified results of Guangdong Province's GDP, the city's GDP for 2025 reached 3,873.180 billion RMB, a year-on-year increase of 5.5% at constant prices, demonstrating strong economic resilience and innovation vitality.

Meanwhile, Shenzhen continuously optimizes its opening-up and innovation support systems.

In December 2025, the Shenzhen Municipal People's Government issued the "Shenzhen Implementation Measures for Further Attracting and Utilizing Foreign Investment," proposing to build an international R&D innovation highland and support foreign investment in the biopharmaceutical field. Among the measures are encouraging foreign-invested enterprises to legally conduct clinical trials in Shenzhen for cell and gene therapy drugs already approved overseas, and accelerating the construction of the Guangdong-Hong Kong-Macao Greater Bay Area International Clinical Trial Center, injecting new policy momentum into Shenzhen's opening-up and innovation in the biopharmaceutical field.

Relying on a solid industrial foundation and an open policy environment, Shenzhen, amidst the wave of vigorous industrial development, not only continuously promotes industrial scale expansion but also cultivates a number of leading enterprises in the healthcare field, while providing a broad platform for technological collaboration, talent flow, and market application for innovative niche players like Insight Lifetech.

Within this overall positive development trend, the various regions of Shenzhen are presenting a dynamic situation of catch-up and synergistic progress. As an up-and-coming star in regional development, Longhua District has demonstrated a "dark horse" momentum in industrial development in recent years, steadily moving from a major industrial district to a strong industrial district.

PART.04
Longhua Rising: The Industrial Advancement Path of an Up-and-Comer

Compared to Nanshan District's "trillion glory," Longhua District was once a relatively "low-key" presence on Shenzhen's map. However, this low-key profile is being shattered by a series of solid economic data, demonstrating strong late-mover momentum.

On January 30, the Longhua District Statistics Bureau released the "2025 Longhua District Economic Performance Report." According to the unified results of Shenzhen's GDP, Longhua District's GDP for 2025 reached 331.113 billion RMB, a year-on-year increase of 6.1% at constant prices.

Behind this figure is a solid upgrade of Longhua District's industrial structure.

In 2025, the construction of Longhua's "1+2+3" modern manufacturing strategic system accelerated. The total output of the core digital economy industry exceeded 600 billion RMB, and the added value of strategic emerging industries accounted for 45.8% of the district's GDP. Key clusters such as high-end medical devices, new energy, semiconductors and integrated circuits, and low-altitude economy and aerospace industries grew rapidly, with added value increasing by 20.8%, 12.6%, 9.0%, and 9.0% year-on-year, respectively.

The listing of Insight Lifetech not only confirms the strong capabilities of Longhua District's high-end medical device industry but also highlights two types of "patience" necessary for true innovation to endure cycles: the "innovation endurance" of enterprises staying on their main, and the "capital patience" of capital accompanying their growth.

PART.05
Forward-Looking Journey: Six Years of Capital and Innovation Hand in Hand

In 2020, at a time of heightened market uncertainty during the early stage of the pandemic, Efung Capital firmly invested in Insight Lifetech through its Efung Phase IX Fund.

"What we valued was the rarity of 'Chinese originality'." Recalling the opportunity to invest in Insight Lifetech, Zhu Pai, CEO of Efung Capital, said: "In 2017, we successfully achieved strategic cooperation with the Shenzhen Municipal Government Guidance Fund. In recent years, we have been continuously searching for hard tech enterprises that best embody the 'Shenzhen innovation spirit'. Insight Lifetech's technological in precision cardiovascular diagnosis showed us a leader capable of achieving domestic substitution."

Leveraging its deep in the biopharmaceutical industry, Efung actively promoted the acceleration of product R&D and clinical validation processes around Insight Lifetech's development needs, systematically building a multi-level, all-round post-investment empowerment system.

"As the first domestic medical device company with a portfolio of intravascular function FFR and imaging IVUS products, Insight has filled a gap in the domestic market and initially rewritten the history of clinical precision diagnosis of coronary artery disease in China. In the future, with continuous breakthroughs in precision diagnosis and treatment technology, the prevention and treatment system for cardiovascular diseases will reach new heights," said Zhu Pai.

As a Shenzhen-based investment institution, Efung Capital continues to deeply cultivate cutting-edge innovation fields, adhering to the long-term investment philosophy of "accompanying enterprises through cycles and growing together," resonating with the national strategy. In December 2025, Efung Capital completed its first strategic signing with the National Venture Capital Guidance Fund in Beijing, not only marking a deep synergy between Efung's investment vision and national strategy but also meaning that Efung will shoulder even more important missions in promoting technological breakthroughs and industrial transformation in key fields.

PART.06
The Future Era: Innovation Power Marching Towards the Globe

While Nanshan District, breaking through a trillion GDP, showcases Shenzhen's strong capabilities in fields like the internet and electronics information, Longhua District, with its "first shot in the 2026 STAR Market medical device sector," highlights Shenzhen's deep in emerging fields. These two districts, one in the south and one in the north, together outline the complete of the city's innovation.

The development of Insight Lifetech serves as a vivid footnote to this dual-track narrative—rooted in Shenzhen's soil, global innovation, finding the fulcrum for breakthrough growth between a mature ecosystem and emerging sectors.

Looking ahead, in this city eternally flowing with innovative blood, there will undoubtedly be more enterprises like Insight Lifetech, following the path "starting from Shenzhen, advancing towards the globe," becoming not only economic growth poles but also key forces shaping future industrial patterns. Efung Capital will also continue to focus on the cutting-edge biopharmaceutical, empowering hard tech breakthroughs with professional investment, accompanying more innovative enterprises from technological breakthroughs to global markets, and jointly writing a new chapter for the biopharmaceutical industry.