Chinese suture maker Biomaike jumps 92% in IPO, cracking foreign grip on market
What's the deal? Hainan Biomaike Medical TechnologyDealroom has a profile for this one. Try Dealroom → debuted on Beijing's stock exchange on September 9, opening at US$4.52 — up 92% — for a market value of roughly US$233.8M. The stock later eased to US$3.83, up 62.81%, valuing the firm above US$206.3M.
Why it matters: Biomaike's flagship product, Fengchuangling, holds China's first Class III device registration for an absorbable, knotless surgical suture. That broke a decade-long domestic monopoly held by three foreign giants: Johnson & Johnson, SutrueDealroom has a profile for this one. Try Dealroom →, and MedtronicDealroom has a profile for this one. Try Dealroom →.
The numbers: The company posted 2025 revenue of US$29.4M and net profit of US$9.74M, with gross margin above 75%. Revenue rose steadily from US$23.9M in 2023, but net profit has hovered around US$9.63M for three years.
Why the flat profit? China's centralised procurement programme has driven prices down even as volumes climb. Fengchuangling's winning bid price in Liaoning fell 17.82% from the prior round, though sales in Fujian jumped 64.92% after procurement rollout there.
What's the endgame? Fengchuangling sold more than 2.01 million units in 2025, up 21.11%, reaching nearly 3,000 hospitals and over half of China's 100 highest-volume surgical hospitals. With capacity utilisation at 114.66%, IPO proceeds will fund expansion — lifting Fengchuangling output to 3.25 million units and adding antibacterial suture lines.
The founder's path: Former Lanzhou University lecturer Yang Dingjian moved to Hainan in 2001, later building China's first large-scale automated peptide synthesiser. He spent roughly a decade cracking the knotless suture process — carving micron-precision barbs — before Fengchuangling won approval in 2019.
The signal: Biomaike sits fourth by revenue with an 8.9% share, the top domestic player, while foreign firms still hold nearly 80% — Johnson & Johnson alone at 48.9% in 2024. But the absorbable knotless suture market is set to grow from US$2.34B in 2024 to a projected US$5.36B by 2030, and procurement reform is opening doors for local challengers.
Read more: 36kr.com
