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 32.86 yuan — up 92% — for a market value of roughly 1.7 billion yuan. The stock later eased to 27.84 yuan, up 62.81%, valuing the firm above 1.5 billion yuan.
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 & JohnsonDealroom has a profile for this one. Try Dealroom →, 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 214 million yuan and net profit of 70.81 million yuan, with gross margin above 75%. Revenue rose steadily from 174 million yuan in 2023, but net profit has hovered around 70 million yuan 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 17 billion yuan in 2024 to a projected 39 billion yuan by 2030, and procurement reform is opening doors for local challengers.
Read more: 36kr.com
