Jiuan Medical (九安医疗) morphs from blood‑pressure maker into a venture titan as Kimi, Zhipu and Minimax fuel market frenzy

Market euphoria around AI and hard‑tech

Speculative fervour in both Hong Kong and mainland markets has lifted many so‑called “monster” stocks — Zhipu (智谱) and Minimax reportedly exceeded HK$300 billion market caps on debut, while Kimi has been linked to a fresh financing round and explosive short‑term revenue claims. It has been reported that Kimi closed a new US$700 million tranche soon after a US$500 million round, and that its 20‑day revenue around Lunar New Year exceeded the whole of last year — claims that have not been independently verified. The result? Some A‑share names perceived as Kimi play stocks, notably Jiuan Medical (九安医疗), jumped sharply — Jiuan’s A‑share once hit the daily limit on its first trading day after the surge and is up more than 30% since the holiday.

From electronic cuffs to balance‑sheet investing

How did a maker of home medical devices become a core node in China’s hard‑tech financing web? Jiuan Medical started as a developer of consumer blood‑pressure monitors and built an overseas OEM business that helped it scale into global markets and, later, the iHealth brand. The company rode pandemic procurement to record cash flows in 2022 — single‑quarter operating cash flow once topped RMB77.4 billion — and used that war chest to pivot aggressively into financial and strategic investments. Jiuan’s trajectory includes a 2014 strategic stake from Xiaomi (小米), a 2025 buyback of iHealth shares, direct investments into startups such as Mu Xi, Kimi and Zhi Yuan, and large commitments as LP and direct investor across VC funds and tech mother funds (including a reported RMB50 billion participation via a Tiankai mother fund).

Investment returns now drive profits — and scrutiny

Jiuan’s investment arm has moved from a small, conservative LP role to diversified direct investing, family‑office style platforms, and sizeable public‑market allocations. By mid‑2025 the firm reported trading financial assets of over RMB10.3 billion and investment‑related gains of RMB21.88 billion — about 137.7% of reported net profit for the period — making asset management the principal growth engine. It has also accumulated stakes and market exposures ranging from Xiaomi, Xpeng (小鹏), Li Auto (理想) and Tencent (腾讯控股) to US ETFs and NVIDIA, and it has been active in quick‑turn private deals — reportedly moving from approval to funding in weeks for some targets.

What this means for investors and policy watchers

Investors now face a different Jiuan: part medical device OEM, part incubator and asset manager. The shift highlights a broader theme in China’s tech ecosystem — companies using pandemic profits to seed next‑generation AI and hard‑tech plays. But geopolitical context matters. Jiuan’s heavy U.S. market exposure (FDA approvals, large U.S. procurement orders claimed in prior years) and large allocations to U.S. ETFs and treasuries come at a time of tighter U.S.‑China scrutiny and evolving capital‑flow policies. Will regulators welcome a domestically grown financier of strategic tech, or will cross‑border risks prompt closer review? For now, markets have answered with appetite — and Jiuan’s balance sheet is the engine.