How does Jiu'an Medical, whose main business has been cut in half, manage to double its stock price within the year?

Not content to be the “water seller” of medical devices, iHealth (Ji’An) Medical wants to ride the wave of the tech tide. With precise positioning in AI, semiconductors, and robotics, the company has, as if on cue, become a “futures-market windfall hunter” in the secondary market. The only question is: when unrealized gains in its investments far exceed its medical core business, is what investors are cheering really Ji’An Medical—or is it its capital landscape?

On April 1, Ji’An Medical hit the daily limit-up, with the closing share price at 80.94 yuan per share. By then, within just four trading days, the company had already racked up three consecutive limit-up boards.

In stark contrast to its strong stock price performance, the fundamentals of the company’s main business are basically not optimistic: medical-business revenue is nearly halved, and sales of its core products have also fallen off a cliff.

However, on the other hand, Ji’An Medical has repeatedly rolled out hard-tech projects such as Kimi and Muxi, consecutively stepping onto the windbreakers in the AI and semiconductor industries. As a result, the company has suddenly transformed into a “cross-border investment ace” that has become a hot topic in the capital market.

On one side, the main business is under pressure; on the other, investments are thriving. Against this backdrop, one key question naturally emerges: who is “lifting the sedan” for Ji’An Medical’s surge in share price?

Up more than 100%

On April 1, Ji’An Medical led the medical device sector with a 10% limit-up move, with the share price closing at 80.94 yuan. Over four trading days, it recorded three limit-up boards. Looking back at its overall performance, since 2026, the company’s cumulative gain has reached 102.62%, making it one of the market’s most closely watched “star stocks.”

As a company deeply engaged in the medical device field, Ji’An Medical’s core business mainly focuses on in-vitro diagnostic products such as blood pressure monitors, blood glucose meters, and body temperature monitoring devices. During the pandemic, the company won massive orders with its at-home COVID-19 antigen OTC self-test kit, and in 2022 its operating revenue surged by 9.98 times, marking a period of bright performance.

However, as the pandemic faded, the company began to adjust its product structure. Meanwhile, in recent years, electronic giants such as Huawei and Xiaomi, as well as medical device peers such as Mindray Medical and Yuwell Medical, have all entered the fray, intensifying competition and dealing a blow to the company’s fundamentals. As a result, in recent years the company’s revenue scale has continued to decline. In the first three quarters of 2025, the year-on-year drop in revenue reached 48.89%, a sharp contrast to its strong performance during the pandemic.

Against this backdrop, Ji’An Medical actively sought new breakthroughs, moving into the diabetes diagnosis and care space, and achieved rapid business growth. In the first half of 2024 and 2025, its internet medical business revenue increased year-on-year by 104.68% and 58.43%, respectively. Although the current business scale is still far from enough to offset the decline in its traditional testing product business, it has still given the market hope for the company’s second growth curve.

Besides pushing new businesses, the investment business has also been a major highlight for Ji’An Medical in recent years. In recent years, the company has frequently entered professional venture capital institutions in an LP capacity. It has successively invested to subscribe for multiple fund stakes, including JiFeng Capital, Yuan Sheng Venture Capital, and Li Si Venture Capital, and in 2023 it further set up dedicated platforms such as Ji’Shang Venture Capital and Ji’Tang Venture Capital. Its investment approach has gradually shifted from passive participation to active deployment.

In the primary market, Ji’An Medical has made precise bets on multiple hot projects. In 2023, through its subsidiary Ji’An Hong Kong, the company invested about USD 10 million in Dark Horse. The following year, in March, it added more: through Tianjin Ji’Shang No. 1 Management Consulting Partnership (Limited Partnership), in which it participated, it again increased its investment in Dark Horse by another USD 20 million.

At the start of 2025, Ji’An Medical also completed an RMB 100 million investment in Muxi Technology through its Sci-Tech Innovation mother fund, and through Ji’Shang No. 1 it invested in Li Si Fund, indirectly holding about 1.2 million shares of Muxi. With Muxi Technology listing on the Sci-Tech Innovation Board that same year, Ji’An Medical received its first listed investment target. If calculated based on today’s closing price, the company’s equity investment in Muxi Technology has a market value of 706 million yuan, with unrealized gains exceeding 6 times.

In addition, popular projects such as Zhiren Robotics, Songyan Power, ZiVariable Robotics, and others have all been included in its investment portfolio. Its layout covers high-growth tracks such as AI, semiconductors, and robotics comprehensively.

In the secondary market, Ji’An’s investments disclosed in its 2025 semi-annual report show that its holdings cover not only domestic and overseas stocks such as Xiaomi, XPeng Motors, Li Auto, Tencent Holdings, and Nvidia, but also standardized assets such as U.S. Treasury bonds and the S&P 500 ETF. In its investor relations activity record, the company stated that it is learning from the Yale University endowment’s asset allocation model to carry out global large-category asset allocation.

In the first three quarters of 2025, the company’s investment income and fair-value change income were 562 million yuan and 1.25B yuan, respectively, up 3.5% and 111% year-on-year. Over the same period, its revenue was 1.07B yuan, down 48.89% year-on-year. The company said that during the reporting period, the volume of government orders for the antigen test kits decreased, but the fair values of the large-category assets it held, such as stocks and ETFs, increased.

Undercurrents surging

Behind Ji’An Medical’s explosive stock surge, the silhouettes of various traders and seasoned “bullish shareholders” have also quietly emerged.

Since March, due to frequent stock-price fluctuations, Ji’An Medical has issued multiple trading anomaly announcements. In the same period, in the disclosed “Dragon and Tiger List,” many well-known proprietary trading seats have repeatedly appeared.

On March 11, Ji’An Medical’s deviation in its rise reached 7%. After-hours, the “Dragon and Tiger List” showed that two major active seats of Zhang Mengzhu—namely CITIC Guotai Junan Shanghai Branch and CITIC Guotai Junan Shanghai Pudong New Area Haiyang Xilu Trading Department—ranked second and fourth on that day’s list, respectively, with a total buy amount of 221 million yuan.

Corresponding to this, on the sell list, Ping An Securities Anhui Branch—known for quick in-and-out trading operations—and the second seat of Eastmoney Securities Lhasa East Ring Road, one of the “Lhasa Troupe” members, chose to realize profits as the share price rose; together they sold a total of 78 million yuan.

Between March 18 and 19, Ji’An Medical again disclosed the “Dragon and Tiger List” because its cumulative gain exceeded 20%. Zhang Mengzhu’s CITIC Guotai Junan Shanghai Pudong New Area Haiyang Xilu Trading Department appeared on the board again. Along with him was also CITIC Jian*ou Securities Anhui Branch, which had been chasing the rallies frequently in recent times.

On March 27, Ji’An Medical, which had already risen more than 50% within the month, disclosed the “Dragon and Tiger List” again. Zhang Mengzhu’s two major active seats appeared as expected again. The difference from before was that its CITIC Guotai Junan Shanghai Pudong New Area Haiyang Xilu Trading Department appeared on the sell list with a sell amount of 46 million yuan, but it remained a net buy position with a buy amount of 55 million yuan; the two trading departments of the “Lhasa Troupe” ranked third and fourth on the sell list with total sell proceeds of 110 million yuan.

That day’s buy list also welcomed new forces. Trader Fen*ge joined Zhang Mengzhu’s buying army. Its active seat, Dongya Qianhai Securities Shenzhen Branch, bought 82 million yuan, ranking fourth on that day’s “Dragon and Tiger List.”

In the “Dragon and Tiger List” for March 30, the market’s tone began to change. Zhang Mengzhu and Fen*ge started taking profits and selling; together they sold 185 million yuan that day. Meanwhile, several proprietary trading seats such as Ping An Securities Shanghai Jinkang Road and CITIC Guotai Junan Chongqing Zhongshan San Road stepped in to take over in sequence, forming a relay.

The storyline of retail “bullish shareholders” in Ji’An Medical does not end there. In the company’s shareholder list, several such investors, including Yu Ronghu, Zhou Qun, Yan Yunseng, and Feng Junqi, have held shares for a long time. Zhou Qun, after newly entering with 4.6521 million shares in the first quarter of 2020, even after multiple share sales during the high-point period of 2022, the value of its holdings still grew from 42 million yuan in that year to 122 million yuan in October 2025, a gain of 190.48%.

Earlier, Yu Ronghu, Yan Yunseng, and Feng Junqi had briefly held shares of Ji’An Medical during the period when the stock price was favorable in 2022–2023. In 2025, several retail “bullish shareholders” moved in to increase holdings, re-entering the company’s top ten shareholders. If calculated based on today’s closing price, the unrealized gains on these investors’ books are already around 1x.

Besides retail “bullish shareholders,” institutional forces have also been quietly laying out. Former Huobao Fund ETF “No. 1” Hu Jie has a strong preference for Ji’An Medical. The Huobao CSI Medical ETF that she manages has been steadily increasing holdings since it took a position with 4.8534 million shares in the second quarter of 2022. Now her shareholding has reached 9.5209 million shares, making her the company’s fourth-largest shareholder.

Stock manipulator Liu Yi

Ji’An Medical’s rise is inseparable from the steering power of its founder Liu Yi.

Liu Yi was born in 1967 in Tianjin. In 1986, he was admitted to Tianjin University to study analytical instruments and also minored in industrial management, earning dual bachelor’s degrees. After graduating in 1990, he was assigned to the Shanghai Third Analytical Instruments Factory as a technician. A year later, he resigned and headed south to Guangdong, joining the Sunshen company, thereby coming into contact with the medical device industry.

In 1995, at a class reunion, Liu Yi spotted a market opportunity for electronic blood pressure monitors. He then joined with several fellow alumni from Tianjin University to pool funds to found Ji’An Medical, starting his entrepreneurial journey.

In the early stage of entrepreneurship, the company’s performance lingered around tens of millions. To break the deadlock, Liu Yi decided to go after overseas markets. Starting from emerging markets such as Brazil and Poland, and beginning in 2003, its sales revenue increased year after year for four consecutive years, successfully establishing itself on the global stage.

In 2010, Ji’An Medical listed on the Shenzhen Stock Exchange, becoming the first listed company in China’s blood pressure monitor industry. However, after listing, its core business remained sluggish year after year, and its stock price stayed depressed for a long time.

Liu Yi made a decisive move to transform into the mobile internet sector and introduced Xiaomi’s strategic investment of USD 25 million, working together to build the iHealth brand.

The real turning point came during the COVID-19 pandemic. After iHealth antigen test kits obtained emergency use authorization from the U.S. FDA, massive government orders from the U.S. government followed in succession, and Ji’An Medical’s performance experienced an epic explosion.

In the first quarter of 2022, net profit reached 14.31B yuan, up more than 300 times year-on-year—more than the total of the previous ten years. The stock price also skyrocketed from 8 yuan in May 2021 to 98.42 yuan in April 2022.

As the company’s market value rose, Liu Yi also began planning to reduce holdings and cash out. In 2022, through its controlling platform Shihezi Sanhe Equity Investment Partnership (Limited Partnership), it planned to reduce holdings by no more than 9.63M shares via centralized bidding, about 2% of the total share capital.

Judging from the execution, this controlling platform only reduced holdings by 2.4534 million shares. The average selling price was 53.24 yuan per share, totaling 131 million yuan in proceeds.

After the wealth boom, Liu Yi shifted from being an entrepreneur to a capital trader.

After Liu Yi was elected president of Tianjin University in 2016, in 2019 he initiated and established the Beiyang Haitang Fund. The initial fund size was 100 million yuan. By leveraging co-investment totaling more than 1 billion yuan, it incubated more than 10 Tianjin hard-tech projects such as YunYao Aerospace. With the success of the initial fund, a second fund began to take over.

Public information shows that its fundraising scale was 540 million yuan, with 45 contributors. Among them were 14 listed companies, forming a venture capital fund cluster of over 10 billion yuan.

In addition, Liu Yi acquired Hualai Technology in 2020, and recently started the listing process. In 2024, Hualai Technology officially listed on the National SME share transfer system (NEST). Only a week later, the company submitted its listing counseling materials to the Beijing Stock Exchange. As of now, its IPO is still under review.

As Liu Yi’s capital layout continues to expand, the market is watching his next moves.

责任编辑 |  Chen Bin

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