Feiyinuo IPO: 6 directors and senior managers jump ship to General Electric, with a maximum annual salary of 2 million

Rui Finance, Yan Minghui On March 30, FeiYinno Technology Co., Ltd. (hereinafter: “FeiYinno”)’s GEM IPO was accepted for review. The sponsor is Huatai United Securities, and the sponsor representatives are Lian Ke and Kou Qi. The accounting firm is Lixin Accounting Firm.

FeiYinno was founded in 2010. With a registered capital of RMB 81.0 million, it is a digital ultrasound imaging equipment manufacturer that has entered more than 600 tier-3 hospitals nationwide. FeiYinno previously applied for a STAR Market listing in 2022, and withdrew the application in June 2023.

According to Frost & Sullivan statistics, in 2024, among all-in-series medical ultrasound imaging equipment sales, FeiYinno ranked third in terms of domestic market share among domestic manufacturers.

FeiYinno plans to raise RMB 872 million this time, to be used for high-end medical imaging equipment manufacturing projects, high-end medical imaging equipment product R&D and construction projects, marketing and informatization and headquarters base construction projects, as well as supplementing working capital.

The company’s actual controllers are husband-and-wife couple Xi Shui and Tian Yuan. They jointly hold 100% equity interest in the executive affairs partnership entity Shan Zhou Yuan Yao, which is the execution affairs partner of the company shareholders Shan Zhou Chen Xin, Shan Zhou Gao Sen, Shan Zhou Peng Miao, and Shan Zhou Zhi Yan; through Shan Zhou Yuan Yao, they indirectly control Shan Zhou Chen Xin, Shan Zhou Gao Sen, Shan Zhou Peng Miao, and Shan Zhou Zhi Yan. Together, they control 45.89% of the voting rights of FeiYinno.

Rui Finance noted that both Xi Shui and Tian Yuan, the two actual controllers, have work experience at General Electric Medical Systems.

In addition, there are five senior executives who, before joining FeiYinno, had all previously worked at General Electric, including: Chen Huiren, director, deputy general manager, and secretary to the board of directors; Gao Wenyou, director and deputy general manager; Jia Zhiyuan, director and general manager of the Ultrasound business division; Fei Penghao, employee director and general manager of the Palm Ultrasound R&D department; and Yuan Hongyu, deputy general manager.

Regarding compensation, in 2024, deputy general manager Yuan Hongyu’s compensation was approximately RMB 2.0 million, ranking first among the company’s directors, supervisors, and senior executives. Next were Xi Shui, chairman and general manager, with compensation of RMB 1.49 million, and deputy general manager Gao Wenyou, with compensation of RMB 1.20 million.

Xi Shui, born in 1963, is a Chinese national. He holds permanent residency in the Republic of Vanuatu. From October 1999 to July 2002, Xi Shui served as Production and Operations Manager at Nokia Communications Co., Ltd. Suzhou Branch; from July 2002 to July 2011, he served in General Electric Medical Systems as the general manager of the China Ultrasound R&D Center and the sales general manager of the China Life Information Department, respectively; starting September 2011, he served at FeiYinno Co., Ltd. In January 2022, he was appointed chairman and general manager of FeiYinno.

Tian Yuan, born in 1978, is a Chinese national. She holds permanent residency in the Republic of Vanuatu. From July 1999 to December 2000, she served as a teacher at Shanghai Industry and Commerce Foreign Language School; from June 2003 to April 2010, she worked at General Electric Medical Systems (China) Co., Ltd., serving as a software engineer, R&D project manager, and after-sales service manager, among other roles. Starting May 2010, she served at FeiYinno Co., Ltd., and currently serves as FeiYinno’s brand director.

According to the prospectus, on March 9, 2015, General Electric Company (Chinese name: General Electric Company) and General Electric Medical Systems (China) Co., Ltd. filed a civil lawsuit with the Intermediate People’s Court of Wuxi City, Jiangsu Province. They claimed that the defendants, FeiYinno and nine natural persons, infringed upon their trade secrets contained in relevant algorithms within the operation system software of their digital ultrasound diagnostic instrument products, and in the formal court hearing, the court confirmed in court a claim amount of RMB 30 million.

On June 2024, the Intermediate People’s Court of Wuxi City, Jiangsu Province, issued a judgment in the first instance, supporting some of the plaintiffs’ litigation claims. After the first-instance judgment, both plaintiff and defendant had filed an appeal to the Jiangsu Provincial Higher People’s Court for a second instance. As of the signing date of this prospectus, the case is still under second-instance review.

In terms of performance, from 2022 to 2025, the company’s operating revenue was RMB 530 million, RMB 538 million, RMB 622 million, and RMB 671 million, respectively. Non-recurring profit after tax was RMB 33.4596 million, RMB -75.1668 million, RMB 58.0239 million, and RMB 83.1041 million, respectively. Revenue scale continued to grow, while the level of net profit showed certain fluctuations.

Related companies: FeiYinno, Yinno