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ExcelFin SPAC LLC, a ten percent owner of Baird Medical Investment Holdings Ltd, reported its initial holdings of ordinary shares. The disclosure explains that Fin Venture Capital Management, LLC holds 12.5% and Grand Fortune Capital, LLC holds 87.5% of ExcelFin’s membership interests, with related entities GFCHK and GFC also holding ordinary shares. ExcelFin, FVC and GFC disclaim beneficial ownership of the reported shares except to the extent of any pecuniary interest, and actions regarding ExcelFin’s shares require a majority vote of GFCHK’s three-member board of managers.
Baird Medical Investment Holdings Ltd’s ordinary shares are the subject of a Schedule 13D filed by ExcelFin SPAC LLC, Grand Fortune Capital (HK) Company Limited, and Grand Fortune Capital LLC following a business combination involving the issuer.
Based on 36,725,899 ordinary shares outstanding as of January 15, 2026, ExcelFin beneficially owns 4,249,031 shares (11.6%). Grand Fortune Capital LLC beneficially owns 290,000 shares on an as-converted basis from Series A Preferred Shares (0.8%). Grand Fortune Capital (HK) Company Limited is deemed to beneficially own 7,004,016 shares (19.1%), including ExcelFin’s holdings and the convertible preferred position of Grand Fortune Capital LLC. The securities were obtained through the business combination, conversion of working capital loans at $10.20 per share, and a $2.9 million preferred share subscription. The reporting persons state they hold the position for investment purposes and may acquire or dispose of BDMD securities or discuss strategy, governance, and potential transactions with the company.
Baird Medical Investment Holdings Limited, a thyroid-focused microwave ablation device company, reports a sharp reversal in 2025 results. Revenue fell 39.2% to US$22.5 million from US$37.0 million in 2024, and net income of US$12.6 million in 2024 turned into a net loss of US$27.5 million in 2025. Sales remain concentrated in the PRC, though 2025 included contributions from Hong Kong, the United States, Malaysia and Nepal.
The revenue decline stemmed mainly from slower purchasing and more conservative approval procedures at China hospitals amid an anti-corruption campaign, especially affecting direct sales, while distributor revenue rose modestly. Despite lower volume, gross margin stayed high at 83.8%. The loss was driven by a surge in operating expenses to US$44.5 million, including US$17.5 million of share-based compensation and research and development expenses of US$20.1 million tied to FDA and CE work and AI ablation systems.
Liquidity is tight: cash and restricted cash declined to US$0.6 million at December 31, 2025, though working capital was US$22.6 million. Net accounts receivable were US$42.5 million, equal to 188.9% of 2025 revenue, with 777 days of receivable turnover and most balances overdue. About US$5.8 million was collected through May 29, 2026, and management expects substantial additional collections during 2026–2027. The company renewed and added bank facilities at interest rates around 2.70%–2.71% and obtained a US$2.0 million support commitment and non-demand related-party payables. It also secured device registrations in multiple countries and, based on these factors, management concluded there was no substantial doubt about its ability to continue as a going concern for one year from the financial statement issuance date.
Baird Medical Investment Holdings Ltd filing reports that Alta Partners LLC beneficially owns 1,995,604 shares of common stock, representing common stock issuable upon exercise of outstanding warrants. The position represents 5.1% of the class. The filing states the holdings were not acquired to change or influence control.
Baird Medical Investment Holdings Limited filed its annual Form 20-F as a Cayman Islands holding company whose operations are conducted through PRC subsidiaries. The report highlights that dividends and cash movements depend heavily on these subsidiaries and are subject to PRC foreign exchange and reserve restrictions.
The company details extensive PRC regulatory licensing for its Class III microwave ablation equipment and needles and a Class II biopsy needle, plus a Manufacture License for Class II and III medical devices valid to May 24, 2026. It discusses reliance on a concentrated distributor and customer base, third-party suppliers, and marketing service providers.
Key risks include evolving PRC healthcare regulation, the Holding Foreign Companies Accountable Act and possible Nasdaq delisting if PCAOB access is lost, prior compliance issues such as a lapsed manufacturing license and underpaid social insurance, dependence on tender processes and medical insurance reimbursement, and challenges in product development, clinical trials, and competition.
Baird Medical Investment Holdings Ltd director Xu Lijian filed an initial statement of beneficial ownership. The filing reports direct ownership of 25,000 RSU Shares (BDMD), indicating Xu’s equity position in the company through restricted stock unit shares.
Baird Medical Investment Holdings Ltd director Qiu Quan has filed an initial Form 3, formally registering as a reporting person for BDMD. The structured data shows no reported purchases, sales, or other transactions and no derivative positions in this initial ownership statement.
Baird Medical Investment Holdings Ltd submitted a Form 3 identifying Lu Rongjian as an officer of the company with the title Chief Technical Officer. The structured data shows no reported share transactions, derivative positions, or holding entries associated with this reporting person in this filing.
Baird Medical Investment Holdings Ltd director Gabrielle Bilciu-Wolfson has filed an initial Form 3 disclosing her stake in the company. She reports beneficial ownership of 20,000 shares of Baird Medical common stock, held directly, with no specific buy or sell transaction indicated in this filing.
Baird Medical Investment Holdings Ltd filed an initial insider ownership report for Li Jie Clara, who serves as Acting Chief Financial Officer. This Form 3 excerpt lists her as a reporting person but shows no reported transactions or derivative positions in the summarized data.