The Zhitong Finance App learned that on June 26, the Chinese medical technology company Baide Medical announced that it plans to merge with ExcelFin Acquisition Corp. (XFIN.US), a special purpose acquisition company (SPAC). After the merger is completed, the company will operate as Baird Medical Investment Holdings Limited and be listed on the NASDAQ under the stock code “BDMD.” According to the merger agreement, the equity value before the merger was 300 million US dollars, and the implied estimated corporate value of the company after the merger was about 370 million US dollars.

According to data, Baide Medical is a leading developer and provider of microwave ablation medical devices for minimally invasive cancer treatment in China. The company's proprietary microwave ablation medical devices are used to treat benign tumors and malignant tumors, including thyroid nodules, liver cancer, lung cancer, and breast lumps. The company reported revenue of $35 million for 2022. Additionally, the company expects revenue of $45 million and net profit of $18 million for 2023.

It is worth mentioning that Baide Healthcare passed a hearing on the Hong Kong Stock Exchange on September 15, 2022, and was originally scheduled to go public in the Hong Kong IPO on October 5 of that year. At the time, Baide Healthcare planned to sell 248 million shares and announced a sale price of HK$1.40, and plans to raise HK$347.2 million. However, on the evening of October 3, 2022, the company announced that in response to inquiries from regulators, after consulting the Joint Global Coordinator, the company had decided that the global sale would be delayed and would not be carried out in accordance with the prospectus.