After nearly a year of preparation, QINGSONG HEALTH has finally announced its upcoming listing at the end of the year.
On December 15, QINGSONG HEALTH disclosed its plan for a global offering of 26.54 million shares, comprising 2.654 million shares for Hong Kong public subscription and 23.886 million shares for international placement. The shares are priced at HKD 22.68 each and will be traded in lots of 200 shares.
China International Capital Corporation (CICC) and China Merchants Securities International are acting as joint sponsors for the offering. Trading on the Hong Kong Stock Exchange is expected to commence on December 23, 2025.
**IPO Price Set at HKD 22.68 per Share** QINGSONG HEALTH initiated its listing journey earlier this year. On January 28, 2025, the company first submitted its application for a main board listing on the Hong Kong Stock Exchange, which was unsuccessful. It resubmitted its application in late August.
According to the announcement, the global offering consists of 10% for Hong Kong public subscription and 90% for international placement, with an additional 15% over-allotment option. The shares are priced at HKD 22.68 each, with trading set to begin on December 23, 2025.
Founded in 2014, QINGSONG HEALTH operates as a technology-driven one-stop platform, providing health-related services to corporate and individual clients. These services include digital marketing through health-related content, digital medical research support, comprehensive health service packages (both in-house and outsourced), and early disease screening promotion and consulting.
Additionally, QINGSONG HEALTH offers insurance-related services through its internet insurance platform, facilitating access to various health insurance products. As of June 30, 2025, the platform featured 294 insurance products from 58 partner insurers, marking an increase of 28 products and 17 partners compared to December 31, 2024.
Financial data shows that from 2022 to 2024, QINGSONG HEALTH reported revenues of RMB 394 million, RMB 490 million, and RMB 945 million, with net profits of RMB 149 million, RMB 147 million, and RMB 84 million, respectively. In the first half of 2025, the company generated revenue of RMB 656 million and a net profit of RMB 51 million. According to a Frost & Sullivan report cited in the prospectus, QINGSONG HEALTH ranked tenth in China's digital integrated health services and health insurance market by revenue in 2024, and seventh in the digital health services sector.
**Net Proceeds Exceed HKD 500 Million** The prospectus reveals that QINGSONG HEALTH has entered into a cornerstone investment agreement with Guangdong Hengqin Guangdong-Macao In-Depth Cooperation Zone Aoqin Heming Investment Partnership (LP) ("Aoqin Heming"). Under the agreement, Aoqin Heming has agreed to subscribe for approximately RMB 100 million worth of shares at the offer price, subject to certain conditions. Based on the offer price of HKD 22.68 per share, Aoqin Heming will subscribe for a total of 4.8018 million shares.
Assuming no exercise of the over-allotment option, the net proceeds from the global offering are estimated at approximately HKD 513.4 million. QINGSONG HEALTH plans to allocate the proceeds as follows: - 40% for brand promotion, user engagement, and business partner collaboration; - 20% for medical and real-world research; - 20% for enhancing AI and big data capabilities to expand product and service applications; - 10% for regional and overseas market expansion; - 10% for working capital and general corporate purposes.
The Frost & Sullivan report highlights that China's integrated health services and health insurance market grew from RMB 62.3 trillion in 2020 to RMB 81.5 trillion in 2024, with a compound annual growth rate (CAGR) of 7.0%. The market is projected to reach RMB 118 trillion by 2029, with a CAGR of 7.7% from 2024 to 2029.
The digital integrated health services and health insurance market in China remains fragmented, with over 3,000 market participants in 2024. The top 15 platforms accounted for less than 10% of the total market share by revenue.
Favorable government policies, rising public health awareness, and growing demand for medical services are driving the rapid development of China's digital health services industry. Supported by these factors, the digital integrated health services and health insurance market is poised for significant growth.
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