As 2025 draws to a close, Hong Kong's IPO market remains vibrant. QINGSONG HEALTH (02661), the digital integrated health services platform that garnered significant attention since its IPO launch, concluded its market debut with a remarkable valuation surge, marking a crucial milestone. With its listing, both capital markets and investors are poised to respond positively to its future development, reflecting deep recognition of the company's core value and long-term investment potential.
Top-tier investors featured prominently among QINGSONG HEALTH's shareholder base, contributing to its stellar debut. On December 23, the company listed on the Hong Kong Stock Exchange's main board, opening strong and soaring over 163% intraday before closing up 158.82% at HK$58.7 per share. This performance pushed its market capitalization beyond HK$12.1 billion.
As a rare high-growth candidate in the year-end market, QINGSONG HEALTH maintained strong investor interest throughout its subscription period. The company issued approximately 26.54 million shares, with 10% available for public subscription in Hong Kong at HK$22.68 per share (HK$4,581.8 per lot of 200 shares). Global offering subscriptions reached 1421 times oversubscription—an exceptional market response—while the pricing strategy reflected both corporate confidence and market optimism about its prospects. The December 22 gray market session saw a 127% surge, foreshadowing the robust debut.
Pre-IPO, QINGSONG HEALTH attracted heavyweight backers including Tencent, Sunshine Insurance, and IDG Capital, with Aomen Qinhe Ming joining as cornerstone investor. Its listing marks a landmark event in Hong Kong's expanding healthcare sector, distinguishing itself from traditional medical enterprises through its "AI + wellness" technology focus, unique ecosystem, and standout growth metrics.
Financially, the company demonstrates outstanding momentum: 2024 revenue hit RMB945 million (up 92.9% YoY), while H1 2025 revenue grew 84.7% to RMB656 million—far outpacing industry averages. Frost & Sullivan ranks it 10th in China's digital integrated health/insurance services and 7th in digital health services by 2024 revenue. Notably, health services now contribute 76.7% of revenue (221.26% three-year CAGR), signaling successful transition from traffic-driven to service-driven model with enhanced risk resilience.
The company has evolved beyond its insurance roots, establishing deep links across users, pharmaceuticals, and insurers. Its dual-engine "health services + insurtech" model creates a closed-loop ecosystem spanning health management, medical consultation, insurance coverage, and claims processing. Partnering with 58 insurers to offer 294 products, its AI-driven systems boost efficiency and synergies. Post-listing, QINGSONG HEALTH plans to strengthen medical research and real-world studies, transforming health data into dynamic risk management tools for insurance product innovation.
Technologically, the company holds 58 patents and 39 software copyrights, with six algorithms registered with the Cyberspace Administration. R&D investment grew steadily from RMB52.8 million (2022) to RMB72 million (2024), totaling RMB186 million over three years. Its AI Care 4.0 system powers core operations—from content creation to claims review—while the Galaxy AI marketing platform generated 12.9 million leads, contributing 23.3% of annualized premiums in 2024 (21.3% in H1 2025).
With 168.4 million registered users (60.4% aged 20-45—a premium health-conscious demographic), QINGSONG HEALTH boasts a 92.2% 13-month retention rate. Insurance conversion metrics are equally impressive: 46% of policyholders hold multiple plans (average two per user), demonstrating deep customer monetization.
Positioned in China's expanding digital health market, QINGSONG HEALTH's growth thesis combines AI advancement with ecosystem refinement. Future applications in chronic disease management and medical decision-making will enhance service precision, while insurtech synergies unlock full customer lifecycle value. For investors, this transformed, tech-driven platform represents a compelling long-term proposition as industry opportunities unfold—setting new benchmarks for innovation in "tech-enabled, ecosystem-integrated, service-closed-loop" healthcare.
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