Cofoe Medical Technology Co.,Ltd., the company behind the nostalgic posture corrector brand "Beibei Jia," has passed the hearing for its Hong Kong IPO application. The hearing was conducted on April 10, with Huatai International and BNP Paribas acting as joint sponsors. As one of China's largest home medical device companies, Cofoe Medical, which has been listed on the Shenzhen Stock Exchange for nearly four and a half years, is now poised to achieve a dual listing on both the A-share and H-share markets.
The company's journey began in 2007 when founders Zhang Min and Nie Juan established a small retail store named "Good Nurse" in Hunan, specializing in home medical devices. In 2009, they founded the predecessor of Cofoe Medical and created their own brand, "Cofoe," shifting from distribution to branded operations. In 2014, while competitors were still focused on offline channels, Cofoe Medical was among the first in its industry to open a flagship store on Tmall, achieving sales exceeding ten million yuan in its first year.
Over the years, the company expanded its product portfolio, building a matrix covering health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine physiotherapy.
In October 2021, Cofoe Medical went public on the ChiNext board of the Shenzhen Stock Exchange, raising 3.7 billion yuan with an issue price of 93.09 yuan per share. However, its stock price fell below the offering price on its first trading day, closing down 4.43%.
While Cofoe Medical is widely recognized for Beibei Jia, the brand was actually acquired by the company. Originally created by Du Guoying in 1997, Beibei Jia was one of the earliest brands in China focused on posture management. It gained widespread popularity through aggressive advertising in the late 1990s and early 2000s, but later faced controversies over exaggerated claims and questioned efficacy.
In April 2022, Cofoe Medical acquired the intellectual property related to Beibei Jia for 177 million yuan. Initially viewed with skepticism due to the brand's faded popularity, Cofoe Medical repositioned Beibei Jia as a "posture management expert," targeting both scientific posture correction and health aesthetics. Through sponsorships of popular variety shows, endorsements by celebrities like Yang Mi and Bai Lu, and marketing on social media platforms such as Xiaohongshu and Douyin, the brand has experienced a resurgence.
In 2024, Beibei Jia generated revenue of 500 million yuan, making Cofoe Medical the leader in China's posture corrector market with a 27.2% share. Rehabilitation aids, including Beibei Jia, became the company's largest revenue source, accounting for 34.8% of total revenue, with a gross margin exceeding 60%.
In addition to Beibei Jia and its main brand Cofoe, the company's portfolio includes "Jian'er Hearing," focused on hearing aid services; "Jirui Medical," specializing in electric wheelchairs; and "Huazhou," a medical dressing brand acquired in 2025. That same year, Cofoe Medical also entered a strategic partnership with Philips, authorizing it to distribute Philips-branded health monitoring products in Greater China.
The company has reported consistent growth in revenue and net profit. In 2025, revenue reached 3.387 billion yuan, a year-on-year increase of 13.56%, marking the first time revenue exceeded 3 billion yuan since its A-share listing. Net profit was 370 million yuan, up 18.56% year-on-year, with an overall gross margin of 51.7%.
Cofoe Medical first submitted its Hong Kong IPO application on August 29, 2025, which later lapsed. It refiled on March 16, 2026, and passed the hearing in less than a month.
Despite strong performance, the company faces challenges. Marketing expenses have risen significantly, reaching 1.158 billion yuan in 2025, nearly double the 619 million yuan spent in 2022 when Beibei Jia was acquired. Meanwhile, R&D spending has declined, falling to 87 million yuan in 2025, less than one-tenth of sales and distribution expenses.
The efficacy of Beibei Jia remains debated online, with some users praising its benefits and others criticizing it as ineffective or potentially harmful with prolonged use. It is important to note that Beibei Jia is a consumer product, not a medical device.
Cofoe Medical has listed "global expansion" as a primary use of IPO proceeds. The company has begun expanding overseas channels, acquiring Shanghai Huazhou and Hong Kong-based Himanna in 2025. As a result, overseas revenue as a proportion of total revenue increased sharply from 2.0% in 2024 to 8.8% in 2025. However, overseas expansion involves challenges such as complex regulatory certifications and geopolitical risks.
As of April 15, 2026, Cofoe Medical's A-share price closed at 57.84 yuan per share, with a total market capitalization of approximately 12.083 billion yuan. The current stock price is about 37.87% below its IPO price, though it has recovered somewhat compared to previous years.
Questions remain about the sustainability of Beibei Jia's renewed popularity and the success of the company's international expansion, with answers yet to be seen.
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