The QingSong Health IPO is opening a new door into China’s fast‑growing digital health and insurance market.
Key Points
From December 15 to December 18, investors can subscribe to shares in the “digital integrated health services platform” as it prepares to list on the Hong Kong Stock Exchange under stock code 02661.HK. The company plans a global offering of about 26.54 million shares, with trading expected to begin on December 23 and a minimum subscription amount of HK$4,581.75.
Positioned as an integrated provider of digital health services and health insurance solutions, QingSong Health—also known as Easy Health—aims to use the QingSong Health IPO to scale its platform, invest in research and technology, and expand both in China and overseas.
Key Details Of The QingSong Health IPO
The QingSong Health IPO runs from December 15 through December 18, giving prospective investors a limited subscription window.
According to its announcement, the company will:
- Offer about 26.54 million shares globally
- Target a listing date of December 23 on the Hong Kong Stock Exchange
- Price shares at up to HK$22.68 per H‑share, the maximum offer price cited in the prospectus
- Require a minimum subscription amount of HK$4,581.75 per board lot
Based on the maximum offer price, QingSong Health expects to raise approximately HK$513.4 million in net proceeds from the QingSong Health IPO, assuming the over‑allotment option is not exercised.
The issue falls into the “digital integrated health services” sector, reflecting the company’s focus on using online channels and data‑driven tools to connect users with health and insurance products.
What QingSong Health Does In China’s Digital Health Market
The business behind the QingSong Health IPO operates a digital integrated health services and health insurance solutions platform in China.
According to a Frost & Sullivan report cited in the prospectus:
- The company ranked tenth in China’s digital integrated health services and health insurance services market by revenue in 2024.
- It also ranked seventh in China’s digital health services market by revenue in 2024.
QingSong Health’s model centers on providing accessible, precise and affordable health solutions for individuals seeking comprehensive support. Its offerings span a range of health‑related services, including:
- Promotional activities and consultations related to early disease screening
- Health check‑ups and consultations
- Medical appointment services
- Sales of health supplements
Users can access these services digitally through:
- The company’s WeChat Official Account
- WeChat mini‑programs
- Enterprise WeChat accounts
- The firm’s website
Beyond serving end users, QingSong Health also supports other participants in the health ecosystem. As part of its platform, the company:
- Helps create high‑quality scientific content in digital formats
- Provides digital marketing services
- Promotes public health initiatives
- Works with medical institutions, practitioners and researchers along the industry value chain
This combination of consumer‑facing services and industry‑focused tools is central to the story behind the QingSong Health IPO.
Financial Snapshot Ahead Of The QingSong Health IPO
The prospectus for the QingSong Health IPO outlines rapid revenue growth paired with changing profit trends over the past three years and recent interim periods.
Revenue
For the fiscal years 2022, 2023 and 2024, and the six months ended June 30, 2024 and June 30, 2025, QingSong Health reported revenues of:
- RMB 393.6 million in 2022
- RMB 490 million in 2023
- RMB 945 million in 2024
- RMB 355.2 million for the six months ended June 30, 2024
- RMB 656.1 million for the six months ended June 30, 2025
These figures show that the company’s top line nearly doubled from 2022 to 2024, with additional growth continuing into the first half of 2025.
Profit From Continuing Operations
QingSong Health’s profit from continuing operations for the same periods was:
- RMB 97.2 million in 2023
- RMB 9 million in 2024
- RMB 14.6 million for the six months ended June 30, 2024
- RMB 86 million for the six months ended June 30, 2025
The company did not report profit from continuing operations for 2022 in this summary, but it did record profits in 2023 and 2024, as well as in both half‑year periods disclosed.
Adjusted Net Profit
The prospectus also presents adjusted net profit, which removes certain items to provide another view of performance. For 2022, 2023, 2024 and the half‑year periods, adjusted net profits were:
- RMB 149.2 million in 2022
- RMB 146.6 million in 2023
- RMB 84.4 million in 2024
- RMB 46 million for the six months ended June 30, 2024
- RMB 51.2 million for the six months ended June 30, 2025
These numbers give investors a baseline to evaluate how the business behind the QingSong Health IPO has evolved as it scaled its digital health and insurance platform.
Cornerstone Support For The QingSong Health IPO
The QingSong Health IPO has secured interest from a cornerstone investor, providing an early vote of confidence in the deal.
Aoqin Heming Investment has agreed, subject to certain conditions, to subscribe—or arrange for its designated entities to subscribe—for offer shares at the final offer price. Assuming the price is set at HK$22.68 per H‑share, the maximum level stated in the prospectus, Aoqin Heming will take up approximately:
- 4.8018 million shares in the QingSong Health IPO
The cornerstone arrangement helps anchor a portion of the global offering and can provide added visibility as the deal moves through the subscription period and toward its planned listing date.
How QingSong Health Plans To Use Its IPO Proceeds
A key part of the QingSong Health IPO story is how the company intends to deploy the capital it raises.
Assuming the over‑allotment option is not exercised and the offer price is set at HK$22.68, QingSong Health expects to receive approximately HK$513.4 million in net proceeds from the global offering. According to the prospectus, the planned use of funds is as follows:
- Around 40% will go toward enhancing brand awareness, increasing user engagement and strengthening collaboration with business partners.
- Around 20% will be allocated to medical research and real‑world studies, supporting evidence generation and product development.
- Around 20% will be used to enhance technical capabilities in AI and big data, with the goal of expanding their application across the company’s products and services.
- Around 10% will fund expansion into additional regions and overseas markets, supporting geographic growth.
- Around 10% will be reserved for working capital and general corporate purposes.
These allocations underline how the QingSong Health IPO is designed to fund both continued growth in its core Chinese market and strategic investments in technology, research and international reach.
Investor Takeaways As QingSong Health Heads To Market
With the QingSong Health IPO now open for subscription, investors in Hong Kong and beyond have a new way to gain exposure to China’s digital health and insurance landscape.
The offer combines several notable features:
- A subscription period from December 15 to December 18
- A planned listing date of December 23 under stock code 02661.HK
- A minimum subscription amount of HK$4,581.75 per lot
- A maximum offer price of HK$22.68 per H‑share as cited in the prospectus
- Net proceeds of about HK$513.4 million, earmarked for marketing, research, technology, expansion and working capital
- Backing from cornerstone investor Aoqin Heming Investment, committing to 4.8018 million shares at the offer price
At the same time, QingSong Health’s financial record shows strong revenue growth, shifting profit patterns and detailed adjusted net profit figures from 2022 through mid‑2025. Its platform spans consumer health services, digital engagement tools and partnerships with medical institutions and researchers.
As with any new listing, investors considering the QingSong Health IPO will likely review the full prospectus, weigh the company’s market position and financial track record, and consider how the offering fits with their risk tolerance and investment goals.
For now, the IPO marks another step in the evolution of China’s digital health sector—and sets the stage for QingSong Health’s debut as a publicly traded company in Hong Kong later this month.
