IPO News | Zhuozheng Healthcare focuses on serving the middle and high-end medical services market through Hong Kong Stock Exchange hearings

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on December 16, Zhuozheng Medical Holdings Limited (Zhuozheng Healthcare) passed the Hong Kong Stock Exchange's main board listing hearing, and Haitong International and SPDB International were co-sponsors.

According to the prospectus, Zhuozheng Medical has always strategically focused on serving the middle and high-end medical service market, targeting wealthy people who usually have strong purchasing power and prefer more personalized medical services. According to Frost & Sullivan, in terms of revenue in 2024, Zhuozheng Healthcare is the third largest private middle and high-end comprehensive medical service provider in China, with a market share of 2.0%.

Middle and high-end medical services refer to comprehensive customized services, which emphasize patient experience and service quality, and can be further divided into public middle and high-end medical services and private middle and high-end medical services. Wealthy people refer to the population group whose per capita annual disposable income exceeds RMB 200,000. In 2024, private middle and high-end medical service institutions will account for about 66.5% of the total revenue of China's middle and high-end medical service market and 5.6% of the total revenue of the Chinese medical service industry.

Furthermore, according to Frost & Sullivan's data, the total revenue of China's private middle and high-end medical services market increased from RMB 193 billion in 2020 to RMB 426.3 billion in 2024 at a compound annual growth rate of 21.9%, and is expected to continue to grow at a CAGR of 14.3% from 2024 to 2029, reaching RMB 831.4 billion in 2029. According to Frost & Sullivan, the company's market share in the broader middle and high-end healthcare services market is about 0.1% in terms of revenue in 2024.

With centralized, standardized and digitized management systems, Zhuozheng Medical has established a network covering some of the most economically developed cities in China, including Shenzhen, Guangzhou, Beijing, Chengdu, Suzhou, Changsha, Shanghai, Chongqing, Hangzhou and Wuhan. As of October 28, 2025, the company owns and operates 19 medical service institutions across China, including 17 clinics and 2 hospitals. Furthermore, as of October 28, 2025, the company operated four general clinics in Singapore and one general practice in Malaysia.

Under the guidance of a holistic medical approach, Zhuozheng Medical has adopted a family medical model to integrate physical and online medical services. With a range of specialties such as pediatrics, dentistry, ophthalmology, dermatology, otolaryngology and surgery, gynecology and internal medicine, and close cooperation among specialists, the company can meet the different medical needs of patients and their entire families, thereby continuously improving patient satisfaction and bringing opportunities for interdepartmental referrals.

Zhuozheng Medical is committed to attracting, retaining and developing a team of qualified and experienced doctors through a structured talent development framework. As of August 31, 2025, the company had 387 full-time doctors. They had an average of about 15 years of practice experience after obtaining the license. Of these, about 79% of the doctors practiced in top grade 3 A hospitals before joining the company.

On the financial side, from 2022 to 2024, Zhuozheng Healthcare achieved revenue of RMB 473 million, RMB 690 million, and RMB 959 million respectively, showing an upward trend year by year. For the eight months ended August 31, 2025, the company's revenue was RMB 696 million. In 2022 and 2023, Zhuozheng Medical recorded net losses of RMB222 million and RMB353 million respectively. However, the company's profit split for 2024 and the eight months ending August 31, 2025 was approximately RMB82.27,000 and RMB83.21,000.