QingSong Health Corporation (2661.HK), a digital healthcare service provider, has launched its Hong Kong initial public offering (IPO). The subscription period runs from December 15 to December 18, 2025. The company plans to offer a total of 26,540,000 shares globally, with a 15% over-allotment option. The offer price is fixed at HK$22.68 per share, with a board lot size of 200 shares and an estimated entry cost of approximately HK$4,581.75. Trading is expected to commence on the Main Board of the Hong Kong Stock Exchange on December 23. China International Capital Corporation (CICC) and China Merchants Securities (International) are the joint sponsors of the offering.

QingSong Health: Ranked Seventh in China’s Digital Healthcare Service Market

Offering Structure: Hong Kong public offering accounts for 10% (2,654,000 shares), while international placing accounts for 90% (23,886,000 shares).

Offer Price: HK$22.68 per share; 200 shares per board lot; estimated entry cost of approximately HK$4,581.75.

Offer Period: December 15–18 (pricing expected on December 22).

Listing Date: December 23.

Sponsors: China International Capital Corporation (CICC), China Merchants Securities (International).

Company Overview

QingSong Health Group is one of China’s leading digital integrated healthcare service and health insurance service providers. Based on revenue in 2024, the company ranked seventh in China’s digital healthcare service market. Through its dual-pillar solution of “health-related services + insurance-related services,” QingSong Health provides individual and corporate customers with a diversified range of services, including digital marketing and health education services, digital medical research support, integrated healthcare service packages, early disease screening promotion and consultation, insurance brokerage, and insurance technology solutions.

Financial Information

According to the prospectus, QingSong Health recorded revenues of approximately RMB 394 million, RMB 490 million, and RMB 945 million in 2022, 2023, and 2024, respectively. Net profit from continuing operations for the same periods amounted to approximately RMB -9.10 million, RMB 97.17 million, and RMB 8.99 million. For the first half of 2025, the company recorded revenue of approximately RMB 656 million and net profit from continuing operations of approximately RMB 86.05 million. Based on the offer price of HK$22.68 per share, and assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$513.4 million. The proceeds are intended to be used for enhancing brand awareness and user engagement (around 40%), medical research and real-world studies (around 20%), strengthening AI and big data technology capabilities (around 20%), expanding regional and overseas markets (around 10%), and supplementing working capital (around 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for QingSong Health via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select QingSong Health, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)