Jinxin Healthcare plans to go public in Hong Kong, further expanding the Jinxin group's capital footprint

Ask AI · Why did Jinxin Group choose a dual-platform listing in its capital layout?

With the group’s capitalization efforts accelerating, after Jinxin Reproductive entered the Hong Kong stock market seven years ago, its healthcare and senior care arm, Jinxin Care, filed a listing application with the Hong Kong Stock Exchange Main Board on February 25. It is reported that Jinxin Care is the first provider of medical-and-elderly care services to list in Hong Kong, and investments by well-known institutions such as Dawfeng Investment, Sichuan local state-owned capital, Chunhua Capital, Obo Capital, and others have added substantial capital appeal to the company.

On February 25, Jinxin Care Industrial Group Co., Ltd. formally submitted its listing application to the Hong Kong Stock Exchange Main Board. The joint sponsors are CICC and GF Securities (Hong Kong).

According to available information, Jinxin Care is a leading enterprise in the domestic integrated medical-and-senior-care sector. In the market for medical-and-senior care among seniors aged 80 and above and those with mobility impairments, its market share ranks in the top two. It ranks first nationwide in the number of beds for integrated medical-and-senior care, and its market share in the Sichuan-Chongqing region exceeds 15%. Since the company began market-oriented financing in 2016, it has gone through four rounds of equity financing, with multiple investors participating, including Dawfeng Investment, Sichuan local state-owned capital, Chunhua Capital, Obo Capital, and others. The company’s valuation prior to its IPO is approximately RMB 1.77B.

It is worth noting that earlier, in June 2019, Jinxin Reproductive—dubbed the “No. 1 Egg Freezing/IVF Stock”—had already made its debut on the Hong Kong Stock Exchange, so Jinxin Care may also become the second company under Jinxin Group to list in Hong Kong. For Fan Yulan, the “captain” of Jinxin Group, she is standing at the starting point of a “second round of expansion” of the group’s capital map.

**** Bringing a Hong Kong listing****onto the agenda

On February 25, Jinxin Care Industrial Group Co., Ltd. formally submitted its listing application—its application submission—to the Hong Kong Stock Exchange Main Board. The joint sponsors are CICC and GF Securities (Hong Kong).

Looking back at its history, since launching market-oriented financing in 2016, Jinxin Care has gone through4 rounds of equity financing.** The lineup of investors is not without local state-owned capital platforms, top international medical and industrial capital, etc.****, including well-known institutions such as Dawfeng Investment, Sichuan Health and Elderly Care Investment, Chengdu Jinjiang Investment, Chunhua Capital, and Obo Capital.**

From the perspective of its equity structure, Jinxin Investment achieves absolute control through multiple employee shareholding platforms under it (collectively covering 199 individual shareholders), holding 154 million shares of the company in total, representing 68.6% of the total share capital; Obo Capital is the second-largest shareholder, holding 17.09%; the other major shareholders are Sichuan Health and Elderly Care Investment (4.51%) and Chengdu Jinjiang Investment (1.43%), forming an equity pattern in which the de facto controller leads, international capital takes the lead, and state-owned capital participates as a shareholder.

Before this IPO, Jinxin Care’s valuation is approximately RMB 1.77B. Choosing to go public at this time can further boost the company’s subsequent expansion of its regional footprint, enhance the service capabilities of its medical-and-elderly care institutions, and leave room for future capital operations.

According to a report by Frost & Sullivan, after completing nationwide expansion across the Sichuan-Chongqing region, the Yangtze River Delta, and the Greater Bay Area in 2023–2025, Jinxin Care currently ranks among the top two in domestic market share for move-in at medical-and-elderly care institutions among seniors aged 80 and above and those with mobility impairments. Nationwide, it ranks first in the number of integrated medical-and-elderly care beds, and in the Sichuan-Chongqing region its market share exceeds 15%.

Based on financial report data, in late September 2023 to late September 2025, Jinxin Care’s operating revenue was RMB 488 million, RMB 605 million, and RMB 547 million, respectively. After deducting non-recurring items, attributable net profits were RMB 27.38M, RMB 39.76M, and RMB 26.32M, respectively. As of late September 2025, the total was RMB 93.46 million. In the reporting period, net cash flow from operating activities was RMB 90.92 million, RMB 58.71M, and RMB 970M. Net cash outflow from investing activities was RMB 110 million, RMB 175 million, and RMB 189 million, totaling net outflow of RMB 474 million, accounting for 28.9% of the total operating income in the reporting period.

**** Capital “boosts”****expansion

As a medical-and-elderly care institution that was built in the Sichuan-Chongqing region, the first round of financing for Jinxin Care began in December 2016.

At that time, Jinxin Care’s valuation was only RMB 150 million. To strengthen the fundamentals of the company’s local Sichuan-Chongqing market and enhance the construction of community embedded养老 institutions, the company team found Dawfeng Investment.

Dawfeng Investment favors a “high-moat, replicable” model, and it has also invested in medical-and-elderly care enterprises such as Chongqing Aizhan and Wuxi Langgao.

Ultimately, the two parties quickly aligned. Dawfeng invested RMB 60 million at a price of RMB 1.69 per share to participate in Jinxin Care’s A-1 round of financing. Later, in March 2019, Dawfeng Investment again added RMB 15.72 million at RMB 1.69 per share.

Supported by the funding from the first round, the number of beds at Jinxin Care continued to grow. By the end of 2019, the total number of beds in community embedded养老 institutions and medical-and-elderly care institutions around the Sichuan-Chongqing region had increased from fewer than 500 beds at the end of 2016 to over 1,000 beds. Reflected in the financial reports: in 2019, Jinxin Reproductive’s revenue had grown from RMB 347 million in 2016 to RMB 1.66 billion, and its attributable net profit after deducting non-recurring items also rose from RMB 87.61 million in 2016 to RMB 471 million.

Around 2020, Jinxin Care’s “Chengdu Longquanyi District Jinxin Geriatric Hospital” planned to go into operation. The funding gap of nearly RMB 100 million once again created a challenge for Jinxin Care at that time. But at the same time, Sichuan and Chengdu were pushing the silver-economy initiatives strongly. Based on specific guidance such as improving the rate of construction of regional elderly care facilities, in early 2020–2021, Sichuan local state-owned capital investment and Sichuan Health and Elderly Care Investment respectively invested RMB 20 million and RMB 40 million at prices of RMB 5.37 per share and RMB 6.27 per share, and took equity in Jinxin Care.

Soon after, another key state-owned capital investor joined in November 2021. Chengdu Jinjiang Investment invested RMB 20 million in Jinxin Care at RMB 6.27 per share. With that, the total number of beds across Jinxin Care’s 15 integrated medical-and-elderly care institutions had increased to nearly 2,800 beds.

It is worth noting that in January 2022,** Jinxin Group’s core senior executive, Zhong Yong, officially “came in from above” to Jinxin Care as Chairman. Outsiders also speculated that this move means Jinxin Care may replicate Jinxin Reproductive’s pace of listing in Hong Kong.**

After that, by June 2023, Jinxin Care “on schedule” welcomed a major new capital partner. Chunhua Capital, founded by Hu Zuliu, former managing partner and chairman of Greater China at Goldman Sachs, participated as a lead investor in this round. International medical investment bank OrbiMed (Obo) again entered to co-invest, having previously participated in several hundred million investment prior to Jinxin Reproductive’s Hong Kong stock listing in 2019 and profited from an exit. Together, the two invested USD 80 million to take equity in Jinxin Care.

With this “large amount of money,” between April 2024 and April 2025, Jinxin Care spent RMB 286 million in multiple transactions to acquire Shanghai Guosong from Fosun, extending the company’s business footprint into the Yangtze River Delta region. Subsequently, from 2023 to 2025, Jinxin Care acquired Hong Kong nursing homes through two transactions totaling HKD 131 million, thereby increasing coverage in the Greater Bay Area and the cross-border elderly care market. Since then, the combined number of beds across the company’s three main core regions has increased from 2,800 beds at the end of 2021 to over 8,300 beds (including more than 5,000 self-operated beds).

Next, to further enhance its asset and revenue scale, Jinxin Care entered into agreements with Jinxin Ren Si and Jinxin Investment—both under Jinxin Group—to acquire all equity interests of Jinxin Psychiatric Hospital and Jinxin Happy Home for a total consideration of RMB 199.6 million. As a result, they became the company’s indirectly wholly-owned subsidiaries.

It is worth noting that after a series of acquisitions, Jinxin Care’s goodwill book value also increased from RMB 0 at the end of 2023 to RMB 221 million at the end of September 2025. If the operating performance of the acquired assets in the future falls short of expectations, leading to goodwill impairment, it could directly affect the company’s performance levels.

**** “De facto controller + professional managers”****combination

When talking about the Jinxin group, one cannot help but mention Fan Yulan.

In 2004, Fan Yulan established the Jinjiang Reproductive Center and officially entered the high-margin assisted reproduction track. At that time, the domestic IVF market was just getting started. Only a few universities in China offered related courses, and medical teams capable of carrying out assisted reproduction were even rarer.

After that, Fan Yulan also took the lead in formally establishing Chengdu Xifang Obstetrics and Gynecology Hospital. The latter quickly became the largest private assisted reproduction hospital in the Southwest, and many years later it became a core asset of Jinxin Reproductive. In addition, considering policy dividends, Fan Yulan also opened the first community embedded elderly care institution in Chengdu. In 2012, she established the Chengdu Jinxin Jiujin Leisure Elderly Care Center, and from then on, the dual-track development model of assisted reproduction + medical-and-elderly care institutions was initially formed.

In 2015, Fan Yulan began bringing in early key investors for Jinxin Reproductive, including Primavera Capital, Sequoia China, WuXi AppTec, East Lake Venture Capital, and Jinshi Investment. The scale of this round of financing was several hundred million yuan. This also fired the “first shot” for assisted reproduction track enterprises in the primary market.

In 2017, Fan Yulan made a major decision: she handed over operational decision-making power to a professional manager team led by Zhong Yong, and gradually stepped behind the scenes. According to available materials, Zhong Yong holds a bachelor’s degree in economics from Southwestern University of Finance and Economics and a master’s degree in law from Sichuan University. He previously served as chairman of Sichuan Jincheng Industrial, general manager of Huasheng Asset Management, and deputy general manager of Haide Co., Ltd., among other roles. He has extensive experience in the investment industry. After joining the company, the capitalization path of subsidiaries under Jinxin Group officially accelerated.

Today, Zhong Yong also needs to face tests head-on. He needs to address the “decline in net profit” issue of Jinxin Reproductive.

It is reported that in 2021, Jinxin Reproductive’s market value at one point surged to HKD 65 billion. By end of 2025, Jinxin Reproductive’s market value was only less than 100 billion HKD. Looking at performance, Jinxin Reproductive’s attributable net profit after deducting non-recurring items also fell from RMB 330 million in 2023 to RMB 280 million in 2024, and to RMB -97 million in 2025.

Against this backdrop, in 2025 Zhong Yong made key adjustments to the company’s management at Jinxin Reproductive. In July, the company appointed Dong Yang as CEO. The new team’s priorities focused on strengthening cash flow—opening and conserving resources through reducing the level of debt, pausing non-strategic mergers and acquisitions, reducing capital expenditures, and shutting down certain business lines (such as the Laos region business), as well as recognizing asset impairment losses.

At the same time, Zhong Yong also took a number of actions to stabilize market sentiment. In March 2026, Jinxin Reproductive planned to launch a three-year shareholder return plan, consisting of RMB 100 million in dividends plus RMB 300 million in share buybacks to stabilize the capital market. According to the company’s earlier external conference call, it said it is exploring the application of AI in assisted reproduction, a module for assisted reproduction insurance business, and VIP services targeting high-end markets.

责任编辑 | Chen Bin