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Postnatal Care Center ‘Saint Bella’ Hong Kong IPO: Boosted by Tencent and Swire Properties

Postnatal Care Center ‘Saint Bella’ Hong Kong IPO: Boosted by Tencent and Swire Properties

Saint Bella (2508.HK), the largest postnatal care brand in Asia and China, successfully listed on the Hong Kong Stock Exchange on June 26, 2025.

The issue price was set at HK$6.58 per share, with 500 shares per lot, and the entry fee per lot was HK$3,323.20. A total of 110 million shares were issued globally, raising approximately HK$720 million, with a net amount of HK$630 million after deducting the listing expenses. UBS and CITIC Securities acted as joint sponsors.

 

During this IPO, Saint Bella introduced seven cornerstone investors, including GIMM owned by 58.com, China Asset Management (Hong Kong) Limited, JKKB, CEO Carl Wu of New Frontier, healthcare investment company SS Morgan Capital, Hong Kong investment firm Minwise Business Consulting Limited, and Wang Qianqing, collectively subscribing to $41.46 million. Additionally, prior to the listing, investors included Tencent (0700.HK), China Life (2628.HK), Sun Hung Kai, and Swire Properties (1972.HK).


Financial Performance of Saint Bella Prior to IPO (2022-2024)

In the three years leading up to its listing (2022-2024), Saint Bella demonstrated significant growth and improvement in financial performance. In 2022, Saint Bella recorded an adjusted EBITDA (non-Hong Kong Financial Reporting Standards) of negative RMB 0.6 million, but successfully turned positive in 2023 to RMB 52.9 million, and further increased to RMB 72.5 million in 2024. This improvement was primarily due to continuous business growth, enhanced gross margins, and effective cost control. Saint Bella’s revenues in 2022, 2023, and 2024 were RMB 472 million, RMB 560 million, and RMB 800 million respectively, with a substantial growth of 42.7% from 2023 to 2024 due to the diminishing impact of COVID-19. Although the gross margin slightly decreased to 33.9% in 2024 due to the addition of more centers, the overall financial condition still shows strong recovery and growth potential.

 

The net value of Saint Bella’s current assets decreased from RMB 30.0 million in 2022 to RMB 5.5 million by the end of 2023, mainly due to investments in long-term fixed deposits and recognition of accrued listing expenses among other current liabilities. As of December 31, 2024, Saint Bella reclassified some financial instruments from non-current liabilities to current liabilities, resulting in a net current liabilities amounting to RMB 1,752.2 million.


Equity Structure of Saint Bella

As of the last practical date, Mr. Xiang Hua, the founder of Saint Bella Group, along with his wholly-owned companies Primecare BVI and Prime Intelligence, collectively held approximately 35.7% of the issued share capital of the company. They will continue to serve as the controlling shareholders of Saint Bella after the IPO. Additionally, Saint Bella has also received investments from several institutional investors, including Tencent, China Life Insurance Company, Mirae Asset, C Capital, Swire Properties, Sun Hung Kai Properties, and Gaorong Ventures.


Use of Funds from Saint Bella Hong Kong IPO

The funds raised from Saint Bella’s listing on the Hong Kong Stock Exchange will be primarily allocated as follows: 29% will be used to expand the postnatal care network; 37% will go towards launching new services and products to meet the comprehensive category needs throughout the customer’s lifecycle; 6% will be invested in training professional home care experts; 18% will be allocated to the development of IT systems, artificial intelligence, data servers, and elderly care services; and 9% will be utilized as working capital and for other general corporate purposes.


Saint Bella's Three Main Business Lines

Saint Bella operates three main business lines: Postnatal Care Centers, Home Care Services, and Women’s Health Functional Foods. As of the reporting period, the group operates 96 postnatal care centers (including 62 self-operated centers and 34 managed centers), and employs 693 nursing experts with relevant professional qualifications. The business has expanded to overseas markets including Singapore and the United States.


Postnatal Care (Saint Bella) Industry Figure

According to a Frost & Sullivan report, the potential of China’s home care market is enormous, with the industry segmented into five major sectors: postnatal care services, postnatal recovery services, home child care, food, and elderly care. The industry has continued to grow from RMB 392.8 billion in 2019 to RMB 711.3 billion in 2024, with a compound annual growth rate of 12.6%. The postnatal care services market alone reached RMB 67.5 billion in 2024, and is expected to exceed RMB 200 billion by 2030.


Advantages and Challenges of Saint Bella

With its leading position in postnatal care and recovery in Asia and China, Saint Bella has successfully capitalized on the growing market demand for high-quality services and products. The company boasts a high-end brand portfolio and comprehensive product categories that attract a loyal customer base. Its innovative postnatal and other home care service models, combined with proprietary digital service platforms, have significantly enhanced operational efficiency. Through a light-asset model and rich resources, Saint Bella has achieved significant success in business expansion and integration, realizing scaled operations. Additionally, the company benefits from an experienced management team and strong shareholder support.

 

However, the aforementioned growth is driven by changes in family structure, delayed childbearing age, and favorable government policies, including the “three-child policy” aimed at increasing birth rates.


Looking Ahead: Saint Bella's Future Plans after IPO

Looking forward, Saint Bella plans to further expand its home care platform through a diversified service and product portfolio, extending the lifetime value of its customers and increasing its high-value customer base. Saint Bella also plans to strategically expand its network of maternity centers in China and specific overseas markets to enhance brand recognition and customer loyalty.

 

Additionally, Saint Bella will continue to develop nursing talent, build teams to support business expansion, and consistently upgrade its IT infrastructure. The company will also explore SaaS services for other business areas to achieve long-term sustainable development.