With the ringing of the listing bell at the Hong Kong Stock Exchange on the morning of December 23, another domestic digital health service platform officially entered the capital market, embarking on a new development journey.
On that day, Qingsong Health Group (2661) officially listed on the main board of the Hong Kong Stock Exchange, with an issue price of HKD 22.68. Following a surge of over 110% during the dark market trading phase, the company continued its upward trend on its first day of listing. As of around 10:20 AM on December 23, Qingsong Health's stock price was HKD 52.65, an increase of 132.14%, with a total market capitalization exceeding HKD 10 billion, reaching HKD 10.866 billion.
With the aging population and the increasing health awareness and service demands of residents, along with policy support such as the &#34;14th Five-Year Plan&#34; for national health, and the gradual improvement of regulatory mechanisms, the internet medical industry has not only moved towards standardized development in recent years but has also seen its market scale continuously break through the trillion-yuan mark.
As a comprehensive digital health platform that has successfully transformed from an early-stage insurtech service provider to one that integrates health management, insurtech, and medical services, Qingsong Health undoubtedly stands at the &#34;wind outlet&#34; and will leverage the capital market to enter a new growth cycle.
<h2>Accelerated Scale Growth, Initial Success in Transformation</h2>
Since the beginning of this year, the Hong Kong IPO market has remained hot, with most healthcare-related companies achieving impressive results upon listing, not only with subscription multiples reaching new highs during the offering period but also with stock prices and market values continuously rising after listing.
Founded in 2014, Qingsong Health Group's business includes health management, insurtech, and medical services. This time, the total number of shares offered for its listing in Hong Kong is approximately 26.54 million shares, raising a total of about HKD 600 million. During the subscription period from December 15 to 18, the company was also favored by investors, with an oversubscription multiple reaching 1,421 times.
In addition, according to Sing Tao, from 2015 to 2020, Qingsong Health has successively obtained at least USD 110 million in funding support through seven rounds of financing. This IPO also received cornerstone investment from the Guangdong Hengqin Guangdong-Macao Deep Cooperation Zone Aoqin Harmony Investment Partnership (Limited Partnership), which invested HKD 100 million to subscribe for nearly 20% of the shares offered by Qingsong Health, providing substantial support for the company's future development.
The reason Qingsong Health can attract the attention of the capital market stems from its long-accumulated market position and &#34;visible&#34; business growth potential.
According to a report by Sullivan, based on revenue statistics for 2024, Qingsong Health ranks 10th in the domestic digital comprehensive health service and health insurance service market, and 7th in the digital health service market, with a solid industry position.
Based on this, Qingsong Health's revenue scale has been steadily growing in recent years, with revenues of HKD 394 million, HKD 490 million, and HKD 945 million from 2022 to 2024, achieving a compound annual growth rate of 54.9% over three years. During the same period, the adjusted net profits were HKD 149 million, HKD 147 million, and HKD 84 million, respectively.
In the first half of 2025, Qingsong Health's revenue further increased to HKD 656 million, with a year-on-year growth rate of 84.7%. The adjusted net profit also grew by 11.3% year-on-year to approximately HKD 51 million, achieving dual growth in scale and profitability
From a business perspective, the rapid growth of health service revenue is the biggest driving force behind QINGSONG HEALTH's accelerated scale, also indicating that the company's strategic transformation from &#34;insurance-focused&#34; to &#34;health service-led&#34; has begun to show results.
According to Sing Tao, QINGSONG HEALTH's digital integrated health service business mainly includes digital marketing (popular science services), digital medical research auxiliary services, comprehensive health service packages, early screening, and related promotional consulting services. In 2022, this business generated approximately 60 million yuan in revenue, accounting for only 15.2% of total revenue. However, by the first half of 2025, it had grown to 503 million yuan, with its proportion increasing to 76.7%, achieving an average annual compound growth rate of 221.26% over the past three years, further optimizing the revenue structure.
At the same time, QINGSONG HEALTH's insurance-related business achieved revenue of 99 million yuan in the first half of 2025, becoming a stable profit support.
It is reported that QINGSONG HEALTH has currently partnered with 58 insurance companies to jointly launch 294 health insurance products, relying on an AI-driven intelligent marketing platform and intelligent risk control system to enhance both product matching efficiency and operational efficiency.
The stable growth of business cooperation and revenue scale is inseparable from QINGSONG HEALTH's investment in R&amp;D for the deep integration of AI technology and business scenarios. From 2022 to the first half of 2025, QINGSONG HEALTH's R&amp;D expenditures were 53 million yuan, 61 million yuan, 72 million yuan, and 35 million yuan, showing a continuous growth trend.
<h2>The Business Landscape Behind &#34;AI + Big Health&#34;</h2>
Data from the National Health Commission shows that by 2024, the number of medical consultations in China has reached 6.876 billion, an increase of approximately 2.073 billion compared to 2020. This figure not only indicates an increase in the number of consultations by healthcare professionals but also reflects the growing reliance of residents on diversified, full-cycle medical services for disease prevention, early screening, long-term follow-up, and health intervention.
However, a research report from Xingguang Securities points out that the contradiction between the demand for medical services and the supply of medical resources in China is becoming increasingly prominent. The uneven geographical distribution of medical resources and the shortage of healthcare professionals are real issues that make it difficult for the entire medical service system to meet the rapidly growing demand for medical services.
The rapid development of artificial intelligence, such as AI, provides an effective path for breaking through the domestic medical service industry, especially in internet healthcare.
On one hand, with the aging population and the growing demand for chronic disease management, traditional medical models urgently need to be reformed; on the other hand, the deepening of policy regulation is gradually leading internet healthcare towards standardization. By empowering the entire lifecycle of medical services with AI, it is expected not only to alleviate the contradiction between the supply and demand of medical resources but also to promote structural changes in the industry.
Against this backdrop, QINGSONG HEALTH, leveraging its proprietary AI technology stack AIcare, has created a business closed-loop model of &#34;AI + health services + insurance protection,&#34; which is expected to further highlight the company's commercial value in a favorable market environment.
It is understood that QINGSONG HEALTH's AIcare technology stack is currently widely applied in multiple core scenarios, including content creation, intelligent underwriting, risk prediction, claims review, and health management, forming a unique closed loop of &#34;health services - data insights - insurance protection.&#34;
Its AI health service smart body has landed in five major scenarios, including intelligent consultation, chronic disease monitoring, and medical decision support.
For example, its generative AI tool &#34;QINGSONG ASK DOCTOR Dr.GPT,&#34; launched in 2023, covers multiple innovative applications such as intelligent consultation, personalized health management, chronic disease monitoring, and psychological consultation, providing users with convenient and professional health services while assisting doctors in improving diagnostic efficiency.
Supporting data shows that the Galaxy AI marketing platform of QINGSONG HEALTH has generated approximately 13 million business leads to date. Based on annualized premium calculations, the lead value contributed by the AI model has increased from 1.5% in 2022 to 23.3% in 2024, maintaining a high level of 21.3% in the first half of 2025.
According to data from 2024 and the first half of 2025, the number of policyholders converted from active users for QINGSONG HEALTH's QINGSONG INSURANCE products was 300,000 and 200,000, respectively, with corresponding purchase conversion rates of 5.0% and 6.7%.
In addition to enhancing the platform's user acquisition and engagement rates through AI technology and driving precision sales activities, QINGSONG HEALTH can also utilize the AI algorithms embedded in its Phoenix system to deeply analyze user health data, achieving more precise product pricing and risk control, providing strong technical support to partner insurance companies.
It is worth mentioning that the total registered users on the QINGSONG HEALTH platform has reached 168.4 million, with 60.4% of them being the core health consumer group aged 20-45, indicating the enormous demand potential behind the user scale.
As a result, QINGSONG HEALTH's user stickiness remains industry-leading, with a 13th-month retention rate of 92.2%, and about 46% of insured users holding multiple coverages, with each policyholder averaging 2 policies.
The high-stickiness user group centered around the younger demographic also means that, with the support of AI technology, QINGSONG HEALTH, which continuously enhances service efficiency and experience, will be able to accurately unlock more user needs, thereby unleashing greater and higher-quality growth potential.
After a successful listing, QINGSONG HEALTH also stated to the &#34;Sing Tao&#34; that the company will rely on capital market empowerment to further deepen technological research and ecological expansion.
The prospectus shows that QINGSONG HEALTH's fundraising will focus on AI technology upgrades, health service scenario extensions, and industrial chain resource integration, and will continue to strengthen the &#34;test + medical + drug + health + insurance&#34; ecological closed loop, expanding its business into mental health, chronic disease management, and international health insurance markets, fully tapping into the lifecycle value of 168.4 million registered users.
Reporter Huang Dongyan from Sing Tao Global Network, Guangzhou Report

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QINGSONG HEALTH Group was listed on the main board of the Hong Kong Stock Exchange with an issue price of HKD 22.68. On its first day of trading, the stock price surged by 132.14%, with a total market capitalization exceeding HKD 10 billion. The company has transformed from an insurance technology service provider into a comprehensive digital health platform, with businesses including health management, insurance technology, and medical services. This listing raised approximately HKD 600 million, with an oversubscription multiple of 1,421 times, attracting cornerstone investors

The "AI + Big Health" platform is going public in Hong Kong, QINGSONG HEALTH once surged over 130%