On February 28th, Capital Bond learned that if Ruier Group is successfully listed through the Hong Kong Stock Exchange, it will be the first oral health care company in China to be listed in the main board market IPO. Morgan Stanley and UBS are its co-sponsors.

According to the hearing information, riel Group is an oral health care service provider. Since its establishment in 1999, the company has served about 7.4 million patients in the past decade. According to Frost Sullivan, the company is the largest provider of oral medical services in China's high-end private oral medical service market in terms of total revenue in 2020, and in terms of revenue in the same period, the company is also the third largest oral medical service provider in the whole private oral medical service market in China.

The company has business all over the country, and operates Ruier Dentistry (the leading brand of high-end oral medical services) and Ruitai Oral (middle-end oral medical services brand). The company mainly provides all kinds of professional and personalized oral medical services. including general dentistry, orthodontics, dental implants and so on.

As of September 30, 2021, Ruier Group operates 111 hospitals and clinics in 15 major first-and second-tier cities in China (including 51 Ruier dental-branded dental clinics, 7 Ruitai dental-branded dental hospitals and 53 Ruitai oral-branded clinics). It provides middle and high-end oral care services, with 882 full-time dentists (50.7% with master's degree or above) and 123 part-time dentists. Seventeen of the dentists were partner dentists.

According to the prospectus, in the shareholder structure before listing, the largest shareholder is Zou Qifang 11.87%, the share incentive platform ESOP BVI 22.42%, and Zou Qifang controls 34.29% of the shares; the other major shareholders include Temasek Holdings, Total Success, Goldman Sachs Group, Kleiner Perkins Caufield & Byers, QiMing Venture Partners, Hillhouse Capital and so on.

Financially, in fiscal year 2019, fiscal year 2020, fiscal year 2021 and the six months ended September 30, 2021, the company's revenue was 1.08 billion yuan (the same below), 1.1 billion yuan, 1.515 billion yuan and 841 million yuan respectively; the corresponding losses during the period were 304 million yuan, 326 million yuan, 598 million yuan and 464 million yuan.