So-young International Inc, a Chinese plastic surgery website in which Tencent is a shareholder, has secretly applied for an initial public offering in the United States, according to a Bloomberg report. The company could raise about $300m through the offering, according to unnamed sources, according to people familiar with the matter. So-young International Inc could list as soon as the middle of this year.
So-young International Inc was founded in 2013, and its So-young International Inc APP and website reached 114 million unique visitors in 2017, surpassing realself.com of the United States to become the largest Internet medical platform in the world.
Photo source: So-young International Inc's official website
On September 4, 2018, So-young International Inc announced the completion of the $70 million E round of financing. Matrix Partners China, the veteran shareholder in this round of financing, continued to increase, led by Lanxin Asia Investment Group, followed by Bank of China International Holdings Limited and Sino-Russian investment funds. at present, all the funds have arrived, and Taihe Capital continues to act as the exclusive financial adviser for this transaction.
It is understood that So-young International Inc announced financing for the third time in 2018, with a cumulative financing of nearly 160 million US dollars.
According to So-young International Inc's 2018 White Paper on Medical Beauty Industry, nearly 20 million Chinese are expected to consume medical beauty in 2018, and China's medical beauty market may reach 224.5 billion, a year-on-year growth rate of 27.57%. In the Chinese medical and beauty market, the information between the buyer and the seller is asymmetric, and the seller has more information than the buyer. Trust has become an insurmountable gap, and it also leaves opportunities for the development of vertical platforms like So-young International Inc.
At present, So-young International Inc has provided consumers with services such as beauty diary, medical encyclopedia, live video streaming, drug source tracing, doctor qualification inquiry, e-commerce transactions, financial services, and so on. In 2017, the transaction volume of Xinoxygen online medical and beauty consumption exceeded 6 billion, an increase of 300% over the same period last year, boosting the output value of medical beauty by more than 15 billion. Among them, So-young International Inc's business has covered 351 cities in China, South Korea, Singapore, Japan and Thailand.
The final terms of the deal have not yet been determined and may change according to the needs of investors, the source said. A representative of So-young International Inc said he could not comment on the matter for the time being.
In the past 12 months, Chinese companies' initial public offerings in the United States totaled $32 billion, according to data compiled by Bloomberg.