The Shenzhen Stock Exchange's ChiNext board has accepted the initial public offering application of Zhejiang ZhengYa Dental Technology Co., Ltd., commonly known as ZhengYa Dental Technology.
China Securities Co., Ltd. is acting as the sponsor for the listing, with plans to raise approximately 900.86 million yuan.
The company's prospectus indicates its core business involves the research and development of original digital clear aligner technology, the production of customized clear aligners, and the provision of related technical services, establishing it as a significant player in China's clear aligner sector.
Through years of dedicated development, the company has built a solid technological foundation and market presence in the field, creating a comprehensive product portfolio that covers the full lifecycle.
This portfolio includes core product lines such as the Classic Edition, Enjoy Edition, GS Series, and series for children and adolescents, addressing a wide range of clinical needs from simple teeth alignment to complex jaw reconstruction.
Within the domestic market, research from Biaodian Information shows the company ranked second in the industry for the number of clear aligner cases treated in 2025, with its brand recognition and market influence continuing to grow.
Its business network now extends across all provinces, autonomous regions, and municipalities in China.
Furthermore, the company is steadily advancing its international expansion strategy, with its products and services now exported to over 50 countries and regions, including Spain, Japan, Italy, the United Kingdom, and France.
According to the same research report, China's clear aligner market features a highly concentrated competitive landscape dominated by a few leading firms.
Based on the key metric of domestic case volume, market share is heavily concentrated among the top three companies: Angelalign Technologies Inc., ZhengYa Dental Technology, and Align Technology, Inc., which collectively hold over 90% of the market.
During the reporting period, the company's primary revenue was categorized by product type as detailed in its filings.
Regarding raw materials, the company's procurement focuses on key inputs required for aligner production, with PETG/TPU pellets being the primary material for dental laminates and photosensitive resin being the main material for producing 3D-printed aligner master models.
Major suppliers include Shenzhen Ruifeng Technology Co., Ltd., Eastman (China) Investment Management Co., Ltd., Shanghai Sinostick New Material Co., Ltd., and Jayou (Shenzhen) Material Technology Co., Ltd.
The final total funds to be raised will depend on the offering price, with the net proceeds after underwriting fees allocated entirely to the projects outlined in the application.
Financially, the company reported operating revenues of approximately 648 million yuan, 786 million yuan, and 938 million yuan for the years 2023, 2024, and 2025, respectively.
Net profit for the same periods was approximately 136 million yuan, 44.34 million yuan, and 127 million yuan, respectively.