On August 31, 2025, QingSong Health Corporation ("QingSong Health"), a Beijing-based company, submitted its prospectus to the Hong Kong Stock Exchange for a main board listing. This marks the company's second application after its previous submission expired on January 28, 2025.

QingSong Health prospectus link: https://www1.hkexnews.hk/app/sehk/2025/107668/documents/sehk25083100235_c.pdf

**Main Business**

Founded in 2014, QingSong Health operates as a one-stop platform focused on providing digital comprehensive health services and health insurance solutions. According to Sullivan's report, QingSong Health ranked 10th in China's digital comprehensive health services and health insurance services market by revenue in 2024, and 7th in China's digital health services market.

QingSong Health provides diversified and personalized health services, offering digital comprehensive health services to users seeking comprehensive health solutions, including screening-related promotion and consultation, health checkups and consultation, medical appointment services, and health product sales. The company serves exclusively individual users who can access services through the company's WeChat official accounts, mini-programs, enterprise WeChat accounts, and website. QingSong Health also empowers industry participants to plan high-quality educational content and promotes public health initiatives, ultimately empowering key participants in the industry value chain, including medical institutions, practitioners, and researchers.

QingSong Health also provides digital comprehensive insurance services through its internet insurance platform, offering users convenient access to various health insurance products. As of June 30, 2025, QingSong Health's marketplace offered a total of 294 insurance products from 58 insurance company partners.

As of June 30, 2025, QingSong Health had accumulated approximately 59.7 million followers through its WeChat official accounts, mini-programs, and enterprise WeChat accounts.

QingSong Health has developed a proprietary AI technology stack called AIcare, which features scalability, deep integration, and specialization. The company integrates proprietary big data and AI technology not only into daily operations to enhance user acquisition and engagement and drive precision sales activities, but also applies it to services for insurance company partners, facilitating intelligent claims processing and dynamic risk assessment of users and transactions. As of June 30, 2025, QingSong Health has registered 58 invention patents and 39 software copyrights related to the company's technological capabilities, and completed registration of six algorithms with the Cyberspace Administration.

QingSong Health's revenue primarily comes from digital comprehensive health services (including digital marketing (educational services), digital medical research support services, comprehensive health service packages, and screening-related promotion and consultation services), digital comprehensive insurance service revenue (including insurance brokerage services and insurance technology services), and other revenue including certain online and offline marketing services.

**Shareholding Structure**

According to the prospectus, QingSong Health's pre-listing shareholding structure includes:

Ms. Yang Yin holds 23.93% through QingSongChou Holdings; XU Zhou (96%) and WANG Jinglu (4%) hold 2.40% through QSC ESO; Leman KAYA holds 5.07% through WIND ENTERPRISE; Yu Liang holds 3.82% through Universal Light; Wu Bin holds 3.73% through Grand Path Ventures (partial voting proxy arrangement); Ms. Yang Yin controls the voting rights of QSC ESO, WIND ENTERPRISE, Universal Light, and Grand Path Ventures (partial) through various voting proxy arrangements, holding approximately 38.94% in total. IDG China Media Fund II L.P holds 12.89%; IDG China Capital Fund III L.P holds 4.46%; IDG China Capital III Inves L.P holds 0.40%; SUNSHINE INS (06963.HK) holds 10.56%; DCM Global Consumer Investment holds 8.57%; TDH Venture Capital holds 7.11%; Genesis Premium holds 5.28%; LIU Wei holds 5.07% through Under Light; Wu Bin holds 3.74% through Grand Path Ventures (self-controlled portion); CE Fintech I holds 1.57%; Tencent (00700.HK) holds 0.91% through Chinese Rose; QIU Chen holds 0.51% through Ricedonate Network Technology;

**Board of Directors and Senior Management**

QingSong Health's board of directors consists of 8 directors, including:

2 Executive Directors: Ms. Yang Yin (Chairman and Chief Executive Officer); Ms. Wang Jing (Chief Financial Officer);

3 Non-Executive Directors: Mr. Zhao Yuping (General Manager Assistant of SUNSHINE INS); Mr. Zheng Kaihuai (Partner of DCM Capital); Mr. Wu Bin (Executive Director and Chairman of AiSleep (formerly 835910.NQ));

3 Independent Non-Executive Directors: Dr. Wang Xiaoyan (Full-time Professor and Vice Dean of Law School at Nantong University, China); Mr. Zhou Yaoming (Director of Sinopec International Exploration (Hong Kong)/Sinopec Corp (Hong Kong), former Chief Risk Officer of Asia Insurance); Mr. Bai Kun (Executive Director and Chief Financial Officer of TSAKER NE (01986.HK)).

**Company Performance**

According to the prospectus, for 2023, 2024, and the first nine months of 2025, QingSong Health's revenue from continuing operations was RMB 394 million, RMB 490 million, RMB 945 million, and RMB 656 million respectively. The corresponding net profits were RMB -9.098 million, RMB 97.169 million, RMB 8.99 million, and RMB 86.045 million respectively.

**Intermediary Team**

QingSong Health's IPO intermediary team mainly includes: CICC and CMB International as joint sponsors; Deloitte as auditor; Tianyuan as company's China counsel; Baker McKenzie as company's Hong Kong and US counsel; Haiwenlaw as underwriter's China counsel; Smithfield as underwriter's Hong Kong and US counsel; Innovax Capital as compliance advisor; Frost & Sullivan as industry advisor.