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To-be Listed (Grey Market Trading Session: 16:15-18:30)
Name
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Code
Industry Listing Price Lot Size Entry Fee Phillip Grey Market Futu (HK) Grey Market
Xunfei Healthcare
02506.HK
Grey Market Today
Application Software 82.800 50 N/A
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Detail Quote
InnoScience
02577.HK
Grey Market Today
Semiconductors & Semiconductor Equipment Pending 100 3,400
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-
Detail Quote
HealthyWay
02587.HK
Grey Market Today
Health Care Services Pending 500 4,444
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Detail Quote
Last update: 2024-12-27 12:30:05
Name
/
Code
Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date
Listing Date
No Upcoming IPO
Summary
We are a TCM healthcare service provider in China. Through our offline medical institutions and online healthcare platforms, we provide customers with a comprehensive range of TCM healthcare services and products to address their diverse medical and healthcare management needs. We ranked eighth among all the private TCM healthcare service providers in China in terms of total revenue generated from providing healthcare solutions in 2020, with a market share of 0.6% in terms of revenue in this highly fragmented market, according to Frost & Sullivan.

Our history can be traced back to 2010 when Guangdong Gushengtang was established by Mr. Tu, our principal founder, executive Director, chairman of the Board and chief executive officer. Since our inception in 2010, we have been focusing on the expansions of our offline medical service network. We continuously utilize our accumulated offline TCM healthcare resources to provide healthcare solutions. The TCM healthcare services that we provide include pre-consultation preparations, high-quality consultation and diagnosis, physiotherapies, TCM prescription and decocting services. We also provide a wide range of healthcare products to our customers. We mainly compete with numerous private TCM healthcare providers. According to Frost & Sullivan, private TCM healthcare providers in China are mainly out-patient departments and clinics focusing on primary care, while public TCM healthcare providers are mainly comprehensive state-owned hospitals playing dominant roles in the TCM diagnosis and treatment service segment. Since the establishment of our first TCM medical institution in Beijing in 2011, we have come to own and operate 42 medical institutions in Beijing, Shanghai, Guangzhou, Shenzhen, Foshan, Zhongshan, Fuzhou, Nanjing, Suzhou, Ningbo and Wuxi as of the Latest Practicable Date. Since we launched our online appointment, follow-up consultation, diagnosis and prescription services on our official WeChat account in 2018, we have been capable of providing both offline and online healthcare solutions through our offline and online medical service network. As of December 31, 2020, we have achieved the following accomplishments, according to Frost & Sullivan:

(i) among all TCM healthcare providers in China with both offline and online medical service network:

‧ the largest number of TCM physicians as of December 31, 2020;
‧ the largest number of offline medical institutions as of December 31, 2020; and
‧ the largest number of cities covered by offline medical institution network as of December 31, 2020.

(ii) among all private TCM healthcare providers in China with both offline and online medical service network:

‧ the highest revenue generated from providing healthcare solutions in 2020.

Focusing on primary care, we have established a TCM platform with the integration of online healthcare platforms and offline medical institutions, combining TCM and western medicine, to provide comprehensive healthcare solutions throughout the whole process of disease diagnosis and treatment and healthcare management for customers. Our TCM platform has the following key characteristics:

Conventional TCM diagnosis and treatment methods combined with western medicine. We originated from the conventional TCM diagnosis and treatment methods of primary care, and developed diagnosis and treatment methods combining TCM and western medicine. We provide TCM healthcare solutions through online healthcare platforms and offline TCM medical institutions, combining conventional TCM diagnosis and treatment methods with western medicine, such as clinical laboratory examination and treatment. We aim to effectively and efficiently provide patients with comprehensive healthcare solutions, especially chronic disease management. We focus on the customers’ daily primary care, aiming to achieve long-term follow-up and healthcare management for customers.

Offline operations integrated with online operations. With the rapid development of internet technology, more and more TCM healthcare service providers in China are adopting the business model with the integration of online healthcare platforms and offline medical institutions. The core purpose of such business model is to solve the pain points of conventional TCM diagnosis and treatment, such as limited customer outreach, unbalanced physician resources among different regions, and inconvenience of follow-up visits and long-term healthcare management of customers.We started to expand offline healthcare service to online platforms and further integrated our offline medical institutions with online healthcare platforms in 2018, earlier than other TCM healthcare providers in China, according to Frost & Sullivan. We believe we are one of the first TCM healthcare providers to utilize the online healthcare platforms and effectively connect the offline medical service network with online platforms, and are thus well positioned to benefit from favorable government policies encouraging the development of online healthcare services. On the one hand, the development of our online healthcare services enables us to utilize medical resources and expand our customer coverage more effectively. On the other hand, we are able to strategically choose cities for offline expansion based on the activeness of online physicians and customers.

Standardized and digitalized operations. We have developed a standardized and scalable operating model for our offline business with a proven track record. Meanwhile, we developed and applied a cloud-based HIS in 2017 for our overall supply chain management from upstream procurement to downstream delivery while enhancing our capability to upscale business and maintaining quality control. Other medical institutions providing conventional TCM healthcare services are generally not well supported by cloud-based system and thus lack digital operation. Moreover, we also utilize our IT systems to improve customer experience and satisfaction, enabling our customers to check the availability of, and make appointments with, our physicians through their preferred channel and communicate with us timely.

We have gone through three stages for business development. Since our inception in 2010, we have been dedicated to securing offline TCM healthcare resources and build reputable offline TCM brand. Driven by the philosophy of “offering services through chain management, economy of scale and branding” and benefiting from our multi-tier expansion strategies and scalable business model, we have expanded our offline medical service network to comprise 42 medical institutions as of the Latest Practicable Date, supported by experienced physician resources. Since 2018, we have launched our online appointment, follow-up consultation and diagnosis and prescription services on our online healthcare platforms such as official WeChat account, as a result of which, we have become capable of providing both offline and online healthcare solutions through our medical service network. Benefiting from our development over the years, we ranked eighth among all the private TCM healthcare service providers in China in terms of total revenue generated from providing healthcare solutions in 2020, with a market share of 0.6% in terms of revenue in this highly fragmented market, according to Frost & Sullivan. We believe our past development and experience have laid solid foundation for us to build a leading TCM healthcare ecosystem in China in the future.

Source: Gushengtang (02273) Prospectus (IPO Date : 2021/11/30)
Listing Market MAIN
Industry Health Care Services
Background Others
Major Business Area N/A
Corporate Information
Substantial Shareholders TU Zhiliang (21.24%)
Trident Trust Company (Singapore) Pte. Limited (7.76%)
Gushengtang Ltd. (6.59%)
Directors TU Zhiliang (Chairman and Chief Executive Officer and Executive Director)
GAO Jian (Non-Executive Director)
HUANG Jingsheng (Non-Executive Director)
LIU Kanghua (Non-Executive Director)
JIN Xu (Independent Non-Executive Director)
LI Tie (Independent Non-Executive Director)
ZHONG Weihe (Independent Non-Executive Director)
Company Secretary Yu Peng
Cheung Kai Cheong Willie
Principal Bankers Industrial And Commercial Bank of China
Shanghai Pudong Development Bank Co., Ltd.
Solicitors Tian Yuan Law Firm
Auditors Ernst & Young
Registered Office 40th Floor, Dah Sing Financial Centre, No.248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No (852) 2980-1333
Internet Address http://www.gstzy.cn
Email Address ir@360gst.com
Tel No (86 400) 626-7777
Fax No
 
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