160 Health International Limited Successfully Lists on the Main Board of HKEX

On September 17, 2025, Health 160 International Limited (“Health 160,” stock code: 02656.HK), a leading integrated provider of digital medical and health services in China, was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited, marking the entry of the Company into a new stage of development.

At this milestone moment, Mr. Luo Ningzheng, Chairman and CEO of the Company, attended the bell-ringing ceremony alongside the management team to jointly witness this significant occasion. In his listing speech, Mr. Luo expressed heartfelt gratitude to all parties and emphasized, “The listing marks a new starting point. The Company will seize this opportunity to continuously strengthen R&D, expand resource coverage, and enrich its products and services, thereby safeguarding the health of more people.” He further pointed out that Health 160 has established a dual-engine business model driven by “sales of pharmaceutical and health products” and “digital healthcare solutions.” On one hand, it provides high-quality health products to corporate clients and individual users through a stable supply chain; on the other hand, leveraging its digital platform, it connects over 44,600 medical and healthcare institutions and 902,300 medical professionals across China, serving more than 55.2 million registered users and extending health services to over 260 cities, with a commitment to breaking down the temporal and spatial barriers of healthcare delivery.

Since its establishment in Shenzhen in 2005, Health 160 has consistently upheld its mission of “Conveying the Power of Love, Making Healthcare Simpler.” By leveraging internet technologies and innovative models, the company is committed to enhancing the operational efficiency of medical and healthcare institutions, assisting medical professionals in patient management, and meeting the diverse needs of individual users throughout their healthcare journey. After two decades of dedicated development, the company has built a comprehensive medical and healthcare service platform that is deeply integrated with hospitals, clinics, doctors, and users. This platform integrates online and offline medical resources, offering services such as online appointment registration, internet-based consultations, electronic prescriptions, medication delivery, and digital hospital solutions. According to Frost & Sullivan, measured by the number of platform appointments, partner hospitals, coverage of tertiary hospitals, and the scale of connected medical professionals in 2024, Health 160 is the largest digital medical and healthcare service platform in China’s comprehensive digital health industry.

Leveraging its successful experience in the Shenzhen market, the company is actively promoting the nationwide expansion of “160 Cloud Hospital” to enhance the promotion and operational efficiency of healthcare institutions through digital means. Currently, it has established 11 regional operation centers in key areas such as Shenzhen, providing customers with a wide range of products and services to ensure a comprehensive healthcare service experience.

As of March 31, 2025, the Company’s business covered more than 260 cities across China, cumulatively connecting over 44,600 healthcare institutions, including more than 14,400 hospitals (including 3,430 Grade A tertiary hospitals) and over 30,200 primary healthcare institutions; it has established collaborations with a cumulative total of more than 902,300 medical professionals, including approximately 46,200 registered physicians; the platform had 55.2 million registered users, with an average of 3.3 million monthly active users in the first quarter of 2025.

Financially, the company has maintained robust revenue growth over the past three years, with revenues of RMB 525.6 million, RMB 628.6 million, and RMB 620.7 million in 2022, 2023, and 2024, respectively. Revenue for the first quarter of 2025 amounted to RMB 100.5 million. Under non-IFRS measures, the adjusted net loss narrowed significantly from RMB 81.95 million in 2022 to RMB 35.69 million in 2023, and further decreased to RMB 31.47 million in 2024. The adjusted net loss for the first quarter of 2025 was RMB 7.16 million, representing a substantial decline compared to RMB 18.85 million in the same period of 2024.

The successful listing fully demonstrates the market’s high recognition of Shenzhen Ningyuan Technology’s core strengths: The company boasts a large user base and an extensive healthcare collaboration network, forming a robust ecological barrier; its two major business segments—sales of pharmaceutical and health products, and digital healthcare solutions—complement each other with significant synergies; key operational metrics remain industry-leading, while losses have narrowed substantially. These core competencies collectively reinforce Shenzhen Ningyuan Technology’s market leadership.

The global offering comprises 33.6455 million shares, priced at HK$11.89 per share, with net proceeds of approximately HK$359 million. The funds will be utilized to expand healthcare resource coverage, strengthen research and development capabilities, diversify products and services while exploring value-added services, pursue strategic collaborations and acquisitions, and cover working capital and general corporate purposes. The joint sponsors are Shenwan Hongyuan (Hong Kong) and Zero2IPO Capital.

With the advancement of the "Healthy China 2030" plan and the "Internet + Medical Health" policy, China's digital healthcare market is experiencing rapid growth. According to Frost & Sullivan, the market size of China’s integrated digital medical and health services industry is expected to reach RMB 740.1 billion by 2030, with a compound annual growth rate (CAGR) of 22.4% from 2024 to 2030. The upcoming listing of Shenzhen Ningyuan Technology (Health 160) is poised to further consolidate its market leadership and accelerate the comprehensive layout of its digital health service ecosystem.

Health 160 International Limited is a leading integrated digital healthcare service provider and an experienced wholesaler of pharmaceutical and health products in China. The domestic headquarters of Health 160, Zhejiang Renrenai Information Technology Co., Ltd., is located in Anji County, Zhejiang Province.