Boyin Hearing Completes Nearly RMB 100 Million Series B Financing Ahead of IPO Filing

VCBeat has learned that, recently,Boin Hearing Devices (Suzhou) Co., Ltd. (hereinafter referred to as “Boin Hearing”) announced the successful completion of a new round of strategic financing, raising nearly RMB 100 million. This round was co-led by Guangzhou State-owned Development Holding Co., Ltd. and Yaojin Capital, with HAOYUE CAPITAL serving as the exclusive financial advisor for the transaction.The success of this financing round will not only provide solid financial support for BOIN Hearing Technology (SH) Co., LTD. in product R&D, market expansion, business innovation, and global layout, but also help the company seize the era's opportunities brought by the silver economy and gain a first-mover advantage during the key growth period of the hearing aid industry. This positions BOIN Hearing to become a leading enterprise in the domestic hearing aid sector, achieving breakthroughs in the industry.

BOIN Hearing Technology(SH) Co.,LTD. was founded in Minhang District, Shanghai in 2019. It was awarded the title of "National High-Tech Enterprise" twice in 2021 and 2024, and received the title of "Innovative Small and Medium-sized Enterprise" in 2023. It is a leading enterprise specializing in independently developed medical-grade hearing aids.

Mr. Jiang Xianquan, founder of BOIN Hearing, has dedicated 25 years to the hearing industry. He spent 18 years overseeing retail, sales, and marketing in China for a leading international hearing aid company, gaining profound insights into key aspects such as domestic hearing aid products, distribution channels, consumer needs, and development trends.

The core team of BOIN Hearing has been deeply engaged in the industry for many years, having previously held key positions at globally renowned hearing aid groups, with extensive experience in R&D, sales, and market management.

Jiang Xianquan, Founder of BOIN Hearing

After five years of relentless effort, building robust “product strength + channel strength” has become a key strategic direction for BOIN Hearing’s development. Currently, BOIN Hearing has emerged as a leading domestic hearing aid brand in China, rare in its combination of independent R&D capabilities and high-quality services, thereby establishing its own unique ecosystem and first-mover advantage.

At the technical level, BOIN Hearing Technology has achieved a major breakthrough by developing its own medical-grade wireless Bluetooth hearing aid SoC chip that supports both Apple iOS and Android systems, while also realizing innovations in proprietary algorithms, independent fitting software, and self-developed programmers.

In 2023, BOIN Hearing Technology(SH) Co.,LTD.’s independently developed “Tang Chao” series of custom-made hearing aids received market approval. This was followed in 2024 by the successive approvals and launches of the “Qin Feng” and “Han Yun” series of behind-the-ear (BTE) hearing aids, further enriching its product portfolio. Driven by the rising silver economy, BOIN’s self-developed products are poised to rapidly penetrate both domestic and international markets, advance the localization of medical-grade hearing aids, and accelerate its journey toward becoming a leading global hearing aid enterprise.

Since launching its independently developed products in 2023, BOIN Hearing has rapidly established a comprehensive, integrated ecosystem encompassing online and offline channels as well as domestic and international markets, driven by the exceptional execution capabilities of its team. Currently, the company operates more than 20 self-owned stores, two innovative audio-visual centers, dozens of hearing aid counters within pharmacies, and over 300 affiliated stores across China through the “Hearing Earth” national chain service alliance.

These stores cover 24 provinces and 123 cities, have established partnerships with 153 distributors, and provide comprehensive hearing services to users with hearing impairment.

Among the top 50 global medical device companies by market capitalization, four are in the hearing aid sector, which is expected to maintain its growth trajectory. Taking Sonova, the leading hearing aid manufacturer, as an example, its market capitalization has exceeded $20 billion, with revenues surpassing $4 billion, and it has identified China as a key future growth driver. Offline hearing aid stores are currently the primary sales channel in China, accounting for over 70% of total domestic hearing aid sales due to their professional fitting and after-sales services. In terms of the current market landscape, the five major overseas manufacturers hold a 90% share of the Chinese hearing aid market, leveraging their advantageous presence in offline distribution channels.

From a demographic perspective, the proportion of China’s population aged 65 and above currently stands at approximately 15%, with an intensifying aging trend. The number of individuals with hearing loss has exceeded 80 million.In developed countries in Europe and the United States, the hearing aid penetration rate reaches 40%, whereas in China, it remains below 5%, indicating immense market potential.

Favorable policy developments continue to emerge. In January 2024, the State Council issued the “No. 1 Document on the Silver Economy,” which listed hearing aids as the top priority among rehabilitative assistive devices, paving the way for new opportunities in industrial upgrading and development. Medical-grade hearing aids that offer superior performance, high cost-effectiveness, and professional fitting services are poised to benefit from new opportunities for domestic substitution.

Jiang Xianquan, Founder of BOIN HearingStatement: We extend our gratitude to the investors in this round for their support and trust in BOIN Hearing. For over three decades, imported brands have accounted for more than 90% of the market share for medical-grade hearing aids in China (which require professional fitting via computer software), leaving Chinese consumers with a choice only between expensive high-end imported brands and low-cost, low-end domestic products. Since its inception, BOIN has been committed to independent research and development of core technologies, establishing a commercial model that leads the industry in both depth and breadth. Meanwhile, we have made it our corporate mission to develop and manufacture high-performance, affordable, and cost-effective domestic medical-grade hearing aids, ensuring that every individual in China with hearing loss can “afford and access” domestically produced medical-grade hearing aids. We will remain clear-headed, stay true to our original aspirations, and keep our mission in mind. Through the implementation of our second (2025–2029) and third (2030–2034) five-year strategic plans, we aim to become a leading hearing brand in China and globally.

Head of Guangzhou State-owned Development Holding Co., Ltd.Statement: The silver economy is a key area of our focus. On December 13, Guangzhou Municipality issued the "Several Measures to Promote High-Quality Development of the Silver Economy," focusing on public welfare initiatives and meeting the high-quality needs of the elderly population. The silver economy covers a broad scope, features a long industrial chain, diverse business formats, and immense potential. It not only addresses people's real needs for a better life but also serves as a powerful measure to promote high-quality socio-economic development. Medical-grade AI smart hearing aids are technological innovation products within the silver economy sector, ranking among the top tier of rehabilitative assistive devices. They not only improve the quality of life for individuals with hearing loss but also help prevent the deterioration of residual hearing. This investment in BOIN Hearing reflects our continued optimism about the silver economy sector and embodies our investment philosophy. BOIN Hearing is the first project attracted and landed since Guangzhou State-owned Development Holding Co., Ltd.’s investment promotion subsidiary established the 'Invest in Guangzhou' Shanghai Investment Promotion Workstation. It is also a vivid practice by Guangzhou State-owned Development Holding Co., Ltd. to implement the spirit of the Central Economic Work Conference and support Guangzhou’s strategic layout for actively developing the "silver economy." Given the aging trend in China, the domestic market for medical-grade hearing aids has enormous growth potential, making the future prospects of BOIN Hearing highly promising.

Li Ke, General Manager of Yaojin CapitalIt indicates that China is experiencing a rapid acceleration in population aging. It is projected that by around 2033, the number of people aged 60 and above in China will exceed 400 million, accounting for approximately 30% of the national population. By 2035, the scale of the "silver economy" is expected to reach RMB 30 trillion, demonstrating immense potential. For a long time, domestic hearing aid manufacturers have faced challenges related to market share, technical barriers, and supply chains, with the market being monopolized by the five major international hearing groups. BOIN Hearing has achieved significant results in technological breakthroughs, supply chain development, industry ecosystem construction, offline channel establishment, and overseas expansion, showcasing strong innovation capabilities and market competitiveness. BOIN Hearing represents a key investment in consumer healthcare that YAOJIN Capital has long favored, and it is also part of YAOJIN Capital’s strategic layout around Sinopharm Group’s ecosystem in elderly care and health wellness. After completing the investment, YAOJIN Capital will facilitate industrial synergy between BOIN Hearing and Sinopharm. We believe that BOIN Hearing will grow into a leading enterprise in the domestic hearing aid industry, leveraging the trends of the silver economy and domestic substitution.

Li Qinghua, Director at HAOYUE CAPITALStatement: We are honored to assist BOIN Hearing in completing this round of financing. As the only domestically developed brand originating from the commercialization teams of the five major international hearing aid manufacturers, BOIN Hearing boasts over 20 years of accumulated resources and expertise in the hearing aid industry. At this pivotal juncture for the sector, we remain firmly bullish on BOIN Hearing. We believe that following this financing round, BOIN Hearing will accelerate its multi-format commercialization layout within China and propel its self-developed domestic products to make significant strides in global expansion, ultimately fulfilling its mission worldwide to “enable everyone to hear beautiful sounds and enjoy a happy life.”

Guangzhou Industrial Investment Holding Group Co., Ltd. (hereinafter referred to as "Guangzhou Industrial Investment") was formerly known as Guangzhou State-owned Development Holding Co., Ltd., established in 2014, and was restructured and began operations in December 2021. Anchored by its four core functional positions—as a strategic investment and development platform, a state-owned equity holding platform, a capital operation and management platform, and a technological innovation service platform—Guangzhou Industrial Investment fully leverages the leading and driving role of state-owned capital. It actively serves national strategies and the overall development landscape of Guangdong Province and Guangzhou City, serving as a key vehicle for Guangzhou’s state-owned enterprise (SOE) reforms and an important platform for laying out strategic emerging industries in the Guangdong-Hong Kong-Macao Greater Bay Area.Focusing on deepening SOE reforms by enhancing technological innovation capabilities, strengthening industrial leadership, and improving value creation, Guangzhou Industrial Investment strives to become a “bellwether” in industrial investment and a “leader” in sci-tech innovation services. It is committed to building a first-class, market-oriented, professional, and international state-owned capital investment and operating company. The group has taken the lead in establishing the RMB 150 billion Guangzhou Industrial Investment Fund of Funds and the RMB 50 billion Guangzhou Innovation Investment Fund of Funds, collaborating with leading institutions, major research institutes, and other forms of social capital. It strategically focuses on strategic emerging industries such as semiconductors and integrated circuits, biopharmaceuticals and health, new energy, advanced manufacturing, and commercial aerospace. By precisely promoting “investment-driven attraction, investment-driven industrial growth, and investment-driven innovation,” it aids Guangzhou in accelerating the construction of a modern industrial system.

Yaojin (Shanghai) Private Equity Fund Management Co., Ltd. is a joint venture established by Sinopharm Holding, a central state-owned enterprise, and CICC Capital. Committed to becoming a leading investment institution in the healthcare sector, the company focuses on the medical and pharmaceutical health industry, artificial intelligence, and enterprise services. Leveraging Sinopharm’s robust industrial resources and CICC’s profound capital advantages, Yaojin Capital invests in and empowers high-quality enterprises in areas such as innovative medical devices, innovative drug R&D, innovative medical services, pharmaceutical digitalization, artificial intelligence, and enterprise services, thereby facilitating the integration and rapid development of related industries. With deep roots in the medical and pharmaceutical industry, Yaojin Capital has been repeatedly honored by industry rating agencies with titles such as “Top 20 Investment Institutions in Healthcare” and “Top 30 Market-Watched Healthcare Investment Institutions.”

HAOYUE CAPITAL, established in January 2014, is a leading industry-focused investment bank in China specializing in the healthcare sector. Headquartered in Shanghai, the firm maintains regional offices in Beijing, Shenzhen, Hong Kong, and Singapore. Committed to empowering clients through capital and research-driven strategies, HAOYUE CAPITAL facilitates the successful entry of outstanding Chinese healthcare enterprises into the capital markets, thereby creating value-added benefits for its clients. The partnership team comprises senior investment bankers with extensive experience in China’s healthcare sector. By closely monitoring dynamics and trends in healthcare investment, HAOYUE CAPITAL covers multiple sub-sectors in its research and transaction practices, including innovative pharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. As of 2023, the firm had completed nearly 400 projects, with a cumulative transaction value exceeding USD 10 billion; among these, it executed over 50 M&A and restructuring deals, totaling more than USD 5 billion. In 2023 alone, HAOYUE CAPITAL closed nearly 50 private equity financings, M&A integrations, and complex transactions involving listed companies, with a total transaction value amounting to several billion USD, maintaining comprehensive leadership across various healthcare sub-sectors.