Bencao Life Files IPO Prospectus: A Technology Enabler in Traditional Chinese Medicine-Based Hair and Scalp Care

How Much Attention Does Hair Loss Actually Receive?

From the perspective of public perception, in recent years, besides the string of rising figures released by the National Health Commission and the increasingly common hair transplant and hair-strengthening advertisements in daily life that have created an external atmosphere of “hair loss anxiety,” individuals have gained a more intuitive sense of this anxiety—and it has become one of its primary sources—through their own receding hairlines, widening hair parts, and increasingly exposed scalps.

Moreover, as the population suffering from hair loss continues to grow, its significance extends far beyond mere statistics, having given rise to a market worth hundreds of billions.

Broadly speaking, this hundred-billion-yuan market can be divided into the hair transplant market and the anti-hair loss and hair care/maintenance market. The former currently supports one publicly listed company, with other leading enterprises also showing strong momentum. From a service perspective, the latter segment includes not only numerous stores that have positioned themselves from the outset as providers of anti-hair loss and hair care/maintenance services, but also sees hair transplant companies gradually expanding their business lines into the lighter-touch hair care/maintenance service market. In terms of treatment modalities, options range from chemical drugs such as minoxidil to low-level laser therapy (LLLT), and even various anti-hair loss and hair-strengthening products derived from traditional Chinese herbal extracts.

Herbal Life (Beijing) Medical Research Co., Ltd. (hereinafter referred to as “Herbal Life”) is a company dedicated to regenerative medicine research and the development of functional products based on traditional Chinese herbal medicine. Leveraging foundational medical research and applied studies of Traditional Chinese Medicine (TCM) in areas such as hair loss prevention and hair regrowth, dermatological skincare, and anti-aging, Herbal Life has established four sub-brands: Simenon, Axue, Haishubao, and Youthful Allure.

Among them, Simeinong is one of the key brands currently prioritized by Bencao Life. Positioned as an expert in scalp ecological restoration, the brand adheres to the traditional Chinese medicine theory that “hair is the surplus of blood.” It leverages modern biotechnology to develop classic Chinese herbal formulations, which have undergone thousands of cellular experiments and efficacy validation by multiple authoritative institutions, resulting in a formula capable of effectively inhibiting hair loss. Currently, the Simeinong Scalp Care Essence has been successfully launched and has garnered a strong reputation in the market.

On average, 1 in 6 people experiences hair loss.

This conclusion is drawn from the survey data on hair loss published by the National Health Commission: the number of people suffering from hair loss in China has exceeded 250 million, with a significant proportion falling within the 20–40 age group.

There was a time when advertisements for hair transplants and various hair-care products began to quietly proliferate in elevators, on public transportation, and even on street billboards. In the beauty sections of Weibo, Bilibili, and Xiaohongshu, hair-related topics have gradually expanded from hairstyle tutorials such as “How to Create a Voluminous Crown” and “How to Achieve Atmosphere-Enhancing Curls” to include hair transplant experiences, hair-care guides, and anti-hair-loss strategies.

For individuals experiencing hair loss, the rapidly expanding population—driven by an accelerated pace of life and increased work pressure—has, in recent years, found itself both grappling with anxiety and seeing a glimmer of hope. This dual sentiment arises amid the rise of the “appearance economy,” advancements in hair transplantation and biotechnology, and aggressive marketing by hair restoration and hair care companies. For businesses, this trend has unveiled significant commercial opportunities.

Tan Jiekai, one of the founders of Bencao Life, also sensed the business opportunity and discovered that traditional Chinese medicine holds significant potential in the field of hair loss prevention.

Tan Jiekai, formerly with a major Chinese internet tech giant, chose to leave in 2018 when he sensed the impending “internet winter,” seeking opportunities for independent entrepreneurship. While pursuing his EMBA at Hejun Business School, Tan not only observed that many people around him were plagued by hair loss but also met his future co-founders of Bencao Life—Dr. Ouyang and Yang Jun.

“The market potential for hair loss treatments is substantial. Although nearly 250 million people in China suffer from hair loss, there has yet to be an effective solution,” Tan Jiekai candidly stated in an interview with VCBeat.

According to previous reports by VCBeat, there are mainly four solutions for hair loss: first, adjusting one’s physical condition; second, taking dietary supplements to alleviate symptoms; third, pharmacological treatment; and fourth, hair transplant surgery. Currently, the most rapidly growing option—hair transplantation—is in fact the last resort for individuals suffering from hair loss.

In the chaotic hair loss market, simply adjusting one’s physical condition or taking dietary supplements is unlikely to yield immediate results and may even expose consumers to the risk of falling for gimmicks with little scientific basis. As for pharmacological treatments, currently only minoxidil and finasteride are proven effective. However, minoxidil carries certain side effects, such as irritant dermatitis, nonspecific allergic reactions, urticaria, edema, headache, and dizziness. Finasteride, on the other hand, enters the systemic circulation and poses a risk of affecting male sexual function.

Against this backdrop, Tan Jiekai connected with Dr. Ouyang and Yang Jun, who are deeply engaged in the academic research and production of traditional Chinese medicine (TCM). The convergence of these three individuals brought together all the essential elements for “applying TCM to address scalp care issues,” marking the birth of Bencao Life.

Currently,Simenon, a scalp health brand under Bencao Life, has launched one product: Simenon Scalp Care Essence.

This product is formulated with pure herbal ingredients and contains the active constituents of ten Chinese herbs, including Eclipta prostrata, Saw Palmetto fruit, Platycladus orientalis leaves, Myrica cerifera, Sophora flavescens, Moutan cortex, and Polygonum multiflorum. Furthermore,Utilizing low-temperature ultrafine cell-wall disruption technology, followed by dozens of extraction and distillation processes, this method maximizes the retrieval of active plant compounds while preserving over 90% of their biological activity.

According to Tan Jiekai, most cases of hair loss in men and women are associated with androgenetic alopecia.The core ingredients of Simenon can effectively inhibit 5α-reductase activity, thereby blocking the conversion of dihydrotestosterone (DHT), the primary culprit behind hair loss, and preventing DHT from binding to its receptors, thus achieving dual benefits of blockage and repair.

Furthermore, a key advantage of Simenon is its ability to replenish the nutrients required by hair follicle cells, providing 90% of the essential nutrients to the scalp. Under microscopic examination, Simenon also facilitates effective repair of scalp cells. Controlled cellular experiments demonstrate that, under identical conditions, Simenon exhibits a higher cell proliferation rate than minoxidil, indicating its potent capacity to promote cell proliferation.

Compared to the short-term effects of similar products,Simenon adheres closely to the scalp, providing sustained efficacy for 8–10 hours. The product is free from mineral oils, formaldehyde, and animal-derived ingredients, and does not contain chemical drugs such as minoxidil or finasteride, thereby avoiding deep dependency and adverse reactions.

High-performing products are a concrete manifestation of Bencao Life's R&D capabilities.According to validation results from over 1,000 trial users, Simenon products demonstrate an efficacy rate of up to 88% in addressing various complex hair loss conditions.

It is reported that,Bencao Life has not only established its own professional R&D team but also entered into a strategic partnership with the Medical Experimental Center of the China Academy of Chinese Medical Sciences, leveraging the traditional Chinese medicine experimental platform to jointly explore technical research in the application of Chinese herbal medicines.

According to Tan Jiekai,Prior to the official establishment of Bencao Life, the founding team had already begun accumulating relevant technologies, building a robust technical reserve in the field of scalp health that addresses androgenetic alopecia, folliculitis, pruritus capitis, dandruff, and hair coloration.Moreover, Bencao Life has made significant strides in the field of medicine-food homology. Tan Jiekai and his colleagues have participated in formulating corresponding industry standards in this sector, reflecting the industry’s recognition of Bencao Life’s capabilities.

At the end of the interview, Tan Jiekai also acknowledged the imperfections in Bencao Life’s channel expansion efforts: “We admit that we have our shortcomings. However, looking ahead, we aim to act as a technology enabler, collaborating with various industry stakeholders to drive technological breakthroughs and translate research achievements into practical applications for traditional Chinese medicine (TCM) products.” Tan Jiekai remarked, “The purpose of Bencao Life is not to dominate every aspect of the market or cover all bases, but rather to leverage the power of technology to empower channels and brands.”