Angelalign Goes Public as 'China's Smile Pioneer': Mission and Opportunities Unveiled in Internal Letter

Today, Angelalign officially listed on the Main Board of the Hong Kong Stock Exchange, becoming China’s first publicly traded orthodontic company. At this pivotal milestone in its development, Li Huamin, Founder and CEO of Angelalign Group, issued an internal letter expressing gratitude to experts and physicians, users, and an era that encourages innovation. He stated that Angelalign’s successful listing is “the result of 18 years of relentless striving by every member of the Angelalign team, representing the honor and pride of each Angelalign employee.”

In the letter, Li Huamin reflected on Angelalign’s 18-year entrepreneurial journey through trials and tribulations and outlined requirements for its future development. Next, VCBeat will analyze this internal letter to explore how Angelalign steadily grew into “China’s First Smile Stock” over eighteen years of perseverance. What valuable lessons from its growth can be drawn upon? And what era-specific opportunities lie ahead for Angelalign’s future development?

“Angel will bring beauty and hope to more people, enabling more individuals to transform their lives with smiles,” stated Li Huamin in an internal letter.It is precisely the unwavering passion and commitment sustained over 18 years that have enabled Angel to step onto a larger stage.And this passion and perseverance are the original intention behind bringing radiant smiles to people.

Looking back to 2003, when the company was just founded, Li Huamin learned that a team of experts led by Professor Yan Yongnian from Tsinghua University, and President Wang Bangkang and Professor Bai Yuxing from Capital Medical University had developed a clear aligner technology. However, the product had not yet been manufactured, and the funding chain was on the verge of breaking.Recognizing the vast market potential of clear aligner orthodontics, and the significant social value that will be delivered by enabling people to achieve confident smiles once the technology is translated into commercial products., Li Huamin and her father resolutely devoted themselves to the development of this product, thereby founding Angelalign.

At its inception, Li Huamin firmly chose to pursue independent research and development with medicine as the core foundation, despite the formidable challenge this posed for the Angelalign team, which was starting virtually from scratch. Reflecting on the past, Li Huamin expressed gratitude in his letter to the leading dental experts and scientists who accompanied them along the journey, as well as to the clinicians who consistently supported and facilitated Angelalign’s growth.

"Climbing high enables one to see far."Upholding its original mission and prioritizing technology and talent, Angelalign, under the leadership of Li Huamin, has gradually emerged as a global leader in the clear aligner industry.Currently, as the world’s first company to offer multiple clear aligner products, Angelalign is not only a leading technology-driven Chinese enterprise but also a global driver in the advancement of clear aligner therapy.

Currently, Angelalign holds a 41% market share in China. The prospectus reveals that Angelalign’s revenues from 2018 to 2020 were RMB 488 million, RMB 646 million, and RMB 817 million, respectively, with a compound annual growth rate (CAGR) of 29.29%.It is not difficult to see that Angelalign remains in a phase of rapid growth.

"As the first entrant and pioneer in China's invisible orthodontics market,"Through technological iteration and innovation, Angelalign has continuously strengthened its brand moat, establishing itself as a leading Chinese domestic brand in the oral care industry., and simultaneously became the official oral care product supporting athletic preparation for the Training Bureau of the General Administration of Sport of China. “As TianShiRen, in response to this trust and responsibility, we must strive forward with greater determination, evolving from a national ‘beacon of Chinese brands’ to a global ‘beacon of smiles.’” Li Huamin expressed his expectations for the future in the letter.

From inception to market launch, Angelalign has encountered numerous challenges and setbacks along its journey. Its continued progress has been driven by the dedication and commitment of its team behind the scenes.

“Over the past 18 years,Behind Angelalign’s remarkable achievements stands an outstanding executive team."In the letter, Li Huamin mentioned that at the inception of Angelalign, the medical team consisted solely of Dr. Tian Jie, and the production workshop was equipped with only a few machines and staffed by just over ten employees. Despite these relatively arduous conditions, the team overcame significant challenges to establish a medically oriented design team with specialized expertise in dentistry within China’s oral care sector. They built a world-class digital intelligent manufacturing base and R&D center for dentistry, ultimately serving 20,000 dentists and hundreds of thousands of patients across China."

Not only that,Angelalign also emphasizes internal self-development and services to foster a robust organizational structure.For example, Li Huamin innovatively proposed and established a dual career pathway for clinicians and design doctors at Angelalign. Under this system, doctors can not only engage in clinical work at Angelalign’s demonstration base, “Tianzhi Dental,” but also serve as clear aligner design doctors, comprehensively studying and practicing within Angelalign’s digital orthodontic system. It is precisely through Angelalign’s dual career pathway that many doctors have been able to rapidly enhance their professional capabilities.

Additionally,External support and assistance have also played a significant role in the development journey of Angelalign.Around 2008, Angelalign was facing a severe crisis. It was the timely investment from OrbiMed that helped Angelalign weather the storm and usher in a new phase of development.

By 2015, Angelalign had already become profitable and demonstrated strong cash flow performance. At that time, Angelalign established clear and stringent criteria for its future partners: it would only collaborate with those focused on long-term value. Ultimately, the company chose Feng Dai and his backing firm, Shuangbai Investment (Pinecone Capital). From a long-term value perspective, Feng Dai explicitly stated full respect for and trust in Li Huamin and the core management team, committing not to interfere with the team’s strategic decisions or operational management.

It is precisely the recognition of long-term value that has attracted an increasing number of talented professionals to join Angelalign, resulting in a highly cohesive and diverse senior management team.Subsequently, under the leadership of Li Huamin, this team provided significant impetus to the rapid development of Angelalign.

In summary, over the 18 years of entrepreneurship, both Angelalign’s internal employees and external capital partners and collaborators haveThe team's dedication and commitment are the core drivers behind Angelalign's leapfrog development.And this is not something that can be built with money alone. It requires the sustained efforts of every individual, as well as a shared recognition of and commitment to long-term value.

As “China’s First Orthodontic Stock,” Angelalign’s listing marks a new journey and starting point.

“Every Angel is building a career, not just running a business.“In the internal letter, Li Huamin particularly emphasized Angelalign’s commitment to building long-term value. This means that in the field of orthodontics, Angelalign must continuously strengthen its medical and technical capabilities and consistently create greater value for society.”

The internal letter also mentioned, “Collaborative innovation and technology-driven development are the prerequisites for the advancement of digital dentistry.“Since the launch of the ‘Angelalign A+’ initiative in 2015, Angelalign has continuously collaborated with technical experts across various fields to address global industry challenges through an innovative lens. This has led to the development of the A7 and A8 clear aligner treatment solutions, as well as innovative devices and attachments such as the Angel Button and Angel Bar. These competitive advantages have established a strong moat for Angelalign, solidifying its position as the leading player in China’s orthodontic industry.”

From an industry perspective, Invisalign is an unavoidable brand in the field of clear aligner therapy. In 2011, Invisalign entered the Chinese market and engaged in in-depth cooperation and exchanges in areas such as digital clear orthodontic technology and clinical applications. Leveraging its advantages in technology and products, Invisalign and Angelalign have formed a duopoly in the Chinese orthodontic market.Angelalign is currently the only brand globally that holds both market and innovative technological advantages in competition with European and American brands.

According to public data, China’s clear aligner market is highly concentrated, with the top two market participants accounting for a combined market share of 82.4% based on the number of cases completed last year. Among them, Angelalign and Invisalign are very close in market position. This indicates that,With a high-quality medical design team and an innovation DNA that is continuously iterated, Angelalign has achieved global competitiveness.

Of course,Currently, the clear aligner market remains in a growth phase, which means that Angelalign, as an industry leader, will continue to enjoy an extended period of growth dividends.According to a report by Frost & Sullivan, the global retail sales revenue of the orthodontics market has increased from $39.9 billion in 2015 to $59.4 billion in 2020, with a compound annual growth rate (CAGR) of 8.3%. This trend will bring more era-defining opportunities to leading enterprises. With Angelalign’s public listing, the company is poised to secure additional resources while staying true to its original mission and continuously strengthening its competitive advantages. Its future prospects are expected to extend far beyond being merely the “Chinese Invisalign.”

“Let us continue this journey of glory and dreams, dedicating ourselves to the cause we passionately love and which is filled with infinite possibilities. Together, let us create more innovations that impact the world and more miracles of confident, beautiful smiles!” In the closing remarks of the internal letter, Li Huamin expressed boundless expectations for Angelalign.

With Angelalign’s successful IPO, the curtain has officially risen on the golden age of the clear aligner industry. Driven by the innovative breakthroughs of pioneers and trailblazers like Angelalign, an era of oral health defined by confident smiles is gradually dawning.

Using Chinese Smiles to Influence the World

——A Letter to Our Angel Partners

Dear Angel Partners:

Today, on June 16, a highly auspicious day in China, Angelalign has reached a new milestone by officially listing on the Hong Kong Stock Exchange, becoming the first publicly traded company in China’s orthodontics sector and earning the title of “China’s First Smile Stock.”

This is the result of the relentless striving and enterprising spirit of every Angel member over the past 18 years, a source of honor and pride for us all. Our unwavering passion and steadfast commitment over these 18 years have propelled Angel onto a grander stage. I firmly believe that in the future, Angel will bring beauty and hope to more people, empowering them to transform their lives with smiles!

At this very moment, many past memories, accompanied by countless smiling faces, come vividly to mind, and I have so much gratitude to express.

We thank the physicians and experts for their trust and passion, as together we have created a miracle in Chinese orthodontics.

Two decades ago, Professors Wang Bangkang, Yan Yongnian, and Bai Yuxing—pioneering scientists from China’s medical and academic sectors—ignited the torch of digital clear aligner therapy in China. Over the past 20 years, countless experts in dentistry, intelligent manufacturing, and materials science have dedicated themselves to rigorous research. Through sustained industry-academia-research collaboration, we have continuously propelled orthodontic technology to new heights, leveraging technological innovation to deliver humanistic care.

And the countless doctor friends who have silently accompanied us on our journey.

You are dedicated, resilient, and pragmatic, continuously advancing and refining your technical expertise in medical practice. Together, we nurture and cultivate the emerging seedling of China’s independent innovation in digital dentistry, leveraging technological innovation to bring new glory to Chinese oral healthcare.

Thank You for Your Trust and Confidence

Empowering users with confident smiles is the mission of Angelalign. It is the trust and entrustment, understanding and support from our users, along with their heartfelt testimonials and radiant smiles time and again, that have cultivated Angelalign into a leading Chinese brand in the clear aligner industry.

Thank You to Angelalign’s Shareholders for Their Choice and Support

Entrepreneurship is akin to an arduous journey through life, where we always need like-minded companions to walk alongside us.

I am grateful to my father for co-founding Angel with me, and for his understanding of my refusal to give up when Angel faced a liquidation crisis in 2008, encouraging me to unhesitatingly take responsibility for the career I passionately love.

We extend our gratitude to Mr. Wang Jian and OrbiMed, the “white knight” of Angelalign, who invested millions of U.S. dollars in 2010 and provided invaluable support during a time of hardship.

We extend our sincere gratitude to Mr. Feng Dai and Shubai Capital for their dedicated investment in 2015, their recognition of and trust in Angel’s philosophy of focusing on long-term value, and the assistance and support they provided for Angel’s rapid development.

Thank you to all the people of Angel; without you, there would be no Angel today!

Angelalign’s glory today is a shared achievement of all partners who are currently striving at Angelalign or have previously contributed to the company. We thank everyone for their passion, dedication, and hard work.

Looking back on the past 18 years of trials and tribulations, our success has been inseparable from one word: “perseverance.” Many Angel employees joined us right after graduation, standing by our side through the arduous startup phase, forging ahead with resilience, and growing together with Angel without ever wavering. At the company’s inception, our medical team consisted of just Dr. Tian Jie, and our production workshop operated with only a few machines and a dozen staff members.

Today, our perseverance has yielded tangible results: we have built China’s largest medical design team in the field of dentistry, established a world-class digital intelligent manufacturing base and R&D center for dental care, and served tens of thousands of dentists and hundreds of thousands of patients across China.

Behind these achievements lies the relentless perseverance, courage to challenge, and continuous progress of every Angelalign employee. As the pioneer of clear aligner therapy in China, we are leading every transformation in the industry.

I am proud of all angelic individuals. You are the angels of our time.

Gratitude to Angel’s executive team for their visionary strategic thinking, hands-on dedication, and steadfast commitment.

Over the past 18 years, Angelalign has gradually built an elite team comprising professionals from diverse disciplines. At Angelalign, you have demonstrated courage in taking responsibility, excelled in innovation, and seamlessly supported one another. By prioritizing collective goals over personal interests and setting aside individual egos, you have created numerous miracles in pursuit of a shared dream: to deliver long-term value to dentists and patients, and to achieve rapid and sustainable business growth. From its inception, Angelalign has embarked on an innovation path grounded in medical science. You established China’s premier industry conference for digital orthodontics, achieved numerous “firsts in China” in product research and development, and attracted top talent to rally under the banner of independent innovation.

Thank you for your visionary strategic thinking and profound industry insights. Thank you for leading your teams to repeatedly rescue Angel from adversity and propel it to ever greater and more glorious heights.

Gratitude for This Era of Innovation

Finally, let us together give thanks to this great era in which we live!

Thanks to this era, we have the fertile ground to realize our dreams and a stage to fully showcase our capabilities in the field of digital dentistry.

Thanks to this era of rapid technological advancement, every breakthrough innovation from 0 to 1 and the development of each of our products drive the innovative growth of China’s digital dentistry industry.

Thanks to this era, you, I, and every consumer—each of us has the right to pursue a better life.

The era has bestowed a smile upon angels; angels should create more smiles to give back to the era.

Dear Angelites, as you read this—whether you are in the office or serving physicians at frontline clinics—please give a hug to the Angelite and physician partners beside you. It is our shared dedication and hard work that have created so many industry breakthroughs and miracles.

Effective today, Angelalign officially becomes a publicly listed company. This signifies that we will empower the industry and foster symbiotic growth from a higher vantage point. It also means that we must embrace openness and inclusivity to assume greater responsibilities toward the industry, our shareholders, society, and human health, enabling more people to transform their lives with confidence and embrace a better future.

To this end, the core management team and I propose and hope that all Angelcare employees:

First, we remain steadfast in our mission, leveraging technology to create smiles that impact the world.

“Creating smiles that impact the world through technology” is not just a slogan, but a mission truly shouldered by every Angelalign employee, serving as the origin and original aspiration that has driven the company’s long-term development and continuous growth over the past 18 years.

Many people only see how promising a company’s chosen sector is, but few recognize that building the infrastructure for that sector is a long and complex process.

For 18 years, Angelalign has remained steadfast in its belief that the dental industry is poised for robust growth, driven by people’s aspiration for a better quality of life and the transformative power of scientific and technological advancements. Accordingly, we have firmly positioned ourselves as cultivators and builders of the industry’s infrastructure. We are committed to digitally transforming the sector, making substantial and sustained investments in research and development. Through technological innovation, we continuously empower dentists, lowering technical barriers and enhancing diagnostic and treatment efficiency. By leveraging digital technology-driven products and technical services, we enable dental professionals to achieve stable, easy, fast, and precise diagnosis and treatment.

In the future, we will not only persist in innovation but also strive to take our innovations beyond China’s borders and onto the global stage. As a representative of China’s industry and a benchmark for industrial innovation, we aim to participate in and lead industry development, bringing well-being to users worldwide, fulfilling the dreams of all who aspire to a better life, and allowing China’s orthodontic expertise to make an impact on the world.

Second, always adhere to customer-first principles, integrity, and responsibility.

We have always believed that the principles and convictions we never abandon in times of crisis constitute our spiritual foundation and core values.

In 2008, Angelalign entered its most difficult period, even teetering on the brink of liquidation. When I learned that the company still had over 1,000 sets of aligners pending shipment, my team and I realized that we could not betray the trust doctors had placed in Angelalign, nor could we allow doctors to break their commitments to patients. We had a duty to act responsibly toward both physicians and users. Therefore, I made every possible effort to keep the company operational.

Between 2014 and 2015, several major foreign dental corporations extended acquisition offers to the Angelalign management team. My colleagues and I pondered what would become of our team if we were to sell Angelalign, and how this Chinese enterprise, built on independent innovation, could continue to develop. We felt a responsibility to our team and to the future of China’s burgeoning digital dentistry brand. Consequently, we chose to decline these offers, reaffirming our commitment to persevere. It is precisely because our team steadfastly prioritized long-term value and insisted on keeping the destiny of this Chinese national brand in our own hands that Angelalign has achieved its success today.

Looking back, every instance of Angel’s steadfastness in the face of adversity, and every choice made amidst challenges, has ultimately stemmed from the principles of customer-centricity, integrity, and responsibility. These values have evolved into an increasingly resolute creed for Angel, growing stronger and more enduring with time.

Third, always adhere to medicine as the foundation, cooperation, and innovation

Invisible orthodontics is, at its core, a medical issue. Since the company’s inception, we have established a DNA rooted in medicine. Although this was an uncharted path at the time, Angelalign still ventured into this no-man’s-land, creating history for invisible orthodontics in China.

Collaborative innovation and technology-driven development are the prerequisites for the advancement of digital dentistry. Therefore, in 2015, Angelalign launched the “Lianchuang A+” initiative, aiming to connect technical experts across various fields, uphold medicine as the foundation, adhere to collaborative innovation, and jointly address global challenges within the industry from an innovative perspective. Examples include the A7 and A8 systems, as well as Angel Buckles and Angel Bars. Focusing on the genuine needs of clinicians and leveraging innovation to resolve patients’ true pain points constitute Angelalign’s fundamental starting point and ultimate goal—a commitment that will continue to thrive indefinitely.

Looking ahead, Angelalign will continue to collaborate with experts and clinicians to drive innovation, jointly promoting the sustainable development of the oral healthcare industry. On the consumer side, we aim to enhance public awareness of oral health and advocate for the importance of preventive care. On the supply side, we will continuously empower dentists through innovations in products, technology, and services, thereby improving efficiency across the entire industry chain. Meanwhile, we will intensify efforts to recruit and cultivate more technical professionals to join the oral healthcare sector, advancing the future development and application of digital orthodontics.

Fourth, always adhere to a people-oriented approach and gather talented individuals from around the world.

Virtue is never solitary; it will always have companions. We deeply understand that behind 18 years of development, the driving force has been our talent. Angelalign was established and has thrived thanks to its people. In the future, more outstanding individuals who share our vision will join Angelalign, transforming it into a vast platform where talented professionals converge to innovate and create. We expect every Angelaligner to grow and transform on this platform, enabling our parents, families, and children to live happily and take pride in us. We strive to be the guardians of global oral health, letting the light of Angelalign shine across society so that more people can experience the beauty and power of “Changing with Smiles.”

Fifth, always adhere to the path of integrity, and attain success through loyalty and trust.

I hope everyone will always remember that every Angel is building a career, not just running a business. A business is short-term, whereas a career requires long-term dedication; a business belongs to a few individuals, while a career represents the struggle of generations of Angels for a shared dream; a business seeks to generate profit, while a career strives to create value.

Today’s successful listing in Hong Kong marks a new starting point for Angelalign. The past 18 years of Angelalign stand as a brilliant testament to the dedication and efforts of all its employees. Looking back, we are filled with gratitude for our hard-won achievements; looking ahead, we will strive even harder and fight with greater determination, transforming China’s “pride of domestic brands” into the world’s “light of smiles.” Let us continue to pursue this glory and dream, devoting ourselves to the cause we passionately love and which holds infinite possibilities. Together, let us create more innovations that impact the world and bring about more miracles of confident, beautiful smiles!

Love you all, Ellen Li Huamin

Angelalign