Jingliang Eye Care Files IPO Prospectus: Targeting Premium Youth-Centric Ophthalmic Services with International Insurance Coverage
In October 2019, the World Health Organization released its first World Report on Vision. The report stated that “more than 1 billion people worldwide have vision impairment due to lack of access to necessary medical or care services for conditions such as myopia, hyperopia, glaucoma, and cataracts,” and that “the prevalence of eye diseases and vision impairment increases with age. Due to the combined effects of population growth and aging, the total number of people affected by eye diseases and vision impairment will rise significantly.”
According to a research report by the World Health Organization, China currently has 600 million people with myopia, and the prevalence of myopia among adolescents ranks first globally. The myopia rates among junior high, senior high, and university students have all exceeded 70%, while the rate among primary school students is approaching 40%. This has generated enormous demand for ophthalmology outpatient services.
Ophthalmology specialty clinics are trending toward chain operations. As a rising star, Jingliang Ophthalmology is also attempting to achieve growth by gradually expanding through a chain of outlets. Amid market encroachment by industry giants, what is their survival strategy? VCBeat interviewed the co-founder of Jingliang Ophthalmology to find out.
Co-founder and Chairman of Jingliang OphthalmologyLi Xiaoqing, Bachelor of Pharmacy, later joining multinational corporations such as Allergan and Pfizer, where she primarily engaged in marketing, sales, and business management. She subsequentlyPursued studies at Lingnan College, Sun Yat-sen University, and the Open University of Hong Kong, earning an MBA degree.. Throughout her career, she has accumulated extensive resources among physicians and within the industry.
Zhang Yingying, Co-founder and Dean of Jingliang Ophthalmologyis professionally trained. SheGraduated from Sun Yat-sen University with a major in Clinical Medicine (Ophthalmology and Optometry track), and subsequently completed master’s and doctoral studies at the Zhongshan Ophthalmic Center, Sun Yat-sen University., and completed standardized residency training. Zhang Yingying, who has been conducting in-depth research in the field of ophthalmology, ultimately chose to embark on an entrepreneurial venture.
Recognizing the immense potential of the ophthalmology industry, the two parties quickly reached an agreement and jointly founded Jingliang Eye Clinic in 2017. Currently, Jingliang Eye Clinic,Operating four chain clinics in Guangdong, including the Guangzhou Yuexiu Clinic, Guangzhou Nansha Clinic, Foshan First People's Hospital Clinic, and Foshan Maternal and Child Health Hospital Clinic.. The clinic currently has a team of doctors from the Zhongshan Ophthalmic Center system of Sun Yat-sen University (including four full-time doctors) and a group of optometrists from professional institutions.
For Jingliang Ophthalmology, its business covers diagnostic and treatment services but does not involve surgical scenarios. Currently,Clinical services cover ophthalmic disease diagnosis, auxiliary examinations, pharmacological treatment, and physical therapy.Positioned as a mid-to-high-end ophthalmology clinic, Jingliang Ophthalmology provides patients with distinctive, personalized diagnostic and treatment services.
Zhang Yingying, President of Jingliang Ophthalmology Hospital, stated that itsFeatured service offerings encompass three key areas: diagnosis and treatment of pediatric uveitis, myopia prevention and control in adolescents, and chronic disease management in adults.Jingliang Ophthalmology primarily serves adolescent patients, with a focus on myopia prevention and control, establishing a comprehensive system ranging from preventive care to scientific management.
The diagnosis and treatment of pediatric uveitis present numerous challenges. Due to the young age of children, early detection of the disease is often difficult. The condition is frequently associated with systemic immune disorders, such as Juvenile Idiopathic Arthritis (JIA) and Kawasaki syndrome. Inadequate understanding of corticosteroid therapy among patients’ families leads to poor compliance, thereby complicating treatment. Furthermore, uveitis is prone to causing complications such as cataracts and glaucoma. Professor Li Chunmei from the Department of Ocular Immunology and Uveitis at the Zhongshan Ophthalmic Center, a leading authority in this field, plays a pivotal role in the diagnosis and management of uveitis at Jingliang Eye Hospital.
Jingliang Ophthalmology also includes uveitis and adult glaucoma in its chronic disease management program. During the treatment process,Jingliang Ophthalmology implements long-term monitoring of ocular indicators for patients, adjusting eye drops or oral medications according to the progression of the disease.Jingliang Ophthalmology adopts a pricing model different from that of traditional public hospitals,Avoiding excessive medical examinations and the practice of subsidizing physicians through drug prescriptions by raising consultation fees.
Jingliang Ophthalmology has also achievedThe scope of online business primarily covers online consultations.The needs of patients during the pandemic prompted the company to establish its online service infrastructure. Jingliang Ophthalmology leveraged this platform to serve users requiring chronic disease management, alleviating their anxiety over the inability to consult doctors in person. Meanwhile, as part of its business expansion, online consultations were also made available to the general public.
Li Xiaoqing stated that a distinctive feature of Jingliang Ophthalmology is its reception of foreign patients. Foreign patients rarely choose public hospitals, and there are few other alternatives available to them.One of the ways Jingliang Ophthalmology reaches international clients is through coordination with their insurance providers. Jingliang Ophthalmology has signed a payment agreement with GBG, a U.S.-based international commercial insurer., and has also partnered with China Taiping and Yongcheng Insurance to enable insurance payment services.Furthermore, user reach was also achieved through word-of-mouth referrals from foreign clients.
Jingliang Ophthalmology has built its team with physicians from the Zhongshan Ophthalmic Center system. As a boutique clinic, it strives to deliver warm and personalized medical services. In the current era of consumption upgrading, Jingliang Ophthalmology aims to provide one-on-one consultation and treatment services, offering patients a premium service experience through high-quality clinical environments and a relaxed, comfortable atmosphere.
Currently, Jingliang Eye Clinic serves an average of over 20 patients per day, and the clinic has basically achieved break-even. For Jingliang Ophthalmology, clinics in different regions undertake different functions and businesses. The Guangzhou clinic is mainly involved in chronic disease management and settlement services, while other branches may focus more on myopia prevention and control for adolescents.The adoption of an appointment-based system enables clinics to focus on current patients and provide them with more targeted services.
Since its establishment in 2017, Jingliang Ophthalmology has set a goal to establish benchmarks and models during its exploration phase, aiming to expand to 10 clinic locations within five years.Currently, Jingliang Ophthalmology aims to achieve clinic standardization, and on this basis, pursue strategic alliances by integrating high-quality optometry centers.Ultimately, Jingliang Ophthalmology will seek to gradually expand its business footprint, extending its reach beyond Guangdong to cover all of China.
However, obstacles do exist, such as the issue of physicians practicing at multiple locations. In addition to its full-time physicians, Jingliang Ophthalmology currently engages dozens of expert professors covering various subspecialties. Although multi-site practice is supported and encouraged by policy, it remains constrained by hospital institutional frameworks. Depending on their professional positioning, these experts and professors engage with Jingliang Ophthalmology in varying modes and degrees of collaboration. As Jingliang Ophthalmology expands in the future, it will also need to address talent-related challenges.
Jingliang Ophthalmology plans to secure RMB 30 million in Series A financing to fund store expansion, build a comprehensive ecosystem-wide service chain, and optimize the layout of its surgical centers. By offering more advanced ophthalmic and optometric high-tech products, the company aims to deliver more precise, personalized services to patients.To address the challenge of talent development, Jingliang Ophthalmology also plans to collaborate with academic institutions following its fundraising round, establishing an optometry and vision care center under a new model integrating industry, academia, and research.
Li Xiaoqing pointed out that the current increase in high-tech products has led to greater visual demands, which will drive growth in demand for refractive services. The current 70% myopia rate among high school students also indicates the vast potential of this market. The shortage of medical resources within the industry, particularly the scarcity of outstanding expert physicians, will help specialized clinics like Jingliang Ophthalmology, which boast teams of experts, gain recognition.
With consumption upgrading and the growth of personalized business demands, traditional one-size-fits-all solutions can no longer meet patients' needs.For example, in the case of myopia surgery, previous solutions may have included femtosecond laser or half-femtosecond refractive surgeries; however, some patients with high myopia are not suitable for these types of procedures. Future technological advancements will provide them with more personalized solutions.
Jingliang Ophthalmology, which holds a highly optimistic view of the industry’s prospects, consequently seeks to expand from its optometry and refractive surgery centers to enhance its ecosystem, create a closed-loop system, and deliver precise, professional ophthalmic diagnosis and treatment services to patients with eye diseases.