Ecmoho Limited Files for Nasdaq IPO Under Ticker 'MOHO', Offering 4.375 Million ADSs at $10–$12 per Share

VCBeat (WeChat ID: vcbeat) has learned that Yiheng Health recently filed its prospectus with the U.S. Securities and Exchange Commission (SEC), preparing for an initial public offering on the Nasdaq under the ticker symbol “MOHO.” The company plans to issue 4.375 million American Depositary Shares (“ADSs”) at a price range of $10–$12 per share.

Shanghai Yiheng Health Biotechnology Co., Ltd. (hereinafter referred to as “Yiheng Health”) is a leading comprehensive health service provider in China. Since its establishment in 2011, the company has been committed to improving the health of the Chinese people by delivering high-quality health information and premium global health products to consumers, while also facilitating market entry into China for leading global brands.

Yiheng Health’s prospectus reveals that it is a high-growth, profitable company. In 2018, Yiheng Health reported total revenue of $199 million, representing a year-on-year increase of 103%; in the first half of 2019, its revenue reached $151 million, up 112.7% year on year.

From the perspective of U.S. Non-GAAP, YiHeng Health’s overall net profit margin has also maintained healthy growth: the net profit margin was 3.3% in 2018, representing a 139% increase year-over-year; in the first half of 2019, the net profit margin was 1.6%, marking a 131% increase compared to the same period in 2018.

Meanwhile, since 2017, the number of partner brands with sales exceeding $10 million for Yiheng Health has been steadily increasing, with an annual addition of at least three brands.

In recent years, China’s big health industry has been evolving at a rapid pace, with health services becoming a major national initiative closely tied to the nation’s economy, people’s livelihood, and social well-being.

Broadly speaking, the overall health and wellness industry is divided into two subsectors: the pharmaceutical and medical sector, which includes pharmaceuticals, medical devices, and medical care; and the non-pharmaceutical and non-medical sector, which includes health supplements, maternal and infant care, home medical equipment, and comprehensive health management.

China’s non-pharmaceutical, non-medical comprehensive health services industry is currently highly fragmented with numerous competitors. According to Frost & Sullivan’s 2018 revenue forecasts, the combined market share of the top five enterprises in China’s non-medical health sector was only 9.5%, indicating significant brand fragmentation. Among them, Yiheng Health ranked first with a 2.6% market share, demonstrating potential for market consolidation.

Yiheng Health’s leading edge stems from the comprehensive solutions and refined operations under the Yiheng ecosystem. Yiheng Health emphasizes that its business advantages are built on delivering holistic solutions, which requires multi-stakeholder integration capabilities and continuously iterated empowerment efficiency.

In the non-medical big health industry chain, the main participants include brand owners, consumers, channel partners, and health experts. As a bridge and tool within this ecosystem, Yiheng Health connects the entire value chain, empowering value creation among all stakeholders and thereby forming a sustainable, virtuous closed loop.

Furthermore, Yi Heng Health’s six core competencies in “commercial value, user base, new retail model, brand partnerships, marketing capabilities, and management team” have positioned it at a strategic key node within the health industry value chain, successfully connecting industry stakeholders including B-side brands, C-side consumers, distributors, and health experts.

As of September 2019, Yiheng Health had established partnerships with 64 global brands, covering approximately 5,500 SKUs. It accumulated 7.6 million paying users, with a high-engagement customer base demonstrating a 35% repurchase rate. The company achieved full-channel integration across major comprehensive e-commerce platforms, vertical health e-commerce platforms, social commerce platforms, and small online stores. Additionally, it collaborated with over 1,000 health experts and key opinion leaders (KOLs), producing more than 2,200 pieces of health-related content in September 2019 alone.

Yiheng Health was founded in 2011, with its headquarters located in Shanghai and branches established in Hong Kong, Japan, South Korea, and other regions. As a comprehensive service provider in the broad health sector, it specializes in offering brands omni-channel retail services, integrated marketing, customer service, and global warehousing and supply chain solutions.

In 2014, the company pioneered as a leader in cross-border e-commerce, providing one-stop cross-border services for numerous international brands entering China.

By deeply tapping into consumer demand, the company acquired the traditional tonic and wellness brand Hengshoutang and the home healthcare device brand KGC in 2016, marking a new attempt to upgrade and transform traditional brands.

In 2019, the company embarked on a new milestone by vigorously developing its self-operated platform, Xianggui Health, and making comprehensive efforts to expand into the offline markets of third- and fourth-tier cities, thereby providing strong growth drivers for future business development.

As a bridge between brand partners and consumers, Yiheng Health has leveraged seven years of accumulated expertise in the broader health industry and advanced brand retail management experience to deliver high business growth for its partners in China, while providing consumers with personalized health products and solutions. Committed to improving the health and well-being of Chinese consumers, Yiheng Health continuously optimizes its product portfolio and expands its business model.