Vestar HealthTech (Novena Global Lifecare) Files for IPO Following Merger of Xingkeduo and Novena with Tens of Millions in Strategic Funding
Novena Global Lifecare
Integrated Healthcare Platform
VCBeat (WeChat ID: vcbeat) has learned that China’s Xingkeduo and Singapore-based Novena Global Lifecare recently announced the completion of their merger and business integration.
The newly merged company will continue to advance its existing business operations, accelerate the global expansion of its brands, and maintain a strategic focus on the medical aesthetics and lifestyle healthcare sectors. By optimizing its supply chain, the company aims to provide consumers with more convenient, effective, and cost-efficient products and services. It will expedite the development of its subsidiary brands, Star Customer (Xingkeduo) and NOVU, by expanding Star Customer’s retail presence across China and Asia, accelerating the deployment of NOVU’s medical aesthetics and tech-enabled skincare stores in the Chinese market, and leveraging the Beauty OS system to upgrade service standards at NOVU stores worldwide.
This merger was successfully completed, based on both parties’ aligned market outlooks, shared vision, and complementary capabilities, with the active support of their respective shareholders. Weiran Capital served as the exclusive financial advisor for this transaction.
The merged company will be named Weixing Medical Technology, while its English name will remain Novena Global Lifecare. Nelson Loh, co-founder of Novena Global Lifecare, will serve as Executive Chairman and Co-Founder of the new entity. Terence Loh, co-founder of Novena Global Lifecare, and Zhuang Wei, founder of Xingkèduō, will serve as Co-CEOs and Co-Founders. The company’s business portfolio encompasses the beauty industry, medical aesthetics and healthcare, research and development and manufacturing of cosmetics and skincare products, research and development and manufacturing of optoelectronic devices, and software system development.
Meanwhile, Weixing Medical Technology secured tens of millions of dollars in strategic investment from Sinopharm Capital and Yunbai Capital.
Founded in Beijing, China in 2015, Xingke is an “Internet Plus” lifestyle services enterprise. It has secured hundreds of millions of RMB in investment from prominent Chinese venture capital firms, including Innovation Works, Mingshi Capital, Hongdao Capital, and Shunwei Capital. The company has opened nearly 100 stores across first- and second-tier cities in China and launched Beauty OS, an intelligent offline store service system. This system enables precise services and the scenario-based, personalized display and sale of retail products. By integrating multiple scenarios—customers, artisans, stores, offline services, and online-to-offline retail—Xingke is focusing its efforts on the beauty and health medical services sectors.
Novena Global Lifecare was founded in Singapore in 2010. Under its umbrella are brands such as NOVU, offering skin and body care services and products, as well as health-related services and products. The company operates more than 250 stores and sales outlets across countries and regions including Singapore, South Korea, Indonesia, Malaysia, Spain, Hong Kong (China), and Taiwan (China). It has established a comprehensive business system encompassing laser diagnostic and therapeutic services as well as medical aesthetic services, catering to the multi-level needs of consumers.
Zhuang Wei stated that, leveraging the robust capabilities of both merging parties in industrial digitalization and internet integration, Weixing Medical Technology’s service scenarios extend beyond physical stores to facilitate convenient online access to information and demand fulfillment, thereby addressing consumer issues through multi-dimensional and even customized solutions. As the market and consumers mature, China is undergoing a transition from traffic-driven to quality-driven internet models, and Weixing Medical Technology is well-positioned to adapt to and even drive this transformation.
Zhuang Wei further stated that the integration of technological advancement and internet connectivity will strongly promote the development of new medical services and new retail models in the beauty industry, empowering a wider range of lifestyle service scenarios.
Terence Loh, Co-CEO of Novena Global Lifecare, stated, “Asia has become the bellwether for the global beauty industry, with China and Southeast Asia being the regions witnessing the most rapid growth in the beauty and healthcare sectors and offering the broadest market prospects. Due to the high fragmentation of brands and robust demand, China’s beauty and healthcare markets hold significant untapped potential. Companies that are well-operated, financially strong, and capable of providing users with convenient, accessible, and reasonably priced healthcare and medical aesthetic services will undoubtedly have room for future growth. Accelerating our strategic layout in China’s medical aesthetic and healthcare markets will greatly promote the development of our business.”
Nelson Loh, Executive Chairman of Weixing Medical Technology, stated, “Through this merger, Weixing Medical Technology has established a complete industry chain for the beauty and medical services sectors in the Asia-Pacific region, spanning from online to offline channels and from consumer-facing (C-end) to business-facing (B-end) operations. This will significantly enhance our retail and service quality, and even disrupt existing industry models and cost structures. We hope that in the future—whether in China, Singapore, or across Asia and Latin America—we can leverage this model and logic to provide consumers with reliable, consistent services and bring transformative change to the industry.”
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