Taishengbao Files for IPO: Leveraging Medical and Service Resources to Lead Cross-border Assisted Reproductive Healthcare

According to survey results released by the China Population Association, influenced by factors such as environmental pollution and high life stress, the number of infertile patients in China has currently exceeded 40 million, accounting for 12.5% of the population of childbearing age, meaning that one in every eight couples faces fertility challenges. Early this year, China adjusted its family planning policy with the full implementation of the two-child policy. Many women entered the preconception phase to prepare for a second child; however, due to physical factors, many advanced-age mothers find it difficult to conceive again, makingIn Vitro Fertilization (IVF) Assisted Reproduction Has Become a Popular Trend.

Currently, third-generation IVF technology is widely used in Thailand, with success rates comparable to those in the United States, ranking second globally. Considering cost factors, many people choose Thailand for assisted reproductive services.

Thaisomboon International Medical is a Thailand-based professional health consulting and medical services company. Established in Thailand in 2009, it initially primarily served clients from Hong Kong. Starting in 2013, due to the influx of mainland Chinese intermediaries seeking partnerships in Thailand, the company began focusing on the Chinese mainland market. It employs professional medical consultants and medical translators, and maintains long-term collaborations with medical institutions in Shenzhen, Beijing, Shanghai, Guangzhou, Kunming, Nanjing, Chengdu, Fujian, and other regions.

Chen Daren, the founder of Taishengbao, was originally a university professor in Thailand. He told reporters from VCBeat (WeChat ID: vcbeat) that when he first engaged with Chinese overseas medical facilitators, they approached him to provide translation services for their clients. After interacting with several such companies, he observed that most prioritized sales over investing resources and effort into building service teams. They typically partnered with local vendors, such as freelance translators or ground handling agencies, but few specialized exclusively in IVF medical research.

Chen Daren, Founder of Taishengbao

Chen Daren told VCBeat, “When I first began engaging with individuals seeking IVF treatment, a client who later achieved success shared that, for ordinary people, there is complete ignorance regarding medical matters—much like being locked in a dark room, filled with fear. Translation services were their only lifeline.”

In the past, individuals traveling to Thailand for assisted reproductive technology (ART) services would often hire translators indiscriminately, under the mistaken belief that resolving language barriers would solve all their problems. Consequently, they relied almost entirely on these translators for both medical information and daily living assistance. However, Chen Daren sought to transform this fragile support—akin to a single straw—into a robust lifeline capable of truly saving lives.

Initially, patients believed that the success of in vitro fertilization (IVF) depended solely on the physician. As more information from Thailand became widely disseminated in China, people came to recognize the critical roles of embryologists, laboratories, and geneticists. They began to understand that a complete, high-efficiency medical team is the true guarantee of their success.

The same applies to service. If a single translator is merely a straw, then an efficient team may well be a sturdy log. We recognize the three most critical factors influencing the success of in vitro fertilization (IVF): first, the patient’s physical condition; second, medical technology; and third, psychological mindset.

Inspired by hospital medical teams, Taishengbao has pioneered a unique 24/7 multi-to-one service team model, providing clients with greater peace of mind, increased confidence, a more relaxed mindset, and higher success rates. Taishengbao offers dedicated one-on-one medical translation services throughout the entire journey, including on-site interpretation at hospitals and continuous follow-up on progress reports at every stage.

Medical consultants are available 24/7 to promptly address any emergent issues clients may encounter. Round-the-clock personal care attendants are on call to provide services such as in-room meal delivery and accompaniment for shopping and errands. Additionally, dedicated customer service supervisors conduct home visits to collect feedback; any staff member who receives a service complaint will be immediately replaced.

Chen Daren told VCBeat(WeChat ID: vcbeat)Reporter,Every staff member undergoes specialized professional training. Recognizing that individual capabilities are limited, each team member focuses on a specific responsibility: physicians do not handle embryo allocation; nurses do not develop treatment protocols; and embryologists do not administer injections. Our translators do not provide meal delivery or shopping accompaniment services, and our patient liaisons do not unauthorizedly answer medical inquiries. Our medical consultants consistently conduct research and analysis on various treatment protocols offered by Thai physicians, while dynamically tracking subsequent success rates. As a local company, we maintain strong collaborative learning and training partnerships with hospitals, continuously refining the optimal integration of medical care and support services.

Speaking of the original intention behind founding Taishengbao, Chen Daren said, “We wanted to transform the last straw that IVF clients could cling to into a sturdy log capable of carrying them to the shore of success. If possible, we hope to turn it into a flagship in the future.”

Chen Daren told VCBeat(WeChat ID: vcbeat)Reporter, translation is no longer the challenge; the real difficulty lies in managing the entire healthcare process. Many companies may offer translation and services, but they lack management of the healthcare workflow.

The company has two types of specialized medical positions, totaling more than ten staff members. One is the medical translator, who requires proficiency in languages and continuous learning of medical terminology. Translators generally serve as on-site interpreters during doctor consultations, conveying the attending physician’s explanations strictly according to their original meaning. The other is the medical consultant, some of whom are physicians themselves or have conducted professional and rigorous research into medical principles and treatment protocols.

Issues arising before, during, and after consultations are generally resolved as follows: First, customer inquiries are collected and translated. The translated content is then used to consult the attending physician. Afterward, Chinese experts review the translation again, and once confirmed, the response is provided to the customer. Routine questions are handled daily by medical consultants. For complex or specific issues, medical consultants consult the attending physician through medical translators before providing feedback.

The company maintains two distinct training systems for medical translators and medical consultants. Our training materials are sourced from some of the most renowned IVF specialists in Thailand and China. Additionally, we operate dedicated medical feedback and discussion groups for daily operations, each led by an expert to ensure dual-layer oversight of treatment protocols. The company frequently facilitates case discussions and treatment plan exchanges between Chinese and Thai physicians, with consultants and translators participating in these learning sessions. Through sustained collaboration, Chinese and Thai doctors have jointly developed a combined treatment regimen that has demonstrated significant clinical efficacy.

Chen Daren’s initial foray into the Chinese outbound medical intermediary sector was heavily sales-oriented, with little willingness to invest capital or effort in building a service team. They sought local partners, who might be private translators or local ground handlers, but there were virtually none specializing exclusively in IVF medical services.

To ensure better protection for clients seeking overseas medical care, continuous research and improvement are required. This process involves not only identifying reliable hospitals but also addressing gaps in services that hospitals are unable to provide or oversee.

Due to the low recognition of the service sector in China and the unreasonable valuation of services, clients have no clear concept of how much independent value-added service overseas medical “services” can provide outside of hospitals, nor can they articulate specific needs. In response, Taishengbao has established a team dedicated exclusively to delivering high-quality services.

For example, medical translation requires proficiency in language and continuous learning of medical terminology. Medical consultants, who may be physicians themselves, undergo rigorous research and strict training in specific medical projects. Lifestyle companions need to be familiar with local geography, possess positive personality traits, and be available on call 24 hours a day. They should know the best places for shopping and relaxation to help distract patients and ensure they remain relaxed, as anxiety can adversely affect treatment outcomes. Consequently, Taishengbao has refined its services into nearly ten distinct job roles.

Furthermore, given the significant cultural differences between Thailand and China, specialized Thai partners are required to coordinate communication and liaison with various departments within Thai hospitals. These partners can gain deep access to the core resources of hospitals, obtaining internal information inaccessible to ordinary patients or intermediaries, thereby better helping clients achieve their objectives.

Discussing the Core Advantages of Taishengbao’s Products and Services.

First, headquartered in Thailand, with a focus on medical resources and service resources; 

Second, it is a service-oriented company rather than a sales-driven one, featuring a proprietary and highly advanced service model. The primary focus is on building an increasingly comprehensive service system to meet the needs of clients and domestic intermediaries without their own service teams.

Third, Taishengbao is the only company in China to hold large-scale medical briefings not aimed at sales, selecting a responsible organizer in each city; the “one city, one event” initiative is being advanced to generate local impact.

Fourth, it has established a strong reputation locally in Thailand, enabling Thai Shengbao to promptly facilitate inter-hospital referrals and collaborative diagnosis and treatment.

Taishengbao establishes WeChat service groups (staffed by multiple customer service representatives with distinct roles, such as translators, consultants, lifestyle assistants, and 24-hour dispatch managers) to handle client inquiries within China. Clients undergo examinations and report evaluations under professional guidance. Based on individual assessments, overseas travel to Thailand is arranged, where clients receive multi-to-one personalized care. The subsequent process includes ovarian stimulation injections, egg retrieval and embryo culture, pre-transfer guidance, embryo transfer, confirmation of pregnancy, and three months of guided luteal phase support and medication management for pregnancy maintenance.

Among Taishengbao's customers, those aged 30–40 account for 60–70%, those aged 40–50 make up approximately 20%, and those under 30 constitute 10–20%.

Criteria for Selecting Thai Hospitals: Guaranteed Medical Safety and Success Rates, Clear Operational Mindset, and Effective Communication and Collaboration with Service Providers. Some hospitals in Thailand have unclear internal departmental divisions and face challenges in international patient reception, requiring ongoing alignment and standardization; therefore, substantive cooperation will not be pursued with them at this stage.

Criteria for Selecting Chinese Partner Institutions: Unified service standards are mandatory. Entities that do not adhere to Taishengbao’s service model and standards, or that make false promises to clients, will be excluded from partnership. Those who merely resell clients without providing domestic services, or who fail to actively participate in service delivery, will also be excluded.

Currently, Taishengbao has partnerships with approximately ten hospitals in Thailand. In China, it collaborates with over a dozen institutions, including distributors and branch offices. More than 90% of its domestic medical institution partners are exclusive. Due to the diverse classifications of medical institutions in China, some of which have subordinate branches, exclusive partnerships have not yet been fully realized across all entities. Among the partner hospitals in Thailand, two or three maintain exclusive partnerships, while the others hold official partnership status.

International medical disputes are generally resolved through proactive prevention. First, provide truthful information and conduct accurate assessments in the early stage; deliver professional and attentive services during the mid-stage; and offer reasonable, evidence-based psychological counseling in the later stage. Once a client experiences an unsatisfactory outcome from the medical process, two immediate actions should be taken: first, promptly review the entire medical workflow with the hospital to confirm that no human error or accident occurred; second, have medical consultants and psychological counselors immediately engage in customer service efforts. With clear contracts and well-defined rights and responsibilities, and provided the company has not breached any contractual obligations, clients are generally unlikely to file complaints.

To date, the company has not encountered any medical disputes, thanks to effective preventive measures. Meanwhile, given that Thailand’s healthcare policies and medical technologies are subject to periodic real-time adjustments, it is crucial to promptly update contracts and provide appropriate customer guidance in response to these changes.

In the traditional overseas medical industry, as currently understood, most entities operate as conventional medical intermediaries. From sales to subsequent medical and overseas services, operations are typically handled by one or two individuals. While these service providers possess strong individual capabilities, they exhibit weak team cohesion. With each person assuming multiple roles, there is little capacity for specialized division of labor.

Internet-based healthcare service providers can be subdivided into two categories. One type combines traditional medical intermediaries with internet elements, featuring strong online promotion, highly specialized sales departments, and relatively coarse divisions within service departments. The establishment of service departments aims to achieve an independent, closed-loop industry chain, with significant resources allocated to sales.

Another type of internet healthcare service provider is the platform-based model. The greatest advantage of platform-based providers lies in their traffic and accumulated user base. How this traffic is converted depends on the service providers integrated into the platform. Platform-based models require support in both sales and service departments, as the diverse range of products integrated makes it difficult to establish dedicated sales and service teams for each product. A more significant role of platform-based providers is to establish a sound industry order and provide qualification guarantees for the introduced products.

Chen Daren told VCBeat(WeChat ID: vcbeat)Reporter: “For the Thailand IVF program, any model that merely establishes superficial connections with hospital resources is inevitably unable to complete the service loop. From the outset, Taishengbao has maintained a strong sense of crisis, developing service products with genuine added value. It continuously refines its service processes and job roles to fill the gaps in hospital services. Moreover, unlike most internet healthcare providers, Taishengbao focuses exclusively on a single program and perfects every detail. This concentrated focus naturally yields greater effectiveness.”

"As a company expanding in Thailand, we lack insight into the current investment and financing landscape in China. Given our consistent profitability, we have not considered raising capital at this time."