Xiangmei Files for IPO: A One-Stop Platform Bridging Overseas Medical Aesthetics and Beauty Product Cross-Border Shopping

Xiangmei is an all-in-one beauty platform for women, integrating cosmetic surgery, skincare, makeup, and overseas purchasing services. It provides users with reviews on overseas cosmetic procedures, online flash sales, and professional personal shopping services.

To better address the information asymmetry between consumers and medical aesthetic institutions, Minnie, known as China’s national “Beauty Guru” with over a million followers in China, co-founded Xiangmei with Li Ming, a professional from South Korea’s healthcare industry.

Li Ming, co-founder of Xiangmei, told VCBeat that the establishment of Xiangmei serves two main purposes. On one hand, it provides a fair, open, objective, and neutral third-party information platform for individuals seeking cosmetic surgery overseas, helping users verify the legitimate credentials of institutions and physicians, combat industry irregularities, and promote transparency in the overseas cosmetic surgery market. On the other hand, by identifying benchmarks in the overseas medical aesthetics industry and introducing a healthy reputation-based competition mechanism, it helps users find suitable cosmetic procedures as well as reputable hospitals and doctors.

Plastic Surgery: Empowering Users to Confidently Travel to South Korea for Aesthetic Enhancements

Medical aesthetics has long been a high-growth sector. Research indicates that China’s beauty industry now ranks second globally in terms of market size, with the medical aesthetics market projected to reach RMB 800 billion in 2019 and over 10 million cosmetic procedures performed annually. Experts note that, on a per capita basis, China still holds at least tenfold growth potential compared to South Korea, the United States, or Brazil.

However, in recent years, the media has continuously reported cases of fatalities resulting from cosmetic surgery accidents, thrusting safety management in the medical aesthetics industry into the spotlight.

“In fact, this is not to say that plastic surgery is inherently bad; rather, in China, the technical capabilities in this field are weak, and legal protections for consumers are also inadequate,” Minnie, founder of Xiangmei, told VCBeat. She noted that with the growing demand for cosmetic procedures among the Chinese population outpacing the development of domestic medical expertise, tapping into overseas medical aesthetic resources represents a win-win opportunity for both entrepreneurs and beauty seekers.

However, sending aesthetic seekers abroad is no easy task. While meeting users’ desires for enhanced appearance, the product’s top priority must be optimizing service workflows and ensuring service safety.

At the outset of its venture, Xiangmei’s first challenge was deciding which country to select as the starting point for its overseas medical aesthetics business.

After careful consideration, the team selected South Korea. On one hand, medical aesthetic procedures in South Korea are relatively affordable, and its geographic proximity to China makes it more accessible for Chinese consumers. On the other hand, South Korea has a mature medical aesthetics industry, and its aesthetic standards are widely recognized and accepted by the Chinese public. Most importantly, as a leading country in medical aesthetics, South Korea has made significant efforts to regulate its market. In June 2015, the Korea Tourism Organization held the “Korea Medical Tourism Briefing,” aiming to standardize the market through concrete actions, enhance consumption transparency, provide industry safeguards, protect the legitimate rights and interests of Chinese consumers, ensure surgical outcomes, and address post-operative service issues. At the conference, South Korean authorities proposed three governance measures for plastic surgery: first, online public disclosure of physicians’ qualifications to eliminate impersonation; second, provision of access to top-tier South Korean medical institutions to ensure professionalism; and third, establishment of professional service centers in China to mitigate risks.

Furthermore, to better serve its users, Xiangmei provides differentiated, targeted services across three stages: pre-departure (pre-surgery), overseas (during surgery), and post-return (post-surgery).

· Before going abroad: 3D technology eliminates the communication costs between patients and doctors

Unlike traditional medical aesthetics, Xiangmei’s 3D scanning and reconstruction feature allows users to simply scan their facial contours at home using a smartphone, enabling doctors overseas to assess their facial conditions.

Schematic Diagram of the 3D Scanning Process

“In the past, users seeking cosmetic surgery abroad might have needed to make multiple trips: the first to identify a reputable hospital, the second to consult with a doctor for a personalized surgical plan, and the third for the actual procedure.” In Minnie’s view, this cumbersome process incurred substantial time and financial costs for users.

Meanwhile, Xiangmei’s 3D scanning and reconstruction feature eliminates the need for users to make two prior trips abroad. Physicians design surgical plans based on the user’s 3D-scanned contours, provide personalized cosmetic surgery recommendations, and offer a preliminary reference price range. Users simply need to decide whether or not to proceed with the procedure.

· Abroad: Complimentary full-process accompaniment service

To better serve its users, Xiangmei has established a dedicated team in South Korea to provide services such as local ground support, Chinese-speaking medical facilitation, and legal consultation. The ground support and medical facilitation services are delivered by Chinese nationals residing in South Korea, fostering a sense of familiarity and facilitating more effective communication with users. Legal consultation services are provided by local Korean attorneys, leveraging their expertise in Korean law. All of the aforementioned services are offered free of charge.

Regarding costs, Xiangmei’s fees are set entirely in accordance with local South Korean prices; however, users are responsible for covering their own round-trip airfare and accommodation expenses to and from South Korea.

· After going abroad: Problems are covered by insurance backup.

“South Korea now has a specialized law governing cosmetic surgery. When users place orders, Xiangmei provides them with complimentary additional legal assistance and protection,” Minnie told VCBeat. This legislation was specifically introduced for foreign nationals. Furthermore, to attract more foreigners seeking cosmetic procedures, South Korea has also launched an insurance product tailored for foreigners. “This insurance for foreigners is not available for purchase by just anyone; it can only be obtained through accredited institutions.”

One of the primary objectives of Xiangmei establishing a branch in South Korea is to facilitate insurance purchases for its users.

Throughout the service process, Xiangmei’s product model is similar to that of Dianping (a popular Chinese review platform), allowing users to rate Korean doctors’ services and hospital environments. Minnie stated, “Users can leave reviews for everything from the hospital and attending physicians to each specific procedure. Since hospitals specialize in different areas, real feedback from other users helps identify each hospital’s strengths, enabling genuine comparisons.”

Purchasing Agent: Trusted Buyers Helping Users Find the Right Products

While providing beauty-conscious women with a convenient, safe, and efficient way to search for overseas medical aesthetic institutions, Xiangmei has also established an overseas purchasing platform. Users can review and share feedback on the platform’s shoppers, making informed decisions based on prior evaluations to confidently purchase authentic skincare and cosmetic products from around the world at any time and from anywhere. Xiangmei ensures that the identity information of overseas shoppers is genuine and transparent, allowing users to easily access a wide range of high-quality overseas products without leaving home.

As Chinese consumers increasingly turn to overseas purchasing agents for products such as infant formula, cosmetics, luxury handbags, and fresh food, the overseas daigou business has experienced rapid growth in recent years. According to monitoring data from the China E-Commerce Research Center, the market size of China’s overseas daigou sector reached RMB 2.895 billion in 2008, a sevenfold increase from the previous year. The transaction volume of the overseas daigou market amounted to RMB 12 billion in 2010, expanded to RMB 76.7 billion in 2013, and reached RMB 82.9 billion in 2014. Relevant data indicate that in 2014 alone, Chinese consumers accounted for 47% of global luxury goods sales, with 76% of these purchases made abroad. The substantial market scale and the rapid development of the internet have jointly fueled the booming growth of overseas daigou services.

It is evident that the overseas purchasing market has been growing year by year. Consequently, professional, reliable, and efficient overseas buyers have emerged as a highly promising industry, while the platforms aggregating these buyers have evolved into trusted consumer destinations. With the addition of user reviews and word-of-mouth sharing, the subsequent impact is expected to be even more significant.

In the future, participating in public welfare initiatives to help more women in remote mountainous areas enhance their appearance will be a key strategic priority for Xiangmei. Minnie stated, “I am currently engaging with various women’s charitable foundations. In the future, we plan to allocate RMB 1–10 from each transaction on the Xiangmei platform to these funds. Our goal is to assist impoverished women in remote mountainous regions—such as those born with cleft lips or suffering from acquired burn injuries—who struggle with self-confidence and social integration due to their conditions. By providing them with reconstructive surgical care, we aim to help them regain social acceptance, rediscover their sense of self-worth, and enjoy the same opportunities as other women to pursue love, marriage, and childbirth, thereby opening up new possibilities for their lives.”

Currently, the team is conducting a Pre-A round of financing.