Recently (April 30), Junqi Holding Limited (hereinafter referred to as “Junqi Holding”), the second-largest medical aesthetics service provider in Taiwan, submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Main Board. Guotai Haitong Securities is acting as the sole sponsor
According to the prospectus, for the fiscal year 2025, Junqi Holding recorded revenue of HKD 634 million, representing a year-on-year increase of 63.9%. Profit attributable to owners of the company (net profit) reached HKD 115 million, up 108.2% year-on-year.
Junqi Holding is a major participant in Taiwan’s women’s healthcare services market. Since 2011, it has operated under its flagship brand “Dr. Shine,” adopting a brand-driven B2B2C collaboration model. The company provides comprehensive non-medical operational support services to aesthetic medical clinics run by licensed physicians. In 2024, Junqi Holding strategically expanded into the traditional Chinese medicine sector, further broadening its presence in the women’s health consumer market. At present, the company operates 19 clinics under its flagship brand (17 aesthetic medical clinics and 2 traditional Chinese medicine clinics), located across major metropolitan areas in Taiwan, including Taipei, Taoyuan, Hsinchu, Taichung, and Kaohsiung.
According to data from Frost & Sullivan, based on 2025 revenue, Junqi Holding ranked as the second-largest medical aesthetics service brand in Taiwan, with a market share of 4%. It is also the second-largest beauty service platform in Taiwan, accounting for approximately 12.8% of the total market share of the beauty service platform industry that year.
The prospectus reveals that Junqi Holding’s business is mainly divided into three segments: services provided to physicians, beauty services provided to members, and subleasing operations.
Among these, services provided to physicians constitute the core revenue source. In fiscal year 2025, this segment generated revenue of HKD 603 million, accounting for 95% of total revenue. Specifically, this segment is further divided into three sub-categories: “clinic branding, marketing, and operational services,” “procurement of medical equipment, consumables, and pharmaceuticals,” and “clinic leasing,” which generated revenues of HKD 342 million, HKD 234 million, and HKD 27 million, respectively.
The other two segments—beauty services provided to members and subleasing—account for a relatively small portion of total revenue. The former was discontinued starting October 2025, with cumulative revenue of HKD 2.355 million prior to its termination, representing 0.4% of total revenue. The subleasing segment generated revenue of HKD 29 million, accounting for 4.6% of total revenue.
