On April 22, 2026, Beijing Yuanxin Technology Group Co., Ltd. (hereinafter referred to as 'Yuanxin Technology') submitted its prospectus to the Hong Kong Stock Exchange for a proposed IPO on the Main Board of the Hong Kong Stock Exchange. The company had previously filed five times on October 15, 2021, April 19, 2022, October 21, 2022, May 29, 2023, and December 18, 2023, and successfully passed the Hong Kong Stock Exchange listing hearing on February 9, 2024.
In this submission compared to the previous one, the sponsors of Yuanxin Technology have changed, from joint sponsorship by CITIC Securities and Goldman Sachs to exclusive sponsorship by Huatai International.
Link to Yuanxin Technology's prospectus:
https://www1.hkexnews.hk/app/sehk/2026/108456/documents/sehk26042200305_c.pdf
Main Business
Yuanxin Technology, established in 2015, is the largest full-service commercialization service provider for innovative drugs in China, focusing on supplying and delivering medicines, particularly prescription drugs, to patients in need.
According to a Frost & Sullivan report, as of 2024, Yuanxin Technology is the largest full-service commercialization service provider for innovative drugs in China in terms of revenue and annual delivery value of innovative drugs.
With a unique closed-loop ecosystem that connects patients, pharmaceutical companies, healthcare professionals, and insurance providers, Yuanxin Technology offers comprehensive services for the commercialization of innovative drugs in China, including industry promotion, drug delivery, patient management, and payment solutions.
Yuanxin Technology’s revenue mainly comes from the supply and delivery of medicines (primarily innovative drugs) and provides patients with professional pharmaceutical and medical services through offline pharmacies and online internet hospitals. Additionally, the company offers comprehensive insurance services ranging from insurance product design and marketing to cost control, claims processing, and personal health management, as well as innovative drug marketing services based on real-world research and networks of healthcare professionals.
Commercial Delivery Network
Out-of-hospital pharmacy services establish an offline + online pharmacy network through Yuanxin Pharmacy, a nationwide offline pharmacy network, and Miaoshou Doctor, an online pharmacy platform. As of December 31, 2025, among the company’s 201 pharmacies, 183 are located within one kilometer of hospitals, and 147 are within 300 meters. Furthermore, 177 Yuanxin Pharmacies are designated as定点 pharmacies under the social medical insurance system, 115 are dual-channel designated pharmacies for critical illness and social medical insurance, and 104 are designated pharmacies for outpatient coordinated services. These pharmacies enable patients to conveniently access innovative drugs and professional medical services to complement their in-hospital treatments. As of December 31, 2025, the company offers approximately 42,585 SKUs across its offline and online pharmacy networks, with a product portfolio covering 182 of the 207 oncology innovative drugs approved by the National Medical Products Administration since 2015 and 347 of the 453 innovative drugs (excluding vaccines and diagnostic reagents) approved by the National Medical Products Administration since 2015.
The off-hospital medical services provided by Yuanxin Technology complement its offline pharmacy services. Through the Miaoshou Doctor platform, the company offers subsequent consultations, medication refills, and other online medical services, enhancing the convenience and quality of healthcare access for patients. In 2025, the average monthly user visits to the company's online Miaoshou Doctor platform are approximately 27 million.
Additionally, the company’s pharmaceutical wholesale services primarily provide certain innovative drugs to third-party retail pharmacies and pharmaceutical distributors, with supplementary offerings of other prescription and over-the-counter medications.
Commercialization Acceleration Services
Yuanxin Technology launched its insurance services in 2018. As of December 31, 2025, the company has served 230 insurance companies and 10 reinsurance companies, covering 580 innovative drugs approved by the National Medical Products Administration (NMPA). It has also facilitated the launch of inclusive commercial health insurance in more than 180 cities. From its inception up to December 31, 2025, the company has managed approximately 247 million insurance policies and benefited around 4.8 million people through its related health management services. During the performance record period, total claims applications for drug usage submitted via the company's services amounted to RMB 3.6 billion, with insurance companies disbursing RMB 1.1 billion in compensation according to corresponding policy terms.
At the end of 2019, Yuanxin Technology began offering marketing services to pharmaceutical companies. According to Frost & Sullivan, as of December 31, 2025, Yuanxin Technology has cumulatively provided marketing services to 506 pharmaceutical companies, including 19 of China's top 20 domestic pharmaceutical companies and 19 of the world’s top 20 pharmaceutical companies (ranked by revenue in 2024).
Medical Technology Services
Yuanxin Technology developed medical technology services in 2019, enabling hospitals—particularly tertiary hospitals—to intelligently optimize their operations and promote positive long-term patient management. As of December 31, 2025, the company has partnered with a total of 537 hospitals, including over 220 tertiary hospitals.
Shareholder Structure
The prospectus reveals that in Yuanxin Technology’s shareholder structure prior to its IPO,
Entities controlled by Mr. He Tao, including Tianjin Chuan You and the share award plan platform Yuan Miao Ren, collectively hold approximately 35.78% of shares, making them the controlling shareholders.
Other shareholders include Tencent, Sequoia, Qiming Venture Partners, Starquest Capital, Shanghai Kunling, KL Health, INCE Capital, CITIC, CICC, OrbiMed, Index, and Efund, among others.
Directors and senior management
The board of directors of Yuanyi Technology will consist of nine members, including:
Four executive directors
Mr. He Tao (Chairman of the Board, Chief Executive Officer);
Mr. He Weizhuang (Senior Vice President);
Mr. He Guofeng (Board Secretary, Joint Company Secretary);
Mr. Zhang Huanchang (Vice President);
Two non-executive directors
Mr. Hao Rui (Employed at Tencent New Cultural Creativity under Tencent Group);
Mr. Zhou Kui (Partner at Sequoia China);
Three independent non-executive directors
Mr. Liao Zhongmin (Former Partner at PwC);
Mr. Jin Pingliang (Partner at Grandall Law Firm (Beijing));
Ms. Wei Zi (Professor at the School of Accountancy, Central University of Finance and Economics).
In addition to the executive directors, senior executives include:
Ms. Wen Jing (Chief Financial Officer).
Company performance
According to the prospectus, in the past years of 2023, 2024, and 2025, Yuanxin Technology's operating revenues were RMB 9.737 billion, RMB 10.205 billion, and RMB 10.377 billion respectively, with corresponding net losses of RMB 719 million, RMB 1.094 billion, and RMB 401 million respectively. The corresponding adjusted net losses were RMB 677 million, RMB 939 million, and RMB 260 million respectively.
