Beijing-based So-Young International, which runs an app that hosts listings of medical aesthetic treatments and services, has filed for an initial public offering with the United States Securities and Exchange Commission. The company hopes to raise USD 150 million.
“Our mission is to bring beauty and health to everyone. Our founders set up So-Young to transform the fast-growing yet opaque medical aesthetics market in China by providing transparent information, which ultimately allowed us to build a one-stop destination where users can conveniently find quality services,” said the company in the prospectus that it filed on Monday.
So-Young’s app had over 240 million average monthly views in the fourth quarter of 2018, the prospectus shows. The company earned RMB 415 million (USD 60 million) in 2018 from information services, nearly three times the amount generated by the same channels in 2017.
Its other source of revenue is from reservations, which pulled in RMB 202 million in 2018, nearly double the amount from the previous year. In all, So-Young facilitated RMB 2.1 billion worth of medical aesthetic treatments last year, representing nearly one-third of the total proceeds from these services that were booked online in China last year, the company said, citing research by Frost & Sullivan.
So-Young earned a net income of RMB 55.1 million in 2018, a leap from 2017’s RMB 17.2 million.
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