Unveiling the Hidden Dangers of Bai Health's IPO: Frequent User Complaints and High Dividend Payouts, But What About the Founder's Debt Issues?
“Bai Health, Whole Health! For the health and well-being of Chinese people”
This is a slogan displayed on Bai Health's official website since it submitted its listing application to the Hong Kong Stock Exchange. According to the Hong Kong Stock Exchange's official information, the company has been quiet about its IPO process. As of 2023, the relevant documents submitted by the company are still invalid and have not been updated.
In the past, Bai Health's predecessor, Green Slim Group, attempted to list on the A-share market twice but failed. This time, Bai Health has chosen to go public in Hong Kong, which is its third attempt to enter the capital market. However, due to frequent lawsuits and debt issues affecting the founder, Bai Health's IPO is likely to be filled with twists.
From “Weight Loss” to “Male Health”
According to publicly available data, Green Slim Group was established in 2009 and initially focused on weight management services. By 2017, the company had expanded its business scope to include chronic disease management. In terms of weight management services, the company's weight loss program accounted for a significant portion of its revenue. In the chronic disease management sector, male health solutions also became a major contributor to its income.
According to Frost Sullivan data, as of 2022, Bai Health ranked first in China's weight management industry, digital weight management industry, and digital male health management industry, respectively, with market shares of approximately 4.2%, 7.1%, and 4.2%.
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