ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
China tech

Chinese cosmetic surgery app has pretty debut on Nasdaq

So-Young shares close 30% higher than initial offering price

Shares in So-Young, an online marketplace for cosmetic procedures, jumped more than 30% on their first day of trading. (Photo courtesy of Nasdaq)

NEW YORK -- So-Young, an online marketplace in China for cosmetic procedures, surged Thursday on Nasdaq after its $179 million initial public offering, reflecting investor appetite for the country's aesthetic medicine boom.

The Beijing-based company opened at $16.50 on its first day of trading -- about 20% above the IPO price -- crested at $19.98 and closed at $18.20 on a down day for the Nasdaq composite and two other big-name U.S. stock indexes. The company originally filed for a $150 million listing but later raised its target, a sign of high demand.

So-Young is the third Chinese unicorn to go public in the U.S. this year. The three more in pipeline include Hangzhou-based e-commerce startup Yunji, with an IPO scheduled for Friday.

The company logged revenue of $89.8 million for 2018, primarily by charging medical providers for information services and reservation services, according to its prospectus. Unlike many unicorns listing on Nasdaq, So-Young is profitable, reporting net income of $8 million for last year.

The aesthetic medicine market is growing fast in China, thanks to shifting mores and rising disposable income. The industry's revenue grew to $17.7 billion last year, with the country poised to become the largest market in the world by 2021, according to Frost & Sullivan research commissioned by So-Young.

So-Young's platform has a social media element, allowing users to share experiences and before-and-after pictures. The company also says in its prospectus that it uses artificial intelligence to recommend treatments. Most of the platform's users are 30 or younger.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media