On April 30, Junqi Holdings Limited ("Junqi Holdings"), a Taiwan-based medical aesthetics service platform, filed its IPO application with the Hong Kong Stock Exchange (HKEX), with Guotai Junan International acting as the sole sponsor. Junqi Holdings traces its roots to 2011, originating from the medical aesthetics business segment of Litong Biotech (6539.TWO), a well-known biotechnology company in Taiwan specializing in functional health foods and medical-grade skincare products. In 2024, Litong Biotech completed a strategic restructuring, spinning off its medical aesthetics platform business into Junqi Taiwan, creating an independent platform with a clear strategy and flexible operations. Junqi Holdings operates as a medical aesthetics chain platform under the flagship brand "Junqi," utilizing a brand-driven B2B2C cooperation model. It provides licensed responsible physicians with comprehensive non-medical operational support to help them establish and operate medical aesthetics clinics. This support includes clinic brand promotion and operational services (covering brand management, trademark licensing, on-site customer service, and administrative management), procurement of medical equipment, consumables, and pharmaceuticals, and clinic leasing. In essence, Junqi Holdings does not directly provide medical services but offers a light-asset platform for physicians to "set up and start operations." Physicians focus on treatments, while the company handles branding, customer acquisition, supply chain, premises, systems, and administration. As of December 31, 2025, Junqi Holdings operated 19 clinics strategically located in major metropolitan areas of Taiwan. By the end of 2025, the company had over 500,000 members, with its clinics having served more than 350,000 members cumulatively, including over 90,000 active members in 2025. Since 2024, the company has expanded into traditional Chinese medicine (TCM) under the "Junqi" brand, promoting a value proposition of "external beauty, internal health" by offering TCM solutions for weight management, constitution regulation, and anti-aging. In terms of market position, based on 2025 revenue, Junqi Holdings is one of the largest medical aesthetics service brands in Taiwan and one of the largest beauty service platforms, accounting for approximately 12.8% of the total market share in Taiwan's beauty service platform industry that year.
The company has experienced strong growth, with total revenue increasing from HKD 234 million in 2023 to HKD 634 million in 2025. Net profit grew from HKD 5.697 million in 2023 to HKD 149 million in 2025, representing a compound annual growth rate (CAGR) of 411.5%. Gross profit margin and net profit margin have also improved significantly, primarily due to the increased proportion of high-margin brand operation services and the gradual phase-out of low-margin membership services. Gross profit margin rose from 8.4% in 2023 to 25.7% in 2024, and further to 28.3% in 2025. Net profit margin jumped from 2.4% in 2023 to 23.5% in 2025. The company's revenue is primarily derived from three types of services provided to physicians: clinic brand promotion and operational services (including brand management, trademark licensing, customer service, and administrative management), procurement of medical equipment and consumables, and clinic leasing. It should be noted that Junqi Holdings' revenue is highly concentrated in Taiwan, making it sensitive to regional economic fluctuations and regulatory policy changes. Additionally, the company's equity is highly concentrated among family members, raising governance and related-party transaction concerns. Currently, board chairperson and executive director Zhang Liqi holds a combined 74.02% equity stake. Zhang Liqi's daughter, executive director Zhuang Yujing, holds 99.9% of Ravix Holdings, which in turn holds 6.71% of the company. Zhang Liqi's son, Zhuang Ruihong, holds 3.29%, and Zhang Liqi's sister, Zhang Jiaqi, holds 0.10%. Overall, the Zhang Liqi family members collectively control the vast majority of the company's equity, giving it a strong family-oriented atmosphere. Regarding the use of proceeds from the Hong Kong IPO, Junqi Holdings plans to: strategically expand its integrated medical aesthetics and health platform in Taiwan by establishing 10 new medical aesthetics clinics and 15 new TCM clinics in collaboration with responsible physicians; acquire an existing, profitable medical aesthetics platform operator in the Tokyo metropolitan area of Japan that has a mature clinic network; enhance the company's business management and operations; and use the funds for working capital and general corporate purposes.
Source: Read the original report | Published: May 07, 2026