Sang Beela Co., Ltd. (hereinafter referred to as 'Sang Beela') successfully listed on June 26, 2025. The company plans to issue 9,542 million H shares, of which 90% will be international offerings and 10% will be public offerings. The issue price per share is HK$6.58, raising a net amount of approximately HK$628 million.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

According to LiveReport's big data (statistical data as of June 1, 2025), from January to May 2025, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 17 (63%), 48 (63%) and 152 (68%) Hong Kong-listed IPOs respectively, boasting rich industry experience and communication skills with exchanges and investors.

• The company is a leading postpartum care and rehabilitation group in Asia and China;

   

• The company owns a high-end brand portfolio and comprehensive product categories to attract loyal customer bases;

   

• The company offers transformative postpartum care and other home-based care services;

   

• The company owns a proprietary technology platform that enables digitalization of services and improves operational efficiency;

   

• The company has achieved large-scale operations through a light-asset model, unparalleled human and other resources, and successful track records in business expansion and integration.

According to the Frost & Sullivan report, the company for 2024:

• Ranked first in Asia's postpartum care and rehabilitation group (by revenue generated from maternity centers);

   

• Ranked first in China's postpartum care and rehabilitation group (based on revenue generated from maternity centers);

   

• Ranked first in China's postpartum care and recovery group (based on revenue generated from ultra-high-end maternity centers).

The home care industry encompasses a comprehensive range of health services and food products, aiming to meet the needs of family members of all ages. According to a Frost & Sullivan report, the home care industry can be divided into the following main sectors:

• Postpartum care: Postpartum care refers to the nursing work for women who have recently given birth and their infants, mainly including health monitoring, and providing corresponding dietary care, health maintenance, and postpartum wound care services. Market participants mainly include maternity centers and part-time nannies;

   

• Postpartum recovery: Postpartum recovery services help women with physical and mental recovery after childbirth, such as pelvic rehabilitation, skin repair, and other services to help women regain health and happiness after giving birth;

   

• Home childcare: Home childcare services include daily care, early education, and other childcare-related services;

   

• Healthy Foods: The healthy food industry focuses on nutritional supplements, vitamins, and minerals that support overall health, targeting hormonal balance, reproductive health, bone density, and overall vitality. The industry's healthy foods aim to supplement dietary intake, provide essential elements that help regulate the body, and meet the nutritional needs of individuals at different life stages, rather than focusing on treating specific diseases or conditions;

   

• Nursing care for the elderly: Nursing care for the elderly refers to comprehensive services provided specifically for the elderly, including daily care, rehabilitation, and psychological support. Market participants mainly include nursing homes and other service providers for elderly care.

According to a Frost & Sullivan report, the scale of China's home care industry has been growing continuously in recent years, increasing from RMB 392.8 billion in 2019 to RMB 711.3 billion in 2024, with a compound annual growth rate of 12.6%. The forecast shows that the market size will continue to rise, increasing from RMB 805.3 billion in 2025 to RMB 1443.8 billion in 2030, with a compound annual growth rate of 12.4%.

Postpartum care service providers can be divided into two types: maternity centers and midwives. Both maternity centers and midwives provide postpartum care and support to novice mothers and newborns during the critical period after childbirth. Their service targets are the same. Although there is a certain degree of competition between maternity centers and midwives, due to differences in professionalism, specialized knowledge, price ranges, service positioning, service matrix, and service hours, the customer groups targeted by maternity center groups and midwives are not entirely the same. Compared to midwives, middle- to high-income families generally prefer maternity centers, as they are willing and able to purchase postpartum care services at higher prices, pursuing scientific methods, a diverse product matrix, well-staffed nursing experts, and consistent service quality. The target customer groups for maternity center and midwife services have distinct characteristics, which limits the degree of competition between the two types of service providers.

According to a Frost & Sullivan report, from 2019 to 2024, with the increasing acceptance of postpartum care and rehabilitation services and the expansion of chain postpartum care institutions, the postpartum care and rehabilitation industry in China continued to expand. The market size increased from about RMB 386 billion in 2019 to RMB 675 billion in 2024, with a compound annual growth rate of 11.8%. In 2020, affected by the outbreak of COVID-19, some small and medium-sized maternity centers suspended operations, slightly reducing the market size of the postpartum care industry. However, after these participants withdrew, market concentration slightly increased. The market size of domestic postpartum rehabilitation services in China is also expected to grow significantly, with a compound annual growth rate of 23.2% from 2025 to 2030.

According to Frost & Sullivan's data, based on the revenue generated by maternity care centers in 2024, Shengbaila is the largest postnatal care and rehabilitation group in China.

The following table lists the top five postpartum care and rehabilitation groups in China based on their revenue generated by ultra-high-end maternity centers in 2024:

The following table lists the top five postpartum care and repair groups in Asia, ranked based on their revenue generated by maternity centers in 2024:

According to a Frost & Sullivan report, nowadays, more and more women are willing to invest more money and effort in maintaining and improving their health and appearance, which has stimulated the growth in demand for postpartum care and repair services. In addition to traditional facial beauty, people are paying more attention to physical beauty and health. Against this backdrop, maternity centers offer a variety of specialized services, taking into account both health recovery and postpartum body shaping, encouraging consumers to increasingly choose maternity center services over nanny services. Moreover, the supply of nannies and other domestic service workers is insufficient to meet China's market demand. The emergence of maternity centers has effectively filled this market demand gap.

According to a Frost & Sullivan report, the disposable income of Chinese residents has maintained an upward trend in recent years. Specifically, from 2019 to 2024, the number of wealthy families with a net asset value of 6 million yuan, high-net-worth families with a net asset value of 1 million yuan, ultra-high-net-worth families with a net asset value of 10 million yuan, and international ultra-high-net-worth families with a net asset value of 3 million US dollars generally showed an upward trend. These groups constitute the main target demographic for our ultra-high-end and high-end maternity center services. In addition, according to data from the National Bureau of Statistics, in 2023, the overall consumer price level of China's high-net-worth population rose by 5.4%, exceeding the national consumer price index, which increased by 0.2% in 2023. This indicates that high-net-worth families continue to maintain strong consumption capacity and enthusiasm.

In addition, consumers in first- and second-tier cities have more specialized and diverse requirements for services. High-end postpartum care institutions equipped with professional talents, scientific and systematic care and repair services, as well as advanced equipment, can meet consumers' potential demand for professional postpartum care services. Furthermore, according to Frost & Sullivan reports, among China's high-net-worth population, those with more assets are more willing to have more than one child. Therefore, driven by consumers' increasing demand for high-quality services, the high-end market segment is expected to grow at a rate higher than the overall maternity center industry.

●Professional brands and personnel

To meet the growing needs of consumers, more and more maternity centers are establishing their own employee training systems, focusing on training and improving employees' basic abilities, professional skills, and service awareness. Establishing an effective employee training system is the foundation of professional care and repair services, which can enhance market reputation and customer recognition. Therefore, market participants with better and more professional services often form a better brand perception and reputation among consumers, thereby gaining more income and market share.

●Diverse services

With the rapid development of postpartum care and rehabilitation industries, the value-added services that market participants can offer are expected to become an important factor influencing consumers' choice of maternity centers. As a result, more and more maternity center operators are increasingly focusing on providing a more diversified service matrix to cultivate their differentiated competitive advantages.

●digitization

As market participants continue to invest in technological innovation and digitization, the development of the postpartum care and repair industry is expected to be characterized by the introduction of new technologies. For example, through the application of internet platforms and intelligent management systems, market participants can improve service efficiency and quality, and meet customer needs more accurately and efficiently.

●Market integration

With the continuous development and maturation of the postpartum care and repair industry in China, larger market participants are expected to emerge as they are unable to benefit from the economies of scale brought about by competitors' market positions and supplier and partner relationships. In addition, larger market participants often have more ability to comply with relevant laws and regulations, build brand awareness, and provide professional services.

●Overseas expansion

With the global awareness of women's issues increasing, services for postpartum care and recovery, which address women's health concerns, are receiving more attention. The business model of maternity centers is expected to become more popular in overseas markets outside China. There are growing opportunities for industry-leading market participants to expand overseas markets by establishing overseas branches or acquiring local players.