Good News on Listing | Frost & Sullivan Assists Hansate Bio-Tech (Wuhan) in Successfully Going Public in Hong Kong

Relaxed Health Group (hereinafter referred to as 'Relaxed Health' or 'the Company') successfully went public on December 23, 2025, issuing 2,654 million shares at a price of HK$22.68 per share, raising approximately HK$513 million in net proceeds.

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 writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business and other important chapters), assisting the issuer in communicating with the Hong Kong Stock Exchange and investors, helping investors quickly understand 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.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, and during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication experience with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.

• The company is a leading provider of comprehensive digital health services and health insurance in China.

   

• The company has established a highly trusted and widely recognized brand, with a good track record in creating exceptional value for users, customers, and other business partners.

   

• The company has efficient user acquisition capabilities and high user engagement, bringing significant network effects to the company's platform.

   

• The company has an ecosystem centered on the overall well-being of users, providing digital health services and customized financial resources.

According to the Frost & Sullivan report, in terms of revenue for 2024, the company:

• It is the tenth largest provider of digital comprehensive health services and health insurance services in China;

   

• It is the seventh largest digital health service provider in China.

Digital comprehensive health services and health insurance services refer to various comprehensive and convenient health services and health insurance offerings provided to individuals, pharmaceutical and medical device companies through the use of digital technology and internet platforms. Market participants mainly include digital health insurance service platforms as well as those that provide digital health services.

With the continuous expansion of the internet user base and the increasing awareness of health among people, the penetration rate of digital health sales (calculated as the ratio of the market size of China's digital health service market to the total market size of health services) increased from 1.0% in 2020 to 2.8% in 2024, and is expected to reach 7.1% by 2029. The penetration rate of digital health insurance sales also shows a similar growth trend, increasing from 5.7% in 2020 to 7.2% in 2024, and is expected to reach 12.9% by 2029. The continuous increase in penetration rates has driven up the market size of China's digital comprehensive health services and health insurance services (in terms of revenue), from RMB 727 billion in 2020 to RMB 2365 billion in 2024, with a compound annual growth rate of 34.3%, and is expected to reach RMB 7485 billion by 2029. The compound annual growth rate from 2024 to 2029 is expected to be 25.9%. China's digital comprehensive health services and health insurance services market (classified by service type) includes the digital health service market and the digital health insurance service market.

Data source: Analysis by Frost & Sullivan

● Technological innovation and ecosystem construction

Technological innovation is the core driving force for the development of digital comprehensive health services and health insurance service platforms. The continuous improvement and application of cutting-edge technologies such as AI and big data provide strong technical support for the development of digital health services and health insurance service platforms in terms of efficiency and service quality improvement, intelligent enhancement, and customized services. For example, the application of big data technology enables digital comprehensive health services and health insurance service platforms to analyze user behavior and assess health risks, customizing insurance products and personalized premium pricing for users. The application of AI technology allows digital comprehensive health services and health insurance service platforms to develop intelligent consultation systems that provide preliminary treatment suggestions for users and guide them to appropriate medical institutions to optimize the allocation of medical resources.

● Increased market demand

The aging population and rising incidence of chronic diseases in China have increased public demand for efficient, convenient comprehensive health services and health insurance services. Therefore, digital comprehensive health service and health insurance service platforms are favored by users for providing diverse services (including insurance products, telemedicine, family doctors, and chronic disease management), meeting users' diverse health needs.

● One-stop, diversified and comprehensive services

The Digital Comprehensive Health Service and Health Insurance Service Platform integrates health services, health insurance-related products, and services to create an efficient and convenient one-stop service platform. Its services cover a wide range of health services (such as online registration, remote consultation, and electronic medical record management) and insurance services (such as online registration, plan customization, and compensation processing). The integration of these products and services can meet users' diverse health and protection needs, greatly enhance user experience, improve user satisfaction and stickiness, and attract new users.

● Market is developing rapidly

Beneficial government policies, the enhancement of public health awareness, and the increasing demand for medical services have driven the vigorous development of China's digital health service industry. In recent years, the state has introduced a series of favorable policies to encourage the development of China's digital health service market. For example, the "Opinions on Promoting the Development of 'Internet + Healthcare'" issued by the General Office of the State Council on April 28, 2018, proposed to improve the "Internet + Healthcare" service system, encourage medical institutions to use the Internet and other information technologies to expand the space and content of healthcare services, and create an integrated online and offline full-process healthcare service. This policy creates a favorable development environment for the industry by regulating and supporting the digital healthcare service market, promoting the widespread application of digital healthcare services. Another example is the "Opinions on Further Improving the Medical and Health Service System" issued by the General Office of the CPC Central Committee and the General Office of the State Council on March 23, 2023, which proposed to accelerate the application of the Internet, blockchain, Internet of Things, artificial intelligence, cloud computing, and big data in the field of healthcare. This policy provides new opportunities for technological innovation in the development of the digital healthcare service market by supporting the broader application of information technology in China's healthcare service system, promoting continuous growth of the industry. The aforementioned favorable policies, the widespread application of advanced technologies such as the Internet, artificial intelligence, and big data in healthcare scenarios, enable more people to enjoy higher-quality digital comprehensive health services and health insurance services, creating huge growth opportunities for the market. For instance, the AI-driven auxiliary diagnosis and treatment system promotes the upgrade of telemedicine, big data technology assists in the analysis and optimization scheduling of regional medical resources, and the Internet breaks geographical limitations, allowing more regions to enjoy high-quality healthcare and insurance services. In addition, with the continuous enhancement of public health awareness, the demand for personalized and convenient health services and health insurance services is growing day by day, further promoting market development. In summary, benefiting from favorable policies and increasing public health needs, China's digital comprehensive health service and health insurance service market is expected to experience rapid growth.

● Personalized and customized services

As the needs of individuals and enterprises become increasingly diverse, the digital comprehensive health service and health insurance service market will enhance the level of service customization by expanding service offerings, and provide more accurate and personalized health management and medical service solutions to improve user experience and retention.

● Continuously integrate resources

The digital comprehensive health service and health insurance service market will continue to strengthen cooperation with medical institutions, insurance companies, and other health service and health insurance service providers in the future to meet customers' demand for one-stop health services and insurance.

Currently, most providers in the digital comprehensive health and health insurance service market are still focused on digital health services or digital health insurance services. Even if some providers offer both types of services, their revenue often tends towards one of these segments. Therefore, if only market participants with significant revenue from both services are selected as comparable subjects, market participants that compete with the company in either digital health services or digital health insurance services will be overlooked.

In addition, with the continuous development of the market, more and more suppliers have shown a trend of expanding their business into digital health services and digital health insurance services. By integrating health and health insurance resources, suppliers can form a seamless ecosystem that enhances user stickiness, increases cross-selling opportunities, and provides users with a more comprehensive health management experience to meet the increasingly diverse needs of consumers.

The Chinese digital comprehensive health service and health insurance service market is fragmented. In 2024, there were over 3,000 market participants in this field, with the top 15 platforms accounting for less than 10% of the total market share by revenue. The company is one of the few suppliers in the Chinese digital comprehensive health and health insurance service market, focusing its strategy on digital health services and digital health insurance services. In 2024, by revenue, the company ranked 10th in the Chinese digital comprehensive health service and health insurance service market.

Data source: Analysis by Frost & Sullivan

Digital health services refer to health services provided by qualified health institutions or health service providers to individual or corporate clients through digital technology and internet platforms. These platforms offer digital health solutions to individuals and corporate clients, such as early screening, online appointment booking, and personalized health services. For pharmaceutical companies and medical device companies, these platforms provide important support through digital marketing (science popularization services) and digital medical research assistance. These platforms enable individuals to obtain convenient health services and assist enterprises in optimizing their product development, marketing strategies, and research work using advanced digital technology.

The China Digital Health Service Platform (by revenue) increased from RMB 629 billion in 2020 to RMB 2215 billion in 2024, with a compound annual growth rate of 37.0%. It is expected to reach RMB 7068 billion by 2029, with a compound annual growth rate of 26.1% from 2024 to 2029.

Data source: Analysis by Frost & Sullivan

The digital health enterprise services provided to medical institutions and pharmaceutical companies mainly include three categories: (i) digital marketing services; (ii)Digital RWS Service(iii) Other services, such as software and system development services. In recent years, the digital health enterprise service market has developed rapidly, mainly driven by favorable policies and the increasing demand for efficient marketing and medical research and popular science services in the pharmaceutical and medical device industries.

A series of favorable policies introduced by the Chinese government have driven the healthcare sector, especially increasing the demand for public science popularization services by pharmaceutical and medical device companies. For example, the '14th Five-Year Plan' for National Health issued by the General Office of the State Council requires the improvement of the national health science popularization expert database and resource library, and encourages medical institutions and medical staff to carry out health promotion and education. In addition, the 'Guiding Opinions on Promoting and Standardizing the Application and Development of Health Medical Big Data' issued by the General Office of the State Council propose to actively guide medical and health institutions and social forces to participate in various forms of science popularization activities, and to promote the knowledge of health medical big data applications.

In 2024, the Chinese digital health enterprise service market accounted for 33.8% of the total scale of the digital health service market in China. With pharmaceutical and medical device companies increasing investment in digital marketing services (including science popularization services) and research services, the digital health enterprise service market will see broader development prospects. In terms of revenue, the Chinese digital health enterprise service market is expected to reach RMB 262.9 billion by 2029.

Data source: Analysis by Frost & Sullivan

The digital health service market in China is fragmented, with the top 15 platforms accounting for less than 6.0% of the total market share based on revenue in 2024. In 2024, the company ranked seventh in the digital health service market in China (by revenue).

Data source: Analysis by Frost & Sullivan

The company's science popularization service is part of the digital marketing service market within the digital health enterprise service sector. The market competition pattern is relatively fragmented, with the top ten platforms accounting for less than 10% of the total market share based on revenue in 2024. In terms of revenue in 2024, the company ranked sixth in the Chinese digital marketing service market.

Data source: Analysis by Frost & Sullivan

A digital insurance service platform refers to an insurance brokerage company that sells insurance products relying on internet platforms and provides information and transaction services for multiple insurance buyers and sellers. Utilizing its long-term cooperation with insurance companies and extensive user base, the digital insurance service platform also offers other digital insurance services (such as digital operations and management solutions) to meet the operational needs of insurance companies in underwriting, risk control, and related fields. Digital insurance service platforms have competitive advantages over traditional insurance sales methods in the following aspects.

chinainsurance penetration rate(The ratio is calculated by dividing the total premium value by GDP and is still relatively low, at 4.4% in 2024. Meanwhile, the insurance penetration rates in the United States, the United Kingdom, and Japan were 12.5%, 10.9%, and 8.8% respectively in the same year, indicating that the Chinese insurance market has significant growth potential. In Chinainsurance density(Calculated by dividing the total premium by China's population) it is $578 in 2024, while in the same year, the insurance density in the United States, the United Kingdom, and Japan was 10.0 per thousand dollars, 5.1 per thousand dollars, and 3.0 per thousand dollars respectively. With the rapid growth of China's digital user base and the continuous rise in digital penetration rates, the market for digital health insurance services in China (by revenue) has rapidly increased from RMB 98 billion in 2020 to RMB 150 billion in 2024, with a compound annual growth rate of 11.2%. It is expected to reach RMB 417 billion by 2029, with a compound annual growth rate expected from 2024 to 2029 of 22.7%.

Data source: Analysis by Frost & Sullivan

The digital health insurance service market in China is relatively fragmented. In 2024, ranked by first-year premiums, the company ranked seventh in the digital health insurance service market in China.

Data source: Analysis by Frost & Sullivan