Aier Confirms Plan for First 'A+H' Ophthalmology Listing
On March 17, sources close to Aier Eye Hospital confirmed the company is preparing for a secondary listing in Hong Kong, a move that would establish it as the first ophthalmology hospital to be dual-listed on both a mainland China exchange (A-share) and the Hong Kong Stock Exchange (H-share). The confirmation follows market speculation and marks a significant strategic pivot for the company. In May 2025, Chairman Chen Bang had denied any immediate plans for an H-share listing, citing strong cash flow and a lack of suitable overseas acquisition targets at the time.
Domestic Profit Pressure of 9.76% Drives Overseas Push
The decision to tap international capital markets coincides with growing pressure on Aier's domestic business. For the first three quarters of 2025, the company reported a 9.76% year-over-year decline in net profit to 3.115 billion yuan, even as revenue increased 7.25% to 17.484 billion yuan. This profit compression is partly attributed to China's volume-based procurement policies for medical supplies. In contrast, the company's international operations, which already span Europe, Southeast Asia, and the United States, currently contribute approximately 10% of total revenue. A Hong Kong listing is seen as a critical step to accelerate growth outside its core market.
New Capital to Fuel International Expansion Strategy
Aier's management aims to use the Hong Kong platform to finance a more aggressive global expansion. The company intends to pursue a disciplined but active international growth strategy, adapting its approach to the regulatory and market conditions of each new region. By gaining access to a wider pool of international investors and capital, Aier Eye Hospital seeks to fund further mergers and acquisitions abroad. This move is designed to open up new avenues for revenue growth and reduce its reliance on the increasingly competitive domestic Chinese market.
