So-Young International, a medical aesthetics company in China, had its first trading day on the New York Stock Exchange last Thursday, listing at USD 13.80 and raising USD 179.4 million via the IPO. On Friday, it closed at USD 20.77, representing a 50% increase from its debut.
So-Young hosts listings of medical aesthetic treatments on its app, and offers booking services for its users. The company earned a net profit of RMB 55.1 million (USD 8 million) in 2018.
It will take time to see whether this indicates that interest in the country’s first US-listed medical aesthetics company has stretched beyond the primary market.
An IPO fever in the US may also be driving the rise in So-Young’s stock price.
Debuting on the same day as So-Young, Beyond Meat, which was founded in 2009 to offer plants-based alternatives to farm-raised animals’ meat, surged by 163% on its first day of trading. It continued to advance by 1.58% to close at USD 66.79 on Friday.
Contact the writer at jingli@kr-asia.com