Jinxin Kangyang Files for IPO, A Sichuan Nursing Home is Going Public

The aging era is not far off.

Investment World - IPO Daily has learned that recently, Jinxin Healthcare Industry Group Co., Ltd. (referred to as “Jinxin Healthcare”) submitted its prospectus to the Hong Kong Stock Exchange, with China International Capital Corporation and GF Securities serving as joint sponsors.

Starting in Chengdu, Sichuan, Jinxin Healthcare is the elderly care division under Jinxin Group. After multiple integrations and acquisitions, it has grown into the largest integrated medical and elderly care institution in Sichuan and Chongqing.

The behind-the-scenes leader is Fan Yulan, known as the “Guanyin of Sending Sons”—in 2019, Jinxin Reproductive was listed on the Hong Kong Stock Exchange, and now it is preparing for its second IPO.

Starting in Chengdu

Backed by Chunhua and Boao

The story dates back to 1951 with the establishment of Chengdu Second Maternal and Child Health Care Station. In 2003, then-Director Fan Yulan led her team to establish Jinjiang Reproductive Center, becoming one of Sichuan’s first licensed institutions providing assisted reproductive services.

Later, Fan Yulan led Jinxin Reproductive to list on the Hong Kong Stock Exchange, earning her the nickname “Guanyin of Sending Sons” among many couples. After years of development, the company grew into Chengdu Jinxin Medical Investment Management Group, with three main business segments: medical services, reproductive services, and elderly care.

As early as 2011, Jinxin Group recognized the trend toward socialized elderly care and began to develop the elderly care service market. The following year, it opened its first community-embedded elderly care facility in Chengdu, establishing a network of elderly care services and upstream and downstream industry chains for three models: home-based, community, and institutional elderly care.

Another business line originated from East China—Fuxing Medical and Elderly Care, founded in 2004, opened Suzhou’s first private elderly care nursing home, one of the first nationwide. At that time, Ju Jia Le pioneered the “Virtual Nursing Home,” exploring a new internet + home-based elderly care service model. In 2018, Fuxing Nursing and Ju Jia Le completed a strategic restructuring, forming Fuxing Medical and Elderly Care Group, entering an integrated operation stage.

It was during this period that Zhong Yong, the current leader of Jinxin Healthcare, joined.

According to information, Zhong Yong was born in 1971, graduated from Southwestern University of Finance and Economics and Sichuan University, and has served as Chairman of Sichuan Jinchen Industrial Development Co., Ltd., General Manager of Huasheng Asset Management Co., Ltd., and Deputy General Manager of Haide Co., Ltd., before joining Jinxin Group in 2017.

Under his leadership, in 2022, Jinxin Healthcare and Fuxing Medical and Elderly Care completed a strategic restructuring, resulting in the formation of Jinxin Fuxing Healthcare Group. The company proposed a “comprehensive medical and elderly care integration” model, providing health care services throughout the entire elderly lifecycle.

Strategic acquisitions were also launched on a large scale—spending nearly 300 million yuan to acquire Shanghai Guosong Group from Fosun Pharma’s non-wholly owned subsidiary, expanding into the Yangtze River Delta market; additionally, it acquired multiple elderly care homes from a Hong Kong property developer.

Investors responded quickly. Dafeng Investment entered during Series A-1, investing 60 million yuan at the end of 2016, and added another 15.72 million yuan three years later.

Then, Sichuan state-owned assets stepped in. From 2020 to 2021, Sichuan Provincial Health and Elderly Care Investment and Chengdu Jinjiang Investment invested 60 million yuan and 20 million yuan respectively.

Two years later, Jinxin Healthcare completed an $80 million (about RMB 580 million) financing round, led by Chunhua Capital with Boao Capital participating. At the same time, it signed a listing cultivation agreement with Jinjiang District Financial Bureau, aiming for the “first stock in elderly care.”

The latest development occurred just before the filing, with the company completing Series B-1 and B-2 financing rounds, raising $40 million, with OrbiMed as the investor.

Currently, control of Jinxin Healthcare is concentrated in the core team and employee shareholding platforms—Jinxin Investment controls approximately 68.6% of the equity through multiple entities. It is understood that Jinxin Investment is beneficially owned by 199 employees through Jinxin Holdings entities.

Starting at 4,500 RMB per month

Elderly care homes support an IPO

“To create a ‘Yadot’ of medical and elderly care integration,” Zhong Yong once described Jinxin Healthcare’s positioning.

As a provider of institutional elderly care services, Jinxin Healthcare mainly targets seniors over 80, those with mobility issues, chronic diseases, or cognitive impairments, offering integrated medical and elderly care services. Specifically, it covers seven areas: accommodation, professional nursing and care, nutritional management, social and cultural entertainment services, medical services, rehabilitation and auxiliary services, and on-demand services.

Jinxin Healthcare has built a layered, complementary clinical network—including elderly care facilities, geriatric hospitals, nursing homes, psychiatric hospitals, traditional Chinese medicine hospitals, and general hospitals. It also extends coverage beyond institutions through community and home-based elderly care.

Previously, the company stated that Jinxin Healthcare adopts standardized chain operations, with pricing based on regional average income levels. The fees for its elderly care facilities generally range from 4,500 to 5,500 RMB per month.

Financial data shows that in 2023, 2024, and the first nine months of 2025, Jinxin Healthcare achieved revenues of 489 million RMB, 605 million RMB, and 547 million RMB respectively, with net profits of 27.06 million RMB, 40.31 million RMB, and 26.11 million RMB, maintaining stable income.

Among these, revenue from self-operated integrated medical and elderly care facilities was 251 million RMB, 265 million RMB, and 273 million RMB, accounting for about 50% of total revenue during the same period. As of September last year, Jinxin Healthcare’s overall occupancy rate rose to 85%, higher than the industry average of 50%.

Currently, Jinxin Healthcare has established or acquired 38 care facilities, covering Sichuan, Chongqing, the Yangtze River Delta, and the Greater Bay Area. Most operations are concentrated in Sichuan and Chongqing, with 26 facilities and 5,022 beds, accounting for over 60%.

According to Frost & Sullivan, as of the end of September 2025, based on the number of integrated medical and elderly care facilities and beds in Sichuan and Chongqing, the company ranks first among China’s private chain elderly care enterprises, and second nationwide in the proportion of residents over 80.

Notably, in the first three quarters of 2025, Jinxin Healthcare’s net profit decreased by about 31% year-over-year, showing some volatility. The company explained that this was mainly due to acquisition and integration costs and the ramp-up period of new facilities.

According to the prospectus, in 2024, Jinxin Healthcare acquired Shanghai Guosong Group, generating goodwill of 158 million RMB, with related expenses concentrated in 2025. Newly acquired facilities do not immediately generate profits; generally, it takes at least half a year from opening to breakeven.

Weak short-term debt repayment and liquidity have made listing a way for Jinxin Healthcare to “replenish blood”—the funds raised will be used to “continue expanding the elderly care network, further improve operational efficiency and service quality.”

Aging era

Young people start cyber elderly care

This year’s Spring Festival Gala featured a bionic “grandmother” played by Cai Ming, leaving a deep impression.

On stage, a grandson who hadn’t visited his grandmother in a long time arrived home and witnessed an intelligent robot’s companionship—washing clothes, telling jokes, assisting with daily activities, acting as a caring housekeeper. When a 1:1 simulated robot was pushed to the front, the audience gasped in amazement.

“Cyber elderly care” becoming a reality may not be a distant dream.

How big is this market? According to the National Bureau of Statistics, by the end of 2025, the elderly population aged 60 and above will be about 320 million, accounting for 23% of the total population, with those aged 65 and above reaching 224 million, or 15.9%.

To note, according to international standards, a population with 7% or more aged 65+ is considered an aging society. China has entered a moderately aging society by this standard. About one in four people is elderly, and elderly care anxiety is spreading among the younger generation.

The trend is quickly shifting toward family caregiving.

Recently, the home robot NEO developed by Silicon Valley company 1X trended on social media—folding clothes, sweeping, washing dishes—all in one, and capable of remembering the owner’s habits. Priced at a one-time purchase of $20,000 and a monthly rent of 3,500 RMB, it instantly struck a nerve with 300 million Chinese for elderly care.

More young people are exploring the possibilities of robot elderly care: in first- and second-tier cities, caregivers earn over 10,000 RMB per month, while the humanoid robot Yu Shu G1 costs only 99,000 RMB—roughly equivalent to one year’s salary for a human caregiver. These robots, which can chat and keep company without休假, are practically perfect elderly companions.

Policy is spreading across regions. Beijing has launched the embodied intelligence technology innovation and industry cultivation action plan; Jiangsu issued an industrial innovation development plan for robots; Guangdong organized the “Robot+” initiative, encouraging local cities to explore various application scenarios in elderly care and other fields.

“Maybe in 5 to 10 years, fully automated elderly care robots will enter households,” some investors believe.

Despite the promising outlook, technology and costs remain significant hurdles. High prices—often over ten thousand RMB—deter many seniors, and even rental or sharing models impose high demands on manufacturers, capital, and local service providers.

“Embodied intelligence’s core brain is far from mature, and foundational paradigms have not yet fully converged,” said Li Zhu, founding partner of InnoAngel Fund. The industry is waiting for its ChatGPT moment.

In the movie “Robot & Frank,” Alzheimer’s patient Frank relies on a robot butler. The robot is skilled at cleaning, cooking, and conversing with him. Although Frank eventually presses its reset button, the beautiful memories remain forever.

Perhaps one day, we will grow old accompanied by robots.