Aier Eye Hospital is preparing for a Hong Kong listing, aiming to become the first "A+H" eye hospital.

Recently, there have been market reports claiming that Aier Eye Hospital is planning to list in Hong Kong.

In response, Aier Eye Hospital gave a relatively cautious statement,on the afternoon of March 17, telling Xin Feng that major information should be based on company announcements.

However, related preparatory work is already underway.

On the same day, Xin Feng confirmed with sources close to Aier Eye Hospital that the news is true, and Aier Eye Hospital is indeed preparing for a Hong Kong listing.

If it succeeds, Aier Eye Hospital is expected to become the firsteye hospital listed in both the A-share and H-share markets (“A+H”).

In fact, as early aswhen the “A+H” wave swept the capital markets in 2025, speculation about Aier Eye Hospital’s listing in Hong Kong had already been circulating widely.

Regarding this,In May 2025, Aier Eye Hospital’s Chairman Chen Bang once denied it, stating that there were no plans to list in Hong Kong for now, and explained: “Currently, listing in Hong Kong is very popular, but we do not plan to list H-shares yet. On one hand, our cash flow is strong, fundraising ability is excellent, bank loan credit is sufficient and low interest, and overseas investments are going smoothly; on the other hand, we do not currently have attractive overseas acquisition targets. We will consider it comprehensively when the timing is right in the future.”

Looking at it now, the timing may have matured,and this is perhaps inseparable from changes in Aier Eye Hospital’s fundamentals and the macro environment.

Affected by domestic medical insurance group purchases and other factors,Aier Eye Hospital’s performance has come under pressure in recent years.Revenue for the first three quarters of 2025 was RMB 17.484 billion, up 7.25% year-on-year; net profit attributable to shareholders was RMB 3.115 billion, down 9.76% year-on-year.

Under this logic, listing in Hong Kong to establish an international capital platform is undoubtedly a key step for Aier Eye Hospital to accelerate expansion in overseas markets.

Currently, Aier Eye Hospital’s international footprint has extended to Europe, some Southeast Asian countries, and the United States, with overseas business accounting for about10% of total revenue.

In a recent conference call,Aier Eye Hospital’s management statedthat it will tailor its approach to the market environment, medical systems, and regulatory requirements of different countries and regions, advance steadily, adhere to an active yet prudent development principle, and continuously improve its overseas layout through internal and external interaction and two-way empowerment.

Now, as the Hong Kong listing is initiated, whether Aier Eye Hospital can leverage the international capital market to further deepen its global M&A and layout, thereby unlocking broader earnings growth potential, has become a focus of close attention from all parties in the market.

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