Quit Zhongjin and switch to CICC, Zhenga Dental launches second attempt at IPO.
Recently, Zhejiang Zhengya Dental Co., Ltd. (hereinafter referred to as "Zhengya Dental") started its IPO counseling.
Zhengya Dental's core product is invisible aligners, which have covered about 1.5 million patients and ranks third in the industry, only behind Angelalign and Invisalign.
With such a position in the industry, Zhengya Dental has long planned to sprint for an IPO.
As early as May 2023, Zhengya Dental completed its first IPO counseling registration with the Zhejiang Securities Regulatory Bureau, but it ended without progress.
This time, Zhengya Dental has made a "major change" in its sponsor institutions for its renewed IPO attempt.
Xinfeng notes that during the previous IPO counseling process, Zhengya Dental's sponsors included CICC and Guohai Securities, but this time it has replaced them with CITIC Securities.
From an industry perspective, dental companies aiming for an A-share IPO is no easy task.
Jiahong Dental ambitiously tried to IPO on the Shenzhen Stock Exchange’s ChiNext in 2021, but announced its withdrawal at the last minute before the meeting.
Afterward, Jiahong Dental adjusted its strategy and switched to the Beijing Stock Exchange, completing IPO counseling in December 2025, but so far there has been no new progress in its IPO journey.
From the perspective of commercialization progress, the industry faces certain pressures.
On one hand, the National Healthcare Security Administration officially issued the "Guidelines for Oral Medical Service Pricing Projects (Trial)", integrating and standardizing oral medical service pricing projects in public hospitals. Among these, the standardization of orthodontic pricing is a key point, breaking the previous "tacit agreement" between medical institutions and brands for independent pricing, greatly compressing profit margins throughout the industry chain.
On the other hand, adult orthodontic projects costing tens of thousands of RMB have strong discretionary consumption attributes, and terminal market demand has shown temporary weakness.
Under the combined impact of stricter policy regulation, a return to rational market pricing, and weak consumer demand, whether Zhengya Dental’s second IPO counseling attempt with CITIC Securities can succeed remains highly uncertain.
Risk Warning and DisclaimerThe market carries risks, and investment should be made cautiously. This article does not constitute personal investment advice and does not take into account individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their particular circumstances. Investment based on this is at your own risk.