历经七轮融资，镁信健康递表启动港股IPO

Core Viewpoint - Magnesium Health has officially submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its journey towards going public after multiple previous announcements regarding its IPO plans [1][2]. Company Overview - Magnesium Health, established in 2017, operates primarily in two segments: Smart Medicine and Smart Insurance. The Smart Medicine segment focuses on developing multi-payment solutions in collaboration with pharmaceutical companies and insurers, while the Smart Insurance segment provides actuarial design, pricing consultation, marketing distribution, and health management support to insurance companies [1][2]. - The company has successfully completed seven rounds of financing since 2018, raising a total of approximately 3.157 billion yuan, with its post-financing valuation increasing from 150 million yuan in the Pre-A round to about 11.678 billion yuan in the C+ round [2][3]. Financial Performance - For the year 2024, Magnesium Health reported a revenue of 2.035 billion yuan, with a compound annual growth rate (CAGR) of approximately 38% from 2022 to 2024. However, the company remains in a loss-making position, with net losses of 446 million yuan, 288 million yuan, and 76 million yuan for the years 2022 to 2024, respectively, showing a trend of narrowing losses [3]. - The company attributes its historical losses to significant investments in establishing necessary infrastructure, including technology development, business operations, platform establishment, and team expansion, which it considers strategic investments [3]. Market Context - The "medical + pharmaceutical + insurance" model of Magnesium Health is similar to that of other companies in the sector, such as Sipai Health, which successfully listed on the Hong Kong Stock Exchange at the end of 2022 but has since experienced poor stock performance [3][4]. - The future success of Magnesium Health's IPO and its ability to attract investors will depend on the appeal of its multi-payment model in the Hong Kong market [4].