最贵月子中心，要IPO了

Core Viewpoint - Saint Bella, a high-end maternal and infant care brand, has been approved to initiate its IPO process in Hong Kong, aiming to issue up to 192 million shares, with a focus on premium postpartum care services [4][12][20]. Company Overview - Founded by Xiang Hua, a graduate of Oxford University, Saint Bella was established in 2017 to fill a market gap for high-end postpartum care as younger generations enter motherhood [6][8]. - The company operates a unique model combining postpartum care with high-end hotel services, which has allowed for rapid expansion without the heavy capital burden of building facilities [8][19]. Business Model and Expansion - Saint Bella's business is segmented into three main areas: postpartum care centers, family care services, and women's health functional foods, with postpartum care accounting for over 80% of revenue [14][19]. - The company has expanded to approximately 70 high-end postpartum care centers across over 20 cities, with more than 50 being self-operated [14][19]. Financial Performance - Revenue growth has been significant, with reported revenues of RMB 2.59 billion in 2021, RMB 4.72 billion in 2022, and RMB 5.60 billion in 2023, reflecting a 116% increase from 2021 to 2023 [15][19]. - Despite revenue growth, the company has faced continuous losses, totaling RMB 12.53 billion over the reported periods, with losses of RMB 1.22 billion in 2021, RMB 4.12 billion in 2022, and RMB 2.39 billion in 2023 [17][18]. Market Context - The maternal and infant care market in China is experiencing a shift, with a decline in newborn numbers from over 15 million in 2018 to approximately 9 million in 2024. However, demand for high-end services among middle and upper-class women remains strong [23][24]. - The penetration rate of postpartum care services in China has increased from 1.0% in 2018 to 5.5% in 2023, indicating significant growth potential in the sector [23][24]. Competitive Landscape - Saint Bella is not alone in the market; competitors like Aidi Palace have also adopted similar high-end, hotel-based models and have successfully gone public [22][23]. - The market remains fragmented, with the top five postpartum care centers holding only about 10% market share, suggesting opportunities for further consolidation and growth [23][24].